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09.05.2019 13:35
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Hain Celestial Reports Third Quarter Fiscal Year 2019 Financial Results
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PR Newswire
LAKE SUCCESS, N.Y., May 9, 2019
LAKE SUCCESS, N.Y., May 9, 2019 /PRNewswire/ -- The Hain Celestial Group, Inc. (Nasdaq: HAIN) ("Hain Celestial" or the "Company"), a leading organic and natural products company with operations in North America, Europe, Asia and the Middle East providing consumers with A Healthier Way of Life™, today reported financial results for the third quarter ended March 31, 2019. The results contained herein are presented with the Hain Pure Protein operating segment being treated as a discontinued operation.
"We are encouraged by our third quarter financial results that demonstrate sequential performance improvements in many key areas of our business, and we are on track to achieve our fiscal year 2019 outlook," commented Mark L. Schiller, Hain Celestial's President and Chief Executive Officer. "Our team is in the early innings of executing on our transformational strategic plan to simplify our portfolio, strengthen our core capabilities, reinvigorate profitable top-line growth, and expand margins, return-on-invested-capital and cash flow. We remain committed to delivering consistency in our operational and financial results to drive long-term shareholder value."
FINANCIAL HIGHLIGHTS1
Summary of Third Quarter Results from Continuing Operations2
- Net sales decreased 5% to $599.8 million compared to the prior year period.
- Net sales decreased 2% on a constant currency basis compared to the prior year period.
- When adjusted for Foreign Exchange and Acquisitions, Divestitures and certain other items, including the Project Terra Stock Keeping Unit ("SKU") rationalization3, net sales were flat compared to the prior year period.
- Gross margin of 20.9%, a 10 basis point decrease over the prior year period and a 130 basis point increase from the second quarter of fiscal 2019.
- Adjusted gross margin of 21.6%, a 140 basis point decrease over the prior year period and a 130 basis point increase from the second quarter of fiscal 2019.
- Operating income of $23.9 million compared to $29.3 million in the prior year period and an operating loss of $15.4 million in the second quarter of fiscal 2019.
- Adjusted operating income of $38.9 million compared to $56.0 million in the prior year period and $29.9 million in the second quarter of fiscal 2019.
- Net income of $10.1 million compared to $25.2 million in the prior year period and a net loss of $29.3 million in the second quarter of fiscal 2019.
- Adjusted net income of $21.7 million compared to $38.6 million in prior year period and $15.0 million in the second quarter of fiscal 2019.
- EBITDA of $41.5 million compared to $51.5 million in the prior year period and $19.2 million in the second quarter of fiscal 2019.
- EBITDA margin of 6.9%, a 120 basis point decrease compared to the prior year period and 360 basis point increase from the second quarter of fiscal 2019.
- Adjusted EBITDA of $55.5 million compared to $73.4 million in the prior year period and $44.9 million in the second quarter of fiscal 2019.
- Adjusted EBITDA margin of 9.3%, a 230 basis point decrease compared to the prior year period and a 160 basis point increase from the second quarter of fiscal 2019.
- EPS of $0.10 compared to $0.24 in the prior year period and a loss per diluted share of $0.28 in the second quarter of fiscal 2019.
- Adjusted EPS of $0.21 compared to $0.37 in the prior year period and $0.14 in the second quarter of fiscal 2019.
SEGMENT HIGHLIGHTS FROM CONTINUING OPERATIONS
Hain Celestial United States
Hain Celestial United States third quarter net sales of $266.4 million decreased 5% over the prior year period. When adjusted for Acquisitions, Divestitures and certain other items including the Project Terra SKU rationalization3, net sales decreased 2% over the prior year period. Segment operating income in the third quarter was $17.1 million, a 32% decrease from the prior year period and a 138% increase from the second quarter of fiscal 2019. Adjusted operating income was $21.8 million, a 39% decrease over the prior year period and a 62% increase from the second quarter of fiscal 2019. Segment EBITDA in the third quarter was $20.9 million, a 33% decrease from the prior year period and 70% increase from the second quarter of fiscal 2019. Adjusted EBITDA was $25.5 million, a 48% increase from the second quarter of 2019 and a 36% decrease over the prior year period.
