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Hain Celestial Q2 Profit Rises, Sees Full Year Revenue Below View, Stock Falls

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Natural and organic products company Hain Celestial Group Inc. (HAIN: Quote) 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.

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by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

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Oracle Corp. said Wednesday after the markets closed that its second quarter profit fell 2% from last year, hurt mainly by higher income tax expenses even as revenue increased 3%. However, the company's quarterly earnings per share, excluding items, came in above analysts' expectations as did its quarterly revenue. Apple's iPhone-based Apple Pay system is gaining momentum nationwide with a host of new banks and retailers signing on. The system allows users to link a credit card directly to their device for payments and Apple now says they have deals with banks that account for 90 percent of the debit card transactions in the US. The current drop in fuel prices could lead to a major sales dip for electric automaker Tesla, according to some industry experts. The Elon Musk led manufacturer had predicted sales of over 500,000 new vehicles by 2020, but now that number could fall by as much as 40 percent.
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