Hain Celestial Backs FY22 Sales Outlook; Q2 Adj. EPS Tops Estimates - Quick Facts

(RTTNews) - While reporting financial results for the second quarter on Thursday, organic and natural products company Hain Celestial Group, Inc. (HAIN) maintained its adjusted net sales growth guidance for the full year 2022.

For fiscal 2022, the company continues to project adjusted net sales growth in the low single digit percentage.

On average, 11 analysts polled by Thomson Reuters expect the company to report a sales decline of 0.6 percent to $1.96 billion for the year.

For the second quarter, net income soared to $30.89 million or $0.33 per share from $2.14 million $0.02 per share in the prior-year quarter. Excluding items, adjusted earnings for the quarter was $0.36 per share, compared to $0.34 per share in the year-ago quarter.

Net sales for the quarter decreased 10.0 percent to $476.94 million from $528.42 million in the same quarter last year. Net sales also declined 2 percent, when adjusted for foreign exchange, acquisitions, divestitures and discontinued brands.

The Street was looking for earnings of $0.33 per share on revenues of $481.45 million for the quarter.

The Company also said its Board of Directors has approved an additional $200 million share repurchase authorization. Share repurchases under this authorization will commence after the Company's existing $300 million authorization is fully utilized.