Why Scotts Miracle-Gro Surged 15% in May
Shares in lawn and garden care products company Scotts Miracle-Gro (NYSE: SMG) rose 14.9% in May, according to data provided by S&P Global Market Intelligence. The move was sparked by an impressive set of second-quarter earnings released in the first week of the month.
A cannabis plant. Image source: Getty Images.
Net sales rose 16% in the second quarter and 18% in the first half overall. While the whopping 51% sales increase at Hawthorne Gardening (a subsidiary of Scotts Miracle-Gro specializing in hydroponics products often used in cannabis production) in the first half caught the eye, the U.S. consumer segment (outdoor lawn and garden products) also rose 11% in the first half.
Source Fool.com
