Hain Celestial price target cut to $31 from $40 at RBC Capital Markets

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Hain Celestial shares slide 7% premarket as earnings fall short of estimates

Hain Celestial Group Inc. shares slid 7% in premarket trade Tuesday, after the company’s fiscal third-quarter earnings fell far short of estimates. The organic and natural products company said it had net income of $12.7 million, or 12 cents a share, in the quarter, down from $31.3 million, or 30 cents a share, in the year-earlier period. Adjusted per-share earnings came to 37 cents, well below the 47 cents FactSet consensus. Sales rose 8% to $632.7 million, below the $746 million FactSet consensus. “Our performance in the United States reflects the ongoing efforts to reduce business complexities and drive greater efficiencies in light of higher freight and commodity inflation,” chief Executive Irwin Simon said in a statement. “We are taking aggressive action to address the challenging environment, including optimizing our pricing to offset these higher costs.” Shares have fallen 22% in the last 12 months, while the S&P 500 has gained 11%.

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