(Adds outlook, share movement)
Shares of The Hain Celestial Group, Inc. (HAIN) were trading down over 15% in the pre-market activity on Tuesday after the company revised down its full-year guidance, citing slower than expected volume recovery, a volatile macro-economic environment, and increased spending for promotional activities to boost its brand reach. In addition, the company also announced that Wendy Davidson is departing as its Chief Executive Officer.
Looking ahead, for fiscal 2025, Hain Celestial now expects its organic net sales to decline by around 5 to 6%, compared with the previous outlook for a decline of 2 to 4%.
The Group now anticipates annual adjusted EBITDA of around $125 million against its previous outlook for a flat year-on-year growth. For fiscal 2024, the Group had posted adjusted EBITDA of $155 million.
HAIN was down by 15.52 percent at $2.340 in the pre-market trade on the Nasdaq.
Q3 Results:
Hain Celestial released Loss for its third quarter of -$134.588 million
The company's earnings totaled -$134.588 million, or -$1.49 per share. This compares with -$48.194 million, or -$0.54 per share, last year.
The company's revenue for the period fell 11.0% to $390.351 million from $438.358 million last year.
The Hain Celestial Group, Inc. earnings at a glance (GAAP) :
-Earnings: -$134.588 Mln. vs. -$48.194 Mln. last year.
-EPS: -$1.49 vs. -$0.54 last year.
-Revenue: $390.351 Mln vs. $438.358 Mln last year.
For the third quarter, the company recorded adjusted income of $6.055 million, or $0.07 per share, compared with $11.272 million, or $0.13 per share, reported for the same period last year. On average, analysts polled had expected the firm to post earnings of $0.13 per share for the quarter. Analysts' estimates typically exclude special items.
Alison Lewis, Interim CEO of Hain Celestial Group, said: "We are disappointed with our third quarter results, which fell far short of our expectations primarily due to worse-than-expected performance in North America."
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