US: Hain Celestial shares rise on sales, earnings growth
- Sales up on acquisitions, rising consumption
- 9M operating profit increased to $167.7m compared to $134.6m
- FY sales expected to rise by 24%, FY earnings by 24-25%
Shares in Hain Celestial rose almost 7% in New York this morning (8 May), as the US natural and organic group booked an increase in sales and earnings.
The company said sales in the nine months to the end of March rose to US$1.57bn, up from $1.27bn in the comparable period of last year. Acquisitive Hain has driven growth through a series of acquisitions, including US firm Rudi's Organic Bakery last month and, earlier this year, UK rice supplier Tilda. Hain said its top line had also benefited from higher consumption of natural and organic products
The group also posted higher earnings. Operating profit increased to $167.7m compared to $134.6m in the year-ago period. Net income rose to $104m from $88.7m.
The group said it expects full year sales and earnings to increase by almost one-quarter.
Shares were up 6.5% to $90.72 at time of press.
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