Hain Celestial’s 2nd Quarter Sales, Profits Increase, But Miss Forecasts

Natural and organic food marketer Hain Celestial (Lake Success, N.Y.) posted second quarter profit of $47.1 million on sales of $775.2 million, a five percent increase over the same period last year. Second quarter profit was up 73 percent over the prior year period. But the results missed Wall Street estimates, sending shares on a downward slide, dropping 6.3 percent in morning trading. Nevertheless, CEO Irwin D. Simon said he was pleased with the financial performance and noted that the company continues to look for ways to simplify its brand portfolio and “reduce complexities.” Though net sales for Hain Pure Protein increased four percent to $159 million over the prior year period, the company said it is exploring the divestiture of the business. [Image Credit: © Hain Celestial ]