MARYSVILLE, Ohio Scotts Miracle-Gro Co. s second-quarter financial results took a hit from a slow start to the gardening season and recent product recalls, with the latter expected to cost about $40 million over the fiscal year.
The company reported a 30 percent decline in quarterly profit, to $58 million from $83.4 million in 2007. Scotts had postponed the release of its results because of a product recall tied to a federal investigation into phony product registrations. That recall came on the heels of a voluntary recall of wild-bird seed. The recalls resulted in a one-time charge of $31 million in the quarter.
Scotts blamed the recall of a commercial fertilizer used by Scotts LawnService and Miracle-Gro Shake n Feed Plus Weed Preventer on one employee who apparently sent invalid forms to regulators. The employee has been fired.
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