Hain Celestial 4Q Profit Up 11 Percent
LAKE SUCCESS, N.Y. (AP) — Food company Hain Celestial said Wednesday that its net income rose 11 percent in its fiscal fourth quarter, helped by recent acquisitions. Its outlook for this year topped Wall Street forecasts, sending shares up in aftermarket trading.
The company also named a new CFO, hiring an executive from beauty products maker Elizabeth Arden.
Hain Celestial Group Inc. owns brands including Celestial Seasonings tea, Terra chips and Earth's Best baby food. It made three acquisitions during the fiscal year, including expanding its U.K. business by buying Hartley's jam and Sun-Pat peanut butter.
The company said it earned $25.9 million, or 53 cents per share, over the three months ended June 30. A year ago it reported net income of $23.4 million, or 50 cents per share.
If one-time items are excluded, Hain's per-share profit rose to 65 cents from 47 cents.
Revenue grew 32 percent, to $463.5 million from $350.8 million. U.S. sales rose 18 percent to $285.2 million and sales in the U.K. more than doubled, to $121.1 million.
Analysts had forecast net income of 61 cents per share and $453.4 million in revenue, according to FactSet.
For the fiscal year, profit rose 45 percent to $114.7 million, or $2.41 per share. Revenue rose 26 percent to $1.73 billion.
The company is projecting net income of $2.95 to $3.05 per share and $2.03 billion to $2.05 billion in revenue for the current fiscal year. That's above analysts' prediction of $2.94 per share and $2.01 billion in revenue.
Hain also said Elizabeth Arden Chief Financial Officer Stephen Smith will be its new CFO. Smith, who has worked at the beauty products maker for 12 years, will start at Hain on Sept. 3.
Hain announced last year that current CFO Ira Lamel would retire. Lamel leaves on Aug. 31.
Shares of Hain Celestial Group lost 96 cents to $72.90 on Wednesday. The stock added 6.3 percent to $77.47 in after-hours trading.