Hain Celestial Group Inc HAIN reported a first-quarter FY24 sales decline of 3.3% year-on-year to $425.03 million, missing the analyst consensus estimate of $431.7 million.
Net sales from North America decreased 9.8% Y/Y mainly due to lower sales in baby & kids as a result of industry-wide challenges in organic formula supply, as well as by declines in personal care on the timing shift of a sun care program and in snacks on the optimization of promotional activity for Terra.
International net sales rose 9.3%, mainly driven by growth in meal prep, as well as in beverages.
Adjusted gross margin for the quarter contracted 95 basis points Y/Y to 20.5%.
The operating loss for the quarter was $(2.3) million versus an income of $15.8 million last year.
Adjusted EBITDA of $24.1 million decreased 33% Y/Y with an adjusted EBITDA margin contraction of 250 basis points to 5.7%.
Adjusted EPS of $(0.04) beat the consensus estimate of $(0.06).
The company held $38.3 million in cash and equivalents as of September 30, 2023. Operating cash flow for the quarter was $14 million, with a free cash flow of $7.1 million.
Outlook Reaffirmed: Hain Celestial still sees FY24 organic net sales growth of 2% to 4% and adjusted EBITDA of $155 million - $165 million.
Price Action: HAIN shares traded higher by 3.71% at $12.01 on the last check Tuesday.
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