Scotts CFO Dave Evans resigned from the lawn and garden giant to join a nonprofit research company.
Marysville, Ohio-based Scotts Miracle-Gro announced that Dave Evans has resigned as chief financial officer and executive VP and has accepted a similar role with Columbus-based Battelle, the world's largest nonprofit research and development organization.
Evans joined Scotts Miracle-Gro as director of finance for operations in 1993 and moved through several roles before being named CFO in 2006.
Scotts Miracle-Gro, the nation’s largest supplier of lawn and garden products, has been sentenced to pay a $4 million fine for 11 criminal violations relating to the use of toxic insecticides in its wild bird feed products. The Marysville, Ohio-based company also agreed to more than $6 million in penalties and $2 million for environmental projects under a settlement that resolves additional civil pesticide violations filed by the Environmental Protection Agency (EPA).
Marysville, Ohio-based Scotts Miracle-Gro has released a financial update for fiscal 2012 to “reflect the pressures driven by lower-than-expected sales and unfavorable product mix,” according to a company press release.
Consumer purchases of its products at its largest retail partners in the United States are up 3% on a year-to-date basis, compared with 8% entering May. The company expects to fall short of its previous guidance of 6% to 8% sales growth and adjusted earnings of $2.65 to $2.85 per share.
Marysville, Ohio-based Scotts Miracle-Gro said it expects to report a 2% decline in sales for fiscal 2011 when it issues its full-year financial results Nov. 8.
The sales shortfall, coupled with associated gross margin pressure, will likely result in adjusted net earnings in a range of approximately $2.70 to $2.75 per share, according to the company. The company had forecast earnings of about $3.00 per share back in August.
The challenges from unfriendly weather hit Scotts Miracle-Gro hard in the quarter ended July 2, as sales declined 10% to $1.06 billion.
The decline was driven primarily by poor weather across most of the United States throughout the duration of the lawn and garden season, as well as a more competitive promotional landscape and changes in certain retailer strategies within the mass merchandise channel, the Marysville, Ohio-based company said.
Scotts Miracle-Gro, its sales hurting from the pullback in big-box expansion, is looking into new sources of revenues for its lawn and garden products. One of them, according to CEO Jim Hagedorn, is medical marijuana.