Hain Celestial United Kingdom
Hain Celestial United Kingdom third quarter net sales of $227.2 million decreased 5% over the prior year period. When adjusted for Foreign Exchange, Acquisitions and Divestitures and certain other items3 net sales increased 3% over the prior year period. The net sales increase compared to the prior year period was driven by 5% growth from Tilda® and 2% growth from Ella's Kitchen®, or 11% and 9% growth, respectively, after adjusting for Foreign Exchange, Acquisitions and Divestitures and certain other items3. The results for the United Kingdom segment compared to the prior year period also reflected an 8% decline in Hain Daniels, or 1% after adjusting for Foreign Exchange, Acquisitions and Divestitures and certain other items3, primarily driven by declines from the New Covent Garden Soup Co.®, Cully & Sully®, and Johnson's Juice Co.™ brands and private label sales, offset in part by growth in the Linda McCartney® and Hartley's® brands. Segment operating income was $18.1 million, a 31% increase over the prior year period and a 24% increase from the second quarter of fiscal 2019. Adjusted operating income was $19.1 million, a decrease of 8% over the prior year period and a 6% increase from the second quarter of fiscal 2019. Segment EBITDA in the third quarter was $25.8 million, a 7% increase from the prior year period and an 18% increase from the second quarter of fiscal 2019. Adjusted EBITDA was $26.7 million, a 6% decrease over the prior year period and 6% increase from the second quarter of 2019.
Rest of World
Rest of World third quarter net sales of $106.1 million decreased 6% over the prior year period. When adjusted for Foreign Exchange, Acquisitions and Divestitures and certain other items3 net sales increased 1% over the prior year period. Net sales for Hain Celestial Canada decreased 6%, or increased 2% compared to the prior year period after adjusting for Foreign Exchange, Acquisitions and Divestitures and certain other items3, primarily driven by growth from the Sensible Portions® and Yves Veggie Cuisine® brands, offset in part by declines from the Europe's Best®, Live Clean® and Dream® brands. Net sales for Hain Celestial Europe decreased 4%, or increased 4% on a constant currency basis, primarily driven by strong performance from the Joya® and Natumi® brands and private label sales, offset in part by declines from the Lima®, Danival® and Dream® brands. Net sales for Hain Ventures, formerly known as Cultivate Ventures, decreased 16%, or 14% after adjusting for Acquisitions and Divestitures and certain other items3, primarily driven by declines from the BluePrint®, DeBoles® and SunSpire® brands, offset in part by growth from the GG UniqueFiber™ brand. Segment operating income in the third quarter was $10.9 million, a 2% decrease over the prior year period and a 30% increase from the second quarter of fiscal 2019. Adjusted operating income was $11.3 million, an 8% decrease over the prior year period and a 21% increase from the second quarter of fiscal 2019. Segment EBITDA in the third quarter was $14.0 million, a 2% increase from the prior year period and a 21% increase from the second quarter of fiscal 2019. Adjusted EBITDA was $14.4 million, a 4% decrease over the prior year period and a 17% increase from the second quarter of 2019.
Hain Pure Protein Discontinued Operations
As previously disclosed on May 5, 2018, the results of operations, financial position and cash flows related to the operations of the Hain Pure Protein business segment have been moved to discontinued operations in the current and prior periods. On February 15, 2019, the Company completed the sale of substantially all of the assets used primarily for the Plainville Farms business and on May 8, 2019 the Company entered into a definitive agreement to sell all of its equity interest in Hain Pure Protein Corporation, which includes the FreeBird® and Empire Kosher® businesses. Net sales for Hain Pure Protein in the third quarter were $88.7 million, a decrease of 25% compared to the prior year period. Net loss from discontinued operations, net of tax in the third quarter was $75.9 million and included a $40.0 million non-cash impairment charge and a loss on sale of $29.7 million.
