Hain Celestial shares slide 21% premarket after earnings miss
Hain Celestial Group Inc. shares tanked in premarket trade Thursday, after the maker of herbal teas and organic foods missed estimates for its fiscal second quarter and offered guidance that was below consensus. The company said it had a net loss of $29.3 million, or 28 cents, in the quarter, after earnings of $43.1 million, or 41 cents a share, in the year-earlier period. Adjusted per-share earnings came to 14 cents, below the 25 cents FactSet consensus. Sales fell 5% to $584.2 million, also below the FactSet consensus of $611 million. Chief Executive Mark Schiller said the company is taking a new strategic direction to come back to profitability. "Although we are not satisfied with our near-term performance, we are starting to see sequential improvement in our numbers and are working diligently to restore profitable growth in the United States, while continuing our profit momentum in the United Kingdom and Europe," he said in a statement. For fiscal 2019, the company is expecting sales of $2.320 billion to $2.350 billion, a decline of 4% to 6% from 2018. It expects adjusted EPS of 60 cents to 70 cents, down 40% to 48%. The FactSet consensus is for EPS of $1.13 and sales of $2.444 billion. Shares have fallen 49% in the last 12 months, while the S&P 500 has gained about 2%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.