05.02.2014 01:51:59
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Hain Celestial Q2 Profit Up 30%, But Revenues Miss; Lifts 2014 Outlook
(RTTNews) - Organic and natural foods company Hain Celestial Group Inc. (HAIN) on Tuesday reported a 30 percent increase in profit for the second quarter from last year on strong revenue growth.
However, revenues for the quarter missed analysts' expectations. Shares of the company tumbled more than 7 percent in extended trades. Looking ahead to fiscal 2014, the company lifted its financial outlook.
Irwin Simon, Founder, President and Chief Executive Officer of Hain Celestial said, "We are pleased with our record second quarter results, the highest in the Company's history and our twelfth consecutive quarter of year-over-year double digit sales and adjusted earnings growth. We delivered strong sales driven by expanded distribution and brand contribution as well as robust operating margin expansion as we leveraged our selling, general and administrative expenses with a higher sales base."
New York-based Hain Celestial's second-quarter net income rose to $41.23 million or $0.84 per share from $31.62 million or $0.67 per share in the previous-year quarter.
Adjusted net income for the quarter was $43 million or $0.87 per share, compared to $35 million or $0.74 per share in the same period last year. On average, 18 analysts polled by Thomson Reuters expected earnings of $0.87 per share for the quarter. Analysts' estimates typically exclude special items.
Net sales for the quarter rose 18 percent to $534.88 million from $455.32 million in the year-ago period. Analysts had a consensus revenue estimate of $537.75 million for the quarter.
Hain Celestial U.S. sales, which represents more than half of the revenues, grew 17 percent to $327.73 million, while sales from the UK surged 22 percent to $146.05 million. The Rest of World segment sales grew 12 percent to $61.10 million.
Looking ahead to fiscal 2014, Hain Celestial now forecasts earnings in a range of $3.07 to $3.15 per share and net sales of $2.12 billion to $2.15 billion. Earlier, the company forecast earnings in a range of $2.95 to $3.05 per share and net sales of $2.03 billion to $2.05 billion.
Analysts currently expect the company to earn $3.11 per share for the year on revenues of $2.14 billion.
Simon added, "With a good start to our third quarter, we expect to deliver a strong second half in sales and profitability as consumption trends reflect consumers seeking out our organic and natural products."
HAIN closed Tuesday's trading at $90.99, up $1.52 or 1.70 percent on a volume of 1.18 million shares. However, in after-hours, the stock declined $6.64 or 7.30 percent to $84.34.
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