Hain Celestial: Q3 results

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LAKE SUCCESS, New York - The Hain Celestial Group, Inc. (NASDAQ: HAIN), a leading organic and natural products company providing consumers with A Healthier Way of Life', today reported record results for its third quarter ended March 31, 2014.

Performance Highlights

    Adjusted earnings per diluted share from continuing operations of $0.88, a 22% increase
    Earnings per diluted share from continuing operations of $0.75, compared to $0.87 a year ago, which included a $0.28 one-time tax benefit
    Record quarterly net sales of $557.4 million, a 22% increase
    Operating income of $63.6 million, 11.4% of net sales; adjusted operating income of $72.3 million, 13.0% of net sales
    Adjusted EBITDA of $83.3 million, 14.9% of net sales; EBITDA of $76.4 million, 13.7% of net sales
    Operating Free Cash Flow of $91.6 million for the nine months ended March 31, 2014

"We are pleased with our record third quarter results, the highest net sales in the Company's history and our 13th consecutive quarter of year-over-year double digit net sales and adjusted earnings growth," said Irwin D. Simon, Founder, President and Chief Executive Officer of Hain Celestial. "We continue to experience strong demand for our organic and natural brands as demonstrated by the increasing consumption of our products. Today, our products are available on shelves across more geographies and sales channels, and we believe the opportunities ahead are even more compelling as we expand with new and existing customers."

Third Quarter Fiscal 2014
The Company reported net sales of $557.4 million, a 22% increase, compared to net sales of $456.1 million in the third quarter of fiscal year 2013. Hain Celestial US reported record third quarter net sales of $319.5 million, a 15% increase. In the United Kingdom, net sales were $176.9 million, and the Rest of World segment reported net sales of $61.0 million. The Company had strong brand contribution across various sales channels led by Imagine®, The Greek Gods®, Spectrum®, Earth's Best®, Garden of Eatin'®, Sensible Portions®, Bearitos®, Terra®, Cully & Sully®, Hartley's®, Gale's®, Sun-Pat®, Frank Cooper's®, Robertson's®, Linda McCartney®, Lima®, Danival®, Natumi® and Alba Botanica®. The growth in net sales also resulted from sales of the Ella's Kitchen® brand acquired in the fourth quarter of fiscal year 2013 and the Tilda® brand acquired in the third quarter of fiscal year 2014.

For the third quarter, the Company earned adjusted net income from continuing operations of $44.5 million compared to $34.4 million in the prior year third quarter, a 29% increase and reported adjusted earnings per diluted share from continuing operations of $0.88 compared to $0.72, a 22% increase. Net income was $35.2 million compared to $40.7 million in the prior year third quarter when the Company reported a tax benefit of $13.2 million, or $0.28 per diluted share, resulting from a worthless stock tax deduction for an investment in one of the Company's UK subsidiaries. Refer to Non-GAAP Financial Measures for adjustments.

"The third quarter was a significant quarter for the Company with many accomplishments," added Irwin Simon. "We closed on the acquisition of Tilda®, a leading global rice brand, which expanded our branded grocery product offerings with basmati rice into the Ethnic Specialty Channel and into new geographies in the Middle East, North Africa and India. At this year's Natural Products Expo West, which had a record-breaking 67,000 attendees, we featured over 100 new and exciting food, beverage and personal care products and met with leading accounts from across all sales channels. Lastly, with several of our key commodities rising, we managed to control our costs and delivered productivity savings, which we expect to continue throughout the rest of this fiscal year and into fiscal year 2015. We expect additional integration opportunities from our BluePrint and Ella's Kitchen acquisitions to continue into next year."

Acquisitions and Divestitures
"We are excited by the strategic acquisition of Rudi's Organic Bakery, Inc., ("Rudi's"), a leading certified organic bread brand, as we look for the latest trends, and consumers are increasing their purchases of whole grains, organic and gluten-free product offerings," commented Irwin Simon. "As a company committed to driving product innovation, we plan to build upon Rudi's leadership position and see the opportunity to take Rudi's into complementary product categories. We have a proven ability to expand great brands and products into various channels of distribution including the conventional, mass and club channels where we see significant opportunities for increased growth."

During the third quarter, the Company completed the previously announced divestiture of the Grains Noirs business as well as other discontinued products in Europe, which were non-core assets. The Company will continue to review its portfolio as it focuses on its core strategy of organic and natural brands and products by streamlining its business where appropriate and seeking out strategic accretive acquisitions which complement the Company's growth plans.

Fiscal Year 2014 Guidance
The Company raised its annual guidance for fiscal year 2014 to reflect the Rudi's acquisition completed in April 2014 and performance year to date:

    Total net sales range of $2.145 billion to $2.150 billion for fiscal year 2014; an increase of approximately 24% as compared to fiscal year 2013.
    Earnings range of $3.14 to $3.17 per diluted share for fiscal year 2014; an increase of 24% to 25% as compared to fiscal year 2013.

Guidance is provided for continuing operations on a non-GAAP basis and excludes acquisition-related fees and expenses, integration and restructuring charges, factory start-up costs, certain litigation expenses, unrealized currency gains and losses and specific losses on equity-method investees that have been or may be incurred during the Company's fiscal year 2014, which the Company will continue to identify as it reports its future financial results. Guidance excludes the impact of any future acquisitions.

The Hain Celestial Group, Inc.
The Hain Celestial Group (NASDAQ: HAIN), headquartered in Lake Success, NY, is a leading organic and natural products company in North America and Europe. Hain Celestial participates in many natural categories with well-known brands that include Celestial Seasonings®, Earth's Best®, Ella's Kitchen®, Terra®, Garden of Eatin'®, Sensible Portions®, Health Valley®, Arrowhead Mills®, MaraNatha®, SunSpire®, DeBoles®, Rudi's Organic Bakery®, Gluten Free Café', Hain Pure Foods®, Spectrum®, Spectrum Essentials®, Walnut Acres Organic®, Imagine®, Almond Dream®, Rice Dream®, Soy Dream®, WestSoy®, The Greek Gods®, BluePrint®, Yves Veggie Cuisine®, Europe's Best®, Cully & Sully®, New Covent Garden Soup Co.®, Johnson's Juice Co.®, Farmhouse Fare®, Hartley's®, Sun-Pat®, Gale's®, Robertson's®, Frank Cooper's®, Linda McCartney®, Lima®, Danival®, GG UniqueFiber®, Tilda®, Akash Basmati®, Abu Shmagh®, JASON®, Avalon Organics®, Alba Botanica® and Queen Helene®. Hain Celestial has been providing A Healthier Way of Life' since 1993. For more information, visit www.hain.com.

SOURCE: The Hain Celestial Group, Inc.
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