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.
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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.
Click here to view the full release and click here for Hain Celestial boss Irwin Simon’s comments on the company’s UK business.
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