Hain Celestial reports record revenues
Melville-based Hain Celestial Group Inc. Tuesday reported record quarterly revenues and a jump in profits, as sales of its brands such as Celestial Seasonings, Earth's Best and Garden of Eatin' continued to be strong.
Sales for the natural and organic products company rose to $455.3 million in the quarter ended Dec. 31, up about 25 percent from $364.8 million in the same quarter a year earlier.
Analysts had expected even higher sales, however. Shares of Hain, which reported its results after the close of regular trading Tuesday, were down 2.8 percent at $57.74 in early trading Wednesday.
In the past year, Hain's shares have risen by more than 40 percent. The company's stock market value of $2.7 billion makes it the 19th-largest public company on Long Island, according to data from Bloomberg, right after Broadridge Financial Solutions Inc.
Hain's net earnings for the quarter increased 57.8 percent from the previous year, to $31.6 million, or 69 cents per share.
Sales in the United States, which account for almost 62 percent of worldwide revenues, climbed 9.4 percent from the prior year to $280.4 million.
Newly acquired brands in the United Kingdom also contributed the company's quarterly results, said chief executive Irwin D. Simon. He singled out Hartley's jam and Sun-Pat peanut butter, describing each brand as "No. 1 in their respective categories in the United Kingdom."
Local and state officials have shown interest in keeping the high-profile company on Long Island. In May, Hain committed to keeping its headquarters here in return for $4.5 million in state tax breaks and a 16-year property tax break from Nassau County. The company plans to move to 1111 Marcus Ave. in Lake Success, once home to the United Nations.
Hain is mulling a proposal from Nassau to encourage potato growing on county land for use in Hain's popular Terra Chips brand. State officials also are working to persuade Hain to shift some production of its Greek Gods yogurt to New York. The division is based in Washington state.