Why Is Hain Celestial Stock Slumping Today?
Portfolio Pulse from Nabaparna Bhattacharya
Hain Celestial Group, Inc. (NASDAQ:HAIN) shares fell after reporting flat Q2 fiscal 2024 sales of $454.1 million, missing analyst expectations. North America sales dropped 5.2% due to lower baby formula sales, while International sales grew 8.5%. Adjusted net income decreased to $10.9 million from $18.3 million year over year, with a reduced adjusted EBITDA margin. The company revised its FY24 organic net sales growth outlook to 1% or more, down from 2% to 4%, and adjusted its EBITDA forecast. HAIN shares dropped 15.43% to $9.59.
February 07, 2024 | 4:32 pm
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Hain Celestial reported flat Q2 fiscal 2024 sales, missing expectations, with a significant drop in North America sales and a decrease in adjusted net income. The company also revised its FY24 outlook downwards, leading to a 15.43% drop in its share price.
The significant drop in Hain Celestial's share price is directly attributed to its disappointing Q2 fiscal 2024 results, including flat sales, a decrease in North America sales, and a downward revision of its FY24 outlook. These factors are critical for investors, indicating potential challenges ahead for the company.
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