RTTNews | Jul 29, 2020 09:59AM EDT

09:58 Wednesday, July 29, 2020 (RTTNews.com) - Shares of ScottsMiracle-Gro Co. (SMG) hit a 52-week high of $167.44 Wednesday morning, after the company raised its fiscal 2020 earnings guidance, while reporting better-than-expected Q3 results.

The stock has been trading in the range of $76.50 - $167.44 for the past one year, and is currently trading at $163.05, up $17.62 or 12.12%.

The company's Q3 GAAP income from continuing operations was $204.3 million or $3.57 per share, compared to $178.0 million, or $3.15 per share, in the prior year.

Non-GAAP adjusted earnings were $216.8 million, or $3.80 per share, compared with $176.3 million, or $3.11 per share in the previous year.

Net sales rose 28% to $1.49 billion from $1.17 billion generated in the same period of last year.

Analysts polled by Thomson Reuters expected earnings of $3.37 per share on revenue of $1.31 billion for the quarter. Analysts' estimate typically exclude certain special items.

For fiscal 2020, the company now expects non-GAAP adjusted earnings in the range of $6.65 - $6.85 per share, compared to the previously communicated range of $5.65 - $5.85 per share. Seven Wall Street analysts have a consensus earnings estimate of $5.79 per share for the year 2020.

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