Business
Hain Celestial Reports Third Quarter Fiscal Year 2020 Financial Results
Third Quarter 2020 Results Exceed Expectations and 2020 Fiscal Year Guidance Raised Company Returns to Top Line Growth Bought Back 2.3% of Shares Outstanding
About this update from The Hain Celestial Group, Inc.
[{"type":"text","content":"Third Quarter 2020 Results Exceed Expectations and 2020 Fiscal Year Guidance Raised\n Company Returns to Top Line Growth\n Bought Back 2.3% of Shares Outstanding During the Third Quarter\n\n\nLAKE SUCCESS, N.Y., May 7, 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 third quarter ended March 31, 2020. The results contained herein are presented with the Hain Pure Protein and Tilda operating segments being treated as discontinued operations.\n\n \n \n \n \n \n \n\n \nMark L. Schiller, Hain Celestial's President and Chief Executive Officer, commented, \"I am pleased to be raising our full year guidance for 2020 as third quarter financial performance exceeded our previous guidance and is expected to show continuing strength in the current quarter. With our transformation plan taking hold and food-at-home consumption accelerating, Hain Celestial's natural and organic product offerings resonated with consumers, resulting in year-over-year growth in third quarter net sales, the first such increase since fiscal 2018.\"\nSchiller continued, \"Across our organization, we are taking necessary safety measures to best manage our business in the current operating environment as we continue to deliver against our transformational strategic plan. I am proud of how Hain associates across the globe rose to the occasion to partner with our valued customers and suppliers to deliver for our consumers and local communities in the face of unprecedented global challenges. As a result of the actions we have taken, we are well positioned to manage through this unprecedented crisis and emerge an even stronger company.\"\nFINANCIAL HIGHLIGHTS1\nSummary of Third Quarter Results from Continuing Operations2\nNet sales increased 1% to $553.3 million or 2% on a constant currency basis compared to the prior year period. When adjusted for Foreign Exchange, Divestitures and Stock Keeping Unit (\"SKU\") rationalization3, net sales increased 6% compared to the prior year period. Gross margin of 23.9%, a 324 basis point increase from the prior year period. Adjusted gross margin of 24.3%, a 282 ba...