Natural and organic products company Hain Celestial Group Inc. (HAIN) Tuesday said profit in the second quarter increased significantly from last year, backed by a nearly 25 percent increase in revenues. Looking ahead, the company forecast full year revenues below Wall Street estimates. The stock fell almost 5 percent in the extended trade.
Net income climbed to $31.62 million or $0.67 per share from $20.04 million or $0.44 per share reported last year.
Adjusted earnings from continuing operations were $0.72 per share, while it stood at $0.53 per share last year. On average, 14 analysts polled by Thomson Reuters expected the company to earn $0.69 per share for the quarter. Analysts' estimates typically exclude special items.
The latest adjusted results exclude acquisition-related expenses, integration and restructuring charges as well as an acquisition-related currency gain.
Net sales increased to $455.32 million from $364.84 million. Analysts estimated revenues of $473.44 million for the quarter.
Hain Celestial US generated $280.4 million in the quarter and in the U.K., Hain Daniels' net sales were $120.2 million. For the Rest of World segment, which comprises operations of Hain Celestial Canada and Hain Celestial Europe, net sales were $54.7 million.
Looking forward to full year 2013, the company expects earnings of $2.40 to $2.47 per share, and net sales in the range of $1.740 billion to $1.755 billion. Analysts currently estimate earnings of $2.42 per share on revenues of $1.77 billion.
HAIN added 3.4 percent to close at $59.40 on Tuesday. The stock fell 4.6 percent in the extended trade.
by RTT Staff Writer
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