RTTNews | Nov 3, 2021 09:13AM EDT

09:13 Wednesday, November 3, 2021 (RTTNews.com) - While reporting financial results for the fourth quarter on Wednesday, Scotts Miracle-Gro Co. (SMG) initiated its adjusted earnings and sales growth guidance for the full-year 2022, both of which will be aided by a second pricing action in the U.S. Consumer segment to mitigate commodity inflation.

For fiscal 2022, the company now projects adjusted earnings in a range of $8.50 to $8.90 per share on expected company-wide sales growth of 0 to 3 percent.

On average, analysts polled by Thomson Reuters expect the company to report earnings of $8.52 per share on a sales decline of 2.4 percent to $4.74 billion for the year. Analysts' estimates typically exclude special items.

For the fourth quarter, the company reported a net loss of $48.7 million or $0.87 per share, compared to net income of $4.2 million or $0.07 per share in the prior-year quarter. Excluding items, adjusted loss for the quarter was $0.82 per share, compared to adjusted earnings of $0.06 per share in the year-ago quarter.

Company-wide sales for the quarter decreased 17 percent to $737.8 million from $890.3 million in the same quarter last year.

The Street was looking for a loss of $0.84 per share on revenues of $689.22 million for the quarter.

The Company also said it plans to repurchase up to another $300 million in shares during fiscal 2022.

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