Business
Hain Celestial Reports First Quarter Fiscal Year 2021 Financial Results
Third Consecutive Quarter of Net Sales Growth 360 Basis Point Expansion of Gross Margin $44 Million Improvement in Operating Cash Flow Gross Margin
About this update from The Hain Celestial Group, Inc.
[{"type":"text","content":"Third Consecutive Quarter of Net Sales Growth\n 360 Basis Point Expansion of Gross Margin\n $44 Million Improvement in Operating Cash Flow\n Gross Margin Improvement and Adjusted EBITDA Growth Expected to Continue\n\n\nLAKE SUCCESS, N.Y., Nov. 9, 2020 /PRNewswire/ -- 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, 2020. The results contained herein are presented with the Hain Pure Protein and Tilda operating segments being treated as discontinued operations. All growth comparisons are against corresponding prior year period unless otherwise noted.\n\n \n \n \n \n \n \n\n \nMark L. Schiller, Hain Celestial's President and Chief Executive Officer, commented, \"We are very pleased with our first quarter results, which exceeded our initial expectations of several hundred basis points of margin expansion, significant growth in adjusted EBITDA and mid-single digit adjusted net sales growth. The strength in adjusted earnings, in both the North America and International segments once again showcases our continued ability to execute against our transformational plan. While the current macro operating environment remains fluid, we remain confident and committed to sustainable long-term growth, including continued gross and adjusted EBITDA margin expansion and double-digit adjusted EBITDA growth in fiscal year 2021.\"\nFINANCIAL HIGHLIGHTS1\nSummary of First Quarter Results from Continuing Operations2 \nNet sales increased 3% to $498.6 million, or 1% on a constant currency basis, compared to the prior year period. When adjusted to exclude the effects of foreign exchange, divestitures and discontinued brands, net sales increased 5% compared to the prior year period. Gross margin of 23.9%, a 360 basis point increase from the prior year period. Adjusted gross margin of 24.1%, a 326 basis point increase from the prior year period. Operating income of $3.3 million compared to $2.5 million in the prior year period. Adjusted operating income of $38.8 million compared to $16.9 million in the prior year period. Net loss of $10.8 million primarily driven by the Unit...