Hain Celestial Trims FY23 Sales Outlook As Q2 Results Miss Estimates: Stock Down 14%

(RTTNews) - While reporting financial results for the third quarter on Tuesday, organic and natural products company Hain Celestial Group, Inc. (HAIN) trims its adjusted net sales growth guidance for the full year 2023.

For fiscal 2023, the company now projects constant currency adjusted net sales to be down 4 to 3 percent, compared to the prior guidance for a 1 to 4 percent decline.

On average, 13 analysts polled by Thomson Reuters expect the company to report a sales decline of 2.2 percent to $1.85 billion for the year.

The company also fourth-quarter constant currency adjusted net sales to be down in the low single digit percentages. Analysts expect the company to report a sales growth of 3.3 percent to $472.19 million for the quarter.

For the third quarter, the company posted a net loss of $115.73 million or $1.29 per share, compared to net income of $24.53 million or $0.27 per share in the prior-year quarter. Excluding items, adjusted earnings for the quarter was $0.08 per share, compared to $0.33 per share in the year-ago quarter.

Net sales for the quarter decreased 9.5 percent to $455.24 million from $502.94 million in the same quarter last year. Net sales also declined 6 percent, when adjusted for foreign exchange, acquisitions, divestitures and discontinued brands.

The Street was looking for earnings of $0.16 per share on revenues of $484.13 million for the quarter.

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