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The Hain Celestial Group, Inc. (NASDAQ:HAIN) shares are diving on Wednesday after the company announced second quarter fiscal 2024 results.
Quarterly net sales were flat year over year at $454.1 million, missing the analyst consensus of $462.05 million.
North America net sales in the fiscal second quarter were $267.7 million, down 5.2% year over year, owing to lower sales in baby formula stemming from continued industry-wide challenges in organic formula supply.
International net sales in the fiscal second quarter rose 8.5% year over year to $186.4 million, driven by growth in Meal Prep as well as in Beverages.
The adjusted gross profit margin was 23.5%, a 60-basis point increase from the prior year.
Adjusted net income was $10.9 million compared to adjusted net income of $18.3 million in the prior year period. The adjusted net income margin was 2.4%, as compared to 4.0% in the prior year.
The adjusted EBITDA margin was 10.4%, a 60-basis point decrease compared to the prior year’s period.
Adjusted EPS was $0.12, in line with the analyst consensus.
Net debt at the end of the fiscal second quarter was $755.6 million.
Outlook: Hain Celestial revised FY24 organic net sales growth outlook to approximately 1% or more, compared to previous guidance of 2% to 4% growth.
Adjusted EBITDA is expected between $155 million and $160 million, compared to previous guidance of $155 million to $165 million.
Price Action: HAIN shares are trading lower by 15.43% to $9.59 on the last check Wednesday.
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Posted In: HAIN
