Organic and natural products company Hain Celestial Group, Inc. (HAIN) reported Thursday a loss in its fourth quarter, compared to prior year’s profit, amid weak sales. For fiscal 2024, the company projects higher adjusted earnings and sales.<\/p>\n
Separately, the company announced that Lee Boyce will succeed Chris Bellairs as Chief Financial Officer, effective September 5.<\/p>\n
In the fourth quarter, the company’s net loss was $18.70 million, compared to net income of $3.04 million in the prior year period. Loss per share was $0.21, compared to earnings of $0.03 per share in the prior year.<\/p>\n
Adjusted net income was $10.0 million or $0.11 per share, compared to $7.6 million or $0.08 per share a year ago.<\/p>\n
On average, 13 analysts polled by Thomson Reuters expected earnings of $0.10 per share for the quarter. Analysts’ estimates typically exclude special items. <\/p>\n
Net sales for the quarter decreased 2 percent to $447.84 million from $457.01 million last year. The Street was looking for revenues of $442.4 million for the quarter.<\/p>\n
Looking ahead for fiscal 2024, the company projects adjusted EBITDA to be between $155 million and $165 million on adjusted net sales growth of 2 percent to 4 percent versus the prior year.<\/p>\n
In fiscal 2023, adjusted EBITDA in was $82.9 million on net sales of $1.80 billion.<\/p>\n
Analysts estimate revenues of $1.79 billion for the year.<\/p>\n
Regarding the CFO appointment, the company noted that Boyce will succeed Hain’s current Chief Financial Officer, Chris Bellairs. The current CFO will remain with the company through a transition and will participate in Hain’s upcoming Investor Day event in New York City on September 13.<\/p>\n
Boyce, who holds more than 30 years of experience, most recently served as CFO of Hearthside Food Solutions, the food industry’s largest contract manufacturer and privately held bakery.<\/p>\n
Prior to Hearthside, he spent two years at Werner Co., where he was CFO and Executive Vice President, and three years as CFO and Senior Vice President at American Hotel Register Company.<\/p>\n
In pre-market activity on the Nasdaq, Hain shares were trading at $11.47, down 5.67 percent.<\/p>\n
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