Business
Hain Celestial Reports First Quarter 2023 Financial Results
North America Net Sales Increased 8.6%; North America Adjusted Net Sales Increased 3.4% Net Income of $6.9 million; Adjusted Net Income of $9.2 million
About this update from The Hain Celestial Group, Inc.
[{"type":"text","content":"North America Net Sales Increased 8.6%; North America Adjusted Net Sales Increased 3.4% Net Income of $6.9 million; Adjusted Net Income of $9.2 million Adjusted EBITDA on Constant Currency Basis of $38.6 million Reaffirming Full Year Fiscal 2023 Guidance LAKE SUCCESS, N.Y., Nov. 08, 2022 (GLOBE NEWSWIRE) -- The Hain Celestial Group, Inc. (Nasdaq: HAIN) (“Hain Celestial”, “Hain” or the “Company”), a leading organic and natural products company with operations in North America, Europe, Asia and the Middle East providing consumers with A Healthier Way of Life®, today reported financial results for the first quarter ended September 30, 2022. Mark L. Schiller, Hain Celestial’s President and Chief Executive Officer, commented, “Our first quarter results delivered performance better than our guidance with sequential improvements in gross margin and bottom-line growth versus the fourth quarter of fiscal 2022. Behind the continued strength of our growth brands, we benefitted from the solid performance of our supply chain and continued productivity efforts and strong contributions from our North America business. As a result, this led to sequential improvements in both segment and total company margins. International remains extremely volatile, but we are managing what we control and making good progress against our full year plan. While we expect continued volatility, we remain confident in our fiscal 2023 outlook and expect to return to profitable growth later in the year.” FINANCIAL HIGHLIGHTS Summary of First Quarter Results Compared to the Prior Year Period Net sales decreased 3% to $439.4 million compared to the prior year period.When adjusted for foreign exchange, acquisitions, divestitures and discontinued brands, net sales decreased 1% compared to the prior year period.Gross profit margin of 21.5%, a 170-basis point decrease from the prior year period.Adjusted gross profit margin of 21.5%, a 240-basis point decrease from the prior year period.Net income of $6.9 million compared to $19.4 million in the prior year period.Adjusted net income of $9.2 million compared to $23.8 million in prior year period.Adjusted EBITDA on a constant currency basis of $38.6 million compared to $47.3 million in the prior year period; Adjusted EBITDA margin on a constant currency basis of 8.3%, a 210-basis point decrease compared to the prior year peri...