Hain reports jump in profit, British deal
Hain Celestial chief executive Irwin Simon in the company's Melville location. (Oct. 5, 2009) Credit: Howard Schnapp, 2009
The Hain Celestial Group, a Melville company that makes and sells organic products, reported Wednesday it earned $23.4 million in the quarter ended June 30 -- an 82.8 percent increase from the $12.8 million in profits in the same period last year.
Also Wednesday, Hain Celestial said it would acquire some of the top packaged grocery brands of Britain's biggest food group, Premier Foods Plc., for $316.07 million in a cash and stock deal.
The deal, expected to close by the end of October, would help the company supply packaged groceries that do not require cold storage to major retailers in Britain.
Of its earnings report, Hain Celestial pointed to growth in sales of organic and natural products at retailers, and recent acquisitions.
The company reported total sales of $350.8 million, up 22.3 percent from last year's revenue of $286.9 million.
Shares of Hain Celestial were up 10 percent in after-hours trading. It closed at $56.91 Wednesday, up 16 cents.
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Get ready for sun and fun with NewsdayTV's summer FunBook special! From celebrating America's 250th birthday to a new ride at Adventureland, NewsdayTV's Elisa DiStefano and Newsday lifestyle editor Meghan Giannotta have your inside look at Newsday's summer FunBook.
