Hain Celestial Q4 Net Profit Plunges

(RTTNews) - Organic and natural products company Hain Celestial Group, Inc. (HAIN) on Thursday reported that net income for the fourth quarter plunged to $3.04 million or $0.03 per share from $40.49 million or $0.40 per share in the prior-year quarter.

Excluding items, adjusted earnings for the quarter was $0.08 per share, compared to $0.39 per share in the year-ago quarter.

Net sales for the quarter increased 1.4 percent to $457.0 million from $450.65 million in the same quarter last year.

When adjusted for foreign exchange, acquisitions, divestitures and discontinued brands, net sales decreased 0.6 percent.

On average, analysts polled by Thomson Reuters expected the company to report earnings of $0.33 per share on sales of $253.35 million for the quarter. Analysts' estimates typically exclude special items.

Looking ahead to fiscal 2023, the company expects adjusted net sales and adjusted EBITDA on a constant currency basis between down 1 percent and up 4 percent.