MARYSVILLE, Ohio – Lower commodity costs and a new lucrative contract to sell the popular weedkiller Roundup are expected to boost Scotts Miracle-Gro’s business during the next fiscal year, reports the Columbus Dispatch.
The maker of fertilizers, mulch and pest controls, here, capped a strong year by beating analyst expectations with results announced on Tuesday, and company officials hope to carry that momentum forward.
For the 2015 year, which ended Sept. 30, Scotts boosted sales year-over-year by 6 percent to $3 billion, led by a 10 percent increase in its Scotts LawnService business.
“2015 was the best year we’ve had in a long time,” said CEO James Hagedorn.
The outlook for 2016 is even better. Scotts is expecting to see $20 million in additional revenue from its agreement with Monsanto to market Roundup and benefit from $10 million in savings from lower raw-material costs.
“I really like where the business is right now,” said Randy Coleman, Scotts’ chief financial officer. “The team is operating better than at any time in my 16 years here.
Access the Scotts-Miracle-Gro news release announcing its fiscal year 2015 results here.