Hain sustains $41.2 million loss in Q3
May 05, 2009
by Eric Schroeder
MELVILLE, N.Y. — The Hain Celestial Group, Inc. sustained a loss of $41,150,000 in the third quarter ended March 31, which compared with net income of $53,620,000, equal to $1.32 per share on the common stock, in the same period a year ago. The most recent results included an after-tax non-cash impairment charge of $48.4 million related to the company’s European and Hain Pure Protein’s reporting basis.
Net revenue for the quarter was $267,723,000, up from $264,632,000 during the same quarter of 2008.
"Hain Celestial’s U.S. business delivered a solid quarter as health conscious consumers remain committed to natural and organic products even in tough economic times," said Irwin D. Simon, president and chief executive officer. "The macroeconomic conditions in this past quarter — and particularly at the beginning of the calendar year — led to sales being challenged by reduced inventories and by consumers using their pantry goods."
Following the release of its third-quarter earnings, Hain lowered its full-year profit guidance to $1.25 to $1.30 per share on revenue of $1.16 billion to $1.17 billion, down from a February forecast of $1.38 to $1.42 and sales of $1.18 billion to $1.2 billion.