Scotts Miracle-Gro profit falls 60% but beats estimates, as revenue falls short

Scotts Miracle-Gro Co. SMG said Wednesday its fiscal second-quarter profit dropped by 60% to $109.4 million, or $1.94 a share, from $276.5 million, or $4.94 a share, in the year-ago quarter. Adjusted profit in the latest quarter totaled $3.78 a share, ahead of the analyst estimate of $3.47 a share, according to data from FactSet. Revenue at the fertilizer and hydroponic growing products maker fell 9% to $1.53 billion, below the estimate of $1.61 billion. The company plans to provide an update on business results and outlook in early June. “After a slow start through March, partly driven by extreme weather in the West,…