Scotts Miracle-Gro (NYSE: SMG) reported Q3 EPS of $2.34, $0.08 better than the analyst estimate of $2.26. Revenue for the quarter came in at $1.12 billion versus the consensus estimate of $1.12 billion.

Scotts Miracle-Gro sees FY2014 EPS meeting or exceeding high-end of $3.05-$3.20, versus the consensus of $3.19.

"The second half of the lawn and garden season has been extremely strong, with positive consumer purchases against the double-digit increases we posted a year ago," said Jim Hagedorn, chairman and chief executive officer. "Our momentum is carrying into the fourth quarter with consumer purchases in July at an all-time high and our European business on track to have its most profitable year ever."

"Based on our continued momentum, we're now confident that full-year earnings are trending toward the high end of our previous guidance range with upside potential depending on results for the balance of the year. We also are finalizing plans to increase our focus on shareholder friendly actions. Within the coming weeks, we expect to announce returning roughly $125 million, or about $2 per share, to shareholders during the fourth quarter."

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