Company narrows loss and adjusts earnings in 3Q
- Hain Celestial Group’s 3Q sales declined
- Company expects lower sales for fiscal year
- Narrowed loss to $48.2 million
- Adjusted earnings were 13 cents a share
- North America segment saw a 6.5% decline in net sales
- International net sales rose 1%
- CEO working to accelerate growth in portfolio
- Hain Celestial forecasts decline in organic net sales for fiscal 2024
Hain Celestial Group, the organic foodmaker known for brands like Terra vegetable chips, experienced a decline in sales for its latest quarter. As a result, the company expects lower sales for the fiscal year as it focuses on accelerating growth in its portfolio. In the third quarter, Hain Celestial narrowed its loss to $48.2 million, or 54 cents a share, compared to $115.7 million, or $1.29 a share, in the same period last year. Adjusted earnings were 13 cents a share, surpassing analysts’ estimates. However, sales declined to $438.4 million from $455.2 million, falling short of expectations. The North America segment saw a 6.5% decline in net sales, primarily due to lower sales in personal care and baby and kids categories, partially offset by growth in beverages. On the other hand, international net sales increased by 1%, with growth in beverages offset by lower sales in the meal prep category. CEO Wendy Davidson stated that the company is actively working to accelerate growth in the remaining 85% of its business, which has delivered 3% growth year-to-date. Hain Celestial is also addressing challenges in the baby formula sector with its supplier and reshaping its personal care business. Looking ahead, the company forecasts a decline of 3% to 4% in organic net sales for fiscal 2024, compared to its previous forecast of 1% or more growth.
Factuality Level: 8
Factuality Justification: The article provides specific details about Hain Celestial Group’s financial performance, including sales figures, earnings, and forecasts. The information is presented in a straightforward manner without any obvious bias or sensationalism. The article sticks to the facts and does not contain irrelevant information or misleading statements.
Noise Level: 3
Noise Justification: The article provides relevant information about Hain Celestial Group’s sales decline, financial performance, and future outlook. It includes specific details such as earnings, sales figures, and segment performance. However, it lacks in-depth analysis, accountability, or scientific rigor.
Financial Relevance: Yes
Financial Markets Impacted: Hain Celestial Group
Presence Of Extreme Event: No
Nature Of Extreme Event: No
Impact Rating Of The Extreme Event: No
Rating Justification: The article pertains to the financial performance of Hain Celestial Group, a company in the organic food industry. It discusses the decline in sales for the latest quarter and the company’s expectation of lower sales for the fiscal year. There is no mention of any extreme event or its impact.
Public Companies: Hain Celestial Group (HAIN)
Key People: Wendy Davidson (Chief Executive)
Reported publicly:
www.marketwatch.com 
