Hain Celestial has booked an increase in first-quarter profits after sales swelled by more than a quarter in the three month period.
First-quarter net income rose to US$19.8m, up from $12.8m last year, the speciality food and snack group revealed yesterday (1 November).
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Gains were driven by higher sales, which jumped 25.4% to $359.8m, compared to $286.8m in the first-quarter of last year.
Increased sales allowed the firm to leverage operational economies of scale during the period, Hain founder, president and CEO Irwin Simon said.
“We had a strong start to our fiscal year with solid growth of our business led by Hain Celestial United States and with contributions from our expanded international operations during our first quarter. Our increased scale provided us the leverage for improved operating efficiencies across our global portfolio enabling us to deliver solid results from all of our segments,” he added.
The company raised its full-year earnings guidance to a range of $2.35 to $2.45 per share, and net sales of $1.78-1.795bn. Previously, the company expected earnings of $2.10-2.20 per share on revenues of $1.6-1.615bn.
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By GlobalDataThe higher guidance reflects Hain’s acquisition of various UK brands – including Hartley’s, Sun-Pat and Robertson’s – from Premier Foods plc in the UK.
