Fertilizer shortages due to the war in Ukraine are hitting more than just food costs. On Wednesday lawn-care firm Scotts Miracle-Gro issued a sales and profit warning as higher commodity costs continued to squeeze margins. It’s a warning of pain being spread across industries.
issued a sales and profit warning as higher commodity costs continued to squeeze margins. It’s a warning of pain being spread across industries.prices has shaken the global economy. Even in January before Russia invaded Ukraine, certain costs had more than doubled, according to the International Food Policy Research Institute. Then it went up by nearly 20% when the war began.
Now fertilizer, along with fuel, make up one-third of Scotts cost of goods sold, versus less than 20% three years ago. A late U.S. spring and other headwinds caused Scotts to slash its outlook for adjusted earnings per share. Its shares were down about 10% in Wednesday morning trading. While rising prices are the biggest economic worry, Scotts shows how widespread fallouts from commodities disruption can be – even for fertilizer.
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