US: Hain cuts earnings forecast despite Q3 profit
- Swing to third-quarter net profit
- Sales increase to $222.10bn
- Upped guidance for fiscal 2010
Hain's Q3 sales and earnings dropped
US-based natural and organic food maker Hain Celestial swung to a profit in the third quarter but cut its full-year earnings forecast.
Net income for the three months to the end of March totalled US$2.7m, compared to a net loss of $41.2m in the same quarter last year.
Nevertheless, for fiscal 2010, Hain cut its EPS guidance to between $0.78 and $0.81 per share compared to a forecast of $1.05 to $1.10 given in February.
Sales are expected to reach $915m to $925m, a drop from the previously forecast $920m to $940m.
Net sales for the third quarter dropped to $222.1m compared to $234.6m a year earlier. The figure was negatively impacted by around $24m as a result of inventory reductions at two major distributors and the phasing out of the fresh supply of sandwiches to Marks and Spencer in the UK.
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