Hain Celestial has booked an increase in first-quarter sales and adjusted earnings but a butter nut recall weighed on the group’s net result.
The natural and organic food maker said today (6 November) adjusted sales rose 35% to US$642.6m in the three months to 30 September. Adjusted operating income totalled $58.8m, a 37% increase on the prior year’s performance.
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Top-line gains were driven by a strong performance from Hain’s UK business, where adjusted sales were up 51%.
“We are pleased with another strong start to our fiscal year across all of our segments on a worldwide basis with the highest quarterly net sales in the company’s history,” said Irwin Simon, Hain’s founder, president and CEO. “Our diverse portfolio of brands and products across multiple categories and our customer base across various channels of distribution enabled us to deliver double digit sales growth even with the impact of the nut butter recall initiated in August.”
However, the company revelaed reported net earnings fell to $18.8m, compared to $27.7m last year. Adjusted net income totalled $34.7m.
Looking to the full year, Hain said it expects strong top- and bottom-line trends. The company forecast sales growth of 27-30%. Hain provided an earnings range of $3.72 to $3.90 per share, an increase of 17% to 23%.
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