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Hain Celestial reports 82% increase in profits for last quarter
The Hain Celestial Group, a Melville company that makes and sells organic products, reported it made $23.4 million in the quarter ending June 30 -- a 82.1 percent increase from the $12.8 million in profits during the same period last year.
The company pointed to growth in sales of organic and natural products at retailers and contributions from acquisitions in the past year as reasons for the healthy earnings report.
“I am pleased with the smart strategic acquisitions the company has made,” said Irwin Simon, the founder and chief executive of Hain Celestial. “Our acquisitions of The Greek Gods Greek-style yogurt and Sensible Portions snacks have experienced double digit growth under Hain Celestial's ownership over the past two years.”
The company also reported total sales of $350.8 million, up 22.3 percent from last year's revenue of $286.9 million.
Hain Celestial produces and sells natural organic products that range from food to beverages to personal care items. They own several well-known brands such as Earth's Best, Soy Dream and Terra Chips. The company also has a sizable operation in Europe.
Shares of Hain Celestial shot up in aftermarket trading after the company announced its earnings. Within an hour of the report, the stock was trading up nearly 10 percent.