Fiscal Year 2019 Guidance
The Company reiterates its annual guidance for continuing operations for fiscal year 2019:
- Total net sales of $2.320 billion to $2.350 billion, a decrease of approximately 4% to 6% as compared to fiscal year 2018.
- Adjusted EBITDA of $185 million to $200 million, a decrease of approximately 22% to 28% as compared to fiscal year 2018.
- Adjusted EPS of $0.60 to $0.70, a decrease of approximately 40% to 48% as compared to fiscal year 2018.
Guidance, where adjusted, is provided on a non-GAAP basis and excludes acquisition-related expenses; integration charges; restructuring charges, start-up costs, consulting fees and other costs associated with Project Terra; costs associated with the CEO Succession Agreement; unrealized net foreign currency gains or losses, and accounting review and remediation costs and other non-recurring items that may be incurred during the Company's fiscal year 2019, which the Company will continue to identify as it reports its future financial results. Guidance also excludes the impact of any future acquisitions and divestitures.
The Company cannot reconcile its expected Adjusted EBITDA to net income or adjusted earnings per diluted share to earnings per diluted share under "Fiscal Year 2019 Guidance" without unreasonable effort because certain items that impact net income and other reconciling metrics are out of the Company's control and/or cannot be reasonably predicted at this time.
1 This press release includes certain non-GAAP financial measures, which are intended to supplement, not substitute for, comparable GAAP financial measures. Reconciliations of non-GAAP financial measures to GAAP financial measures are provided herein in the tables "Reconciliation of GAAP Results to Non-GAAP Measures."
2 Unless otherwise noted all results included in this press release are from continuing operations.
3 Refer to "Net Sales Growth at Constant Currency and Adjusted for Acquisitions, Divestitures and Other" provided herein.
| (unaudited and dollars in thousands) | United States | United | Rest of World | Corporate/ | Total |
| Net Sales | | | | | |
| Net sales - Three months ended 3/31/19 | $266,445 | $227,206 | $106,146 | $ - | $ 599,797 |
| Net sales - Three months ended 3/31/18 | $281,052 | $238,321 | $113,347 | $ - | $ 632,720 |
| % change - FY'19 net sales vs. FY'18 net sales | (5.2)% | (4.7)% | (6.4)% | | (5.2)% |
| | | | | | |
| Operating income (loss) | | | | | |
| Three months ended 3/31/19 | | | | | |
| Operating income (loss) | $ 17,099 | $ 18,147 | $ 10,868 | $ (22,249) | $ 23,865 |
| Non-GAAP adjustments (1) | 4,676 | 976 | 432 | 8,955 | 15,039 |
| Adjusted operating income (loss) | $ 21,775 | $ 19,123 | $ 11,300 | $ (13,294) | $ 38,904 |
| Operating income margin | 6.4% | 8.0% | 10.2% | | 4.0% |
| Adjusted operating income margin | 8.2% | 8.4% | 10.6% | | 6.5% |
| | | | | | |
| Three months ended 3/31/18 | | | | | |
| Operating income (loss) | $ 24,974 | $ 13,863 | $ 11,059 | $ (20,642) | $ 29,254 |
| Non-GAAP adjustments (1) | 10,880 | 6,895 | 1,257 | 7,723 | 26,755 |
| Adjusted operating income (loss) | $ 35,854 | $ 20,758 | $ 12,316 | $ (12,919) | $ 56,009 |
| Operating income margin | 8.9% | 5.8% | 9.8% | | 4.6% |
| Adjusted operating income margin | 12.8% | 8.7% | 10.9% | | 8.9% Werbung Mehr Nachrichten zur Hain Celestial Group Inc Aktie kostenlos abonnieren
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