Aug 7, 2013

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Movers to Watch – Sempra Energy (NYSE:SRE), Scotts Miracle-Gro Co. (NYSE:SMG)

Movers to Watch – Sempra Energy (NYSE:SRE), Scotts Miracle-Gro Co. (NYSE:SMG)

Sempra Energy (NYSE:SRE) reported that its second-quarter profit surged, on the impact of a rate hike at its California utilities.

For the recent quarter, Sempra declared a profit of $244 million, or 98 cents per share, higher as compared to $61 million, or 25 cents per share, a year ago.

Omitting the California utilities benefits and other impacts, revised per-share earnings jumped up to $1.04, from 98 cents per share. Experts surveyed by Thomson Reuters were hoping for a profit of $1.31 per share. Revenue surged 27%, to $2.65 billion. Revenue from utilities, the biggest top-line contributor by far, jumped up 27%, to $2.33 billion. San Diego Gas & Electric reported earnings of $65 million, lower as compared to $95 million a year ago. Southern California Gas Co. declared earnings of $118 million, higher as compared to $53 million.

Scotts Miracle-Gro Co. (NYSE:SMG) announced that fiscal third-quarter earnings jumped up 59%, as the lawn and garden products retailer declared consumer sales upturned following a slow beginning to the lawn-care and gardening season. For the year, the firm reported that its per-share earnings are trending toward the average of its previous forecast for $2.50 to $2.75 and assured its net sales outlook. The firm’s board lifted the quarterly dividend by 35%.

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