Lake Success, NY—The Hain Celestial Group has exceeded expectations on its third quarter results, according to a press release, and has raised its 2020 fiscal year guidance.
Mark L. Schiller, Hain Celestial’s President and CEO, said in the release: “I am pleased to be raising our full year guidance for 2020 as third quarter financial performance exceeded our previous guidance and is expected to show continuing strength in the current quarter. With our transformation plan taking hold and food-at-home consumption accelerating, Hain Celestial’s natural and organic product offerings resonated with consumers, resulting in year-over-year growth in third quarter net sales, the first such increase since fiscal 2018.”
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Some highlights of the third quarter, which ended March 31, 2020:
- Net sales increased 1% to $553.3 million or 2% on a constant currency basis compared to the prior year period.
- Gross margin of 23.9%, a 324 basis point increase from the prior year period.
- Adjusted gross margin of 24.3%, a 282 basis point increase from the prior year period.
- Operating income of $19.1 million compared to $19.0 million in the prior year period.
- Adjusted operating income of $45.7 million compared to $34.0 million in the prior year period.
- Net income of $25.0 million compared to $8.8 million in the prior year period.
- Adjusted net income of $28.8 million compared to $20.2 million in prior year period.
- Adjusted EBITDA of $60.7 million compared to $49.1 million in the prior year period.
- Earnings per diluted share (“EPS”) of $0.24 compared to $0.08 in the prior year period.
- Adjusted EPS of $0.28 compared to $0.19 in the prior year period.
Schiller added: “Across our organization, we are taking necessary safety measures to best manage our business in the current operating environment as we continue to deliver against our transformational strategic plan. I am proud of how Hain associates across the globe rose to the occasion to partner with our valued customers and suppliers to deliver for our consumers and local communities in the face of unprecedented global challenges. As a result of the actions we have taken, we are well positioned to manage through this unprecedented crisis and emerge an even stronger company.”