Business
Hain Celestial Reports Second Quarter 2023 Financial Results
Net Income of $11.0 million; Adjusted Net Income of $18.3 million Adjusted EBITDA on Constant Currency Basis of $52.7 million Reaffirming Full Year Fiscal
About this update from The Hain Celestial Group, Inc.
[{"type":"text","content":"Net Income of $11.0 million; Adjusted Net Income of $18.3 million Adjusted EBITDA on Constant Currency Basis of $52.7 million Reaffirming Full Year Fiscal 2023 Guidance LAKE SUCCESS, N.Y., Feb. 07, 2023 (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 second quarter ended December 31, 2022. “I am honored and excited to be a part of the next phase of growth for our Company,” said Wendy P. Davidson, President and Chief Executive Officer. “In my first few weeks, I have witnessed firsthand what attracted me to the Company: leading natural and organic brands with strong growth potential, a simplified portfolio, and an organization passionate to live our purpose to inspire Healthier Living for All through healthier people, products, and planet. I look forward to continuing the work to transform our business and build a sustainable, profitable, high-growth global brand leader in the better-for-you consumer space.” “We reported solid second quarter results, ahead of our guidance on both adjusted gross margin and adjusted EBITDA on a constant currency basis,” said Christopher J. Bellairs, Executive Vice President and Chief Financial Officer. “We continued to see sequential improvements in both the International and North American business units. While we experienced some retailer inventory reductions in North America that impacted our topline results, we continue to see strong momentum in key categories such as better-for-you snacks, baby, and yogurt. Additionally, while the European market remains somewhat uncertain, we see early indications of stabilization.” FINANCIAL HIGHLIGHTS* Summary of Second Quarter Results Compared to the Prior Year Period Net sales decreased 5% to $454.2 million compared to the prior year period.When adjusted for foreign exchange, acquisitions, divestitures and discontinued brands, net sales decreased 2% compared to the prior year period.Gross profit margin of 22.9%, a 170-basis point decrease from the prior year period.Adjusted gross profit margin of 22.9%, a 170-basis point decrease from the prior year period.Net income of $11.0 million compared...