Hain Celestial Group, Inc. (HAIN) posted first quarter net income of $8.1 million or $0.20 per share, compared to $7.0 million or $0.17 per share in the prior year period.
On average, 10 analysts polled by Thomson Reuters expected the company to report earnings of $0.23 per share. Analysts' estimates typically exclude special items.
Sales for the first quarter totaled $230.5 million, compared to $248.4 million in the previous year quarter. Eight Wall Street analysts expected revenues of $249.38 million.
Sales in the current year first quarter were impacted by increased promotional spending activity and, the Company believes, would have otherwise increased over last year's quarter with the comparison unfavorably affected by a total of approximately $22 million from destocking at a major distributor, the Celestial Seasonings SKU rationalization, reductions of personal care product sales into the chain drug channel, the phasing out of the supply of fresh sandwiches to a major retail customer in the United Kingdom and changes in foreign currencies.
Looking forward, for the fiscal year 2010, the company reconfirmed guidance of $1.19 to $1.28 of earnings per share. Sales are expected to increase from 4% to 6%. Net sales are expected to be $1.0 to $1.02 billion due to the effect of the reclassification. Previously, the company estimated net sales in the range of $1.01 billion - $1.03 billion
Street analysts expect earnings of $1.23 per share on revenues of $1.01 billion.
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