The Hain Celestial Group, Inc. (Nasdaq: HAIN) (“Hain Celestial” or
the “Company”), a leading organic and natural products company with
operations in North America, Europe, Asia and the Middle East
providing consumers with A Healthier Way of Life™, today announced
the appointment of Chris Bellairs to the role of Executive Vice
President and Chief Financial Officer, effective February 4, 2022.
Mr. Bellairs will succeed Hain Celestial’s current Executive Vice
President and Chief Financial Officer, Javier Idrovo, who has
announced his intention to resign for another opportunity. Mr.
Idrovo will continue to serve as Chief Financial Officer until
February 4, 2022, to assist with the transition of his
responsibilities and to participate in the Company’s upcoming
conference call to discuss its second quarter fiscal year 2022
financial results.
Mr. Bellairs brings with him deep, extensive and
relevant industry experience and strong executive leadership in the
areas of corporate finance, financial planning, commercial finance,
strategy and operations. Prior to joining Hain Celestial, Mr.
Bellairs served as the Chief Financial Officer of Stone Brewing, a
California-based craft brewery with nationwide and international
distribution. Prior to joining Stone Brewing, Mr. Bellairs held
roles of increasing responsibility at Dean Foods Company, a food
and beverage company, most recently as Executive Vice President and
Chief Financial Officer. Earlier in his career, Mr. Bellairs held
leadership positions in finance and operations at
PepsiCo, Inc., The Procter & Gamble Company,
Expedia, Inc., Iron Mountain Incorporated and The University
of Notre Dame. Mr. Bellairs was also an intelligence officer in the
U.S. Army for six years.
“On behalf of the Board of Directors and our
management team, I would like to thank Javier for his
contributions, which have been instrumental to our transformational
journey. He has helped us build a strong foundation to support our
future success as we move to the next phase in the Company’s
journey,” said Mark Schiller, Hain Celestial’s President and Chief
Executive Officer. “I am excited to welcome Chris to the team, and
look forward to partnering with him, as his deep industry and
leadership experience will add tremendous value as we execute our
Hain 3.0 strategy to deliver exceptional growth and strong
operating results over the long term.”
Financial UpdateHain Celestial
also announced it is finalizing its second quarter fiscal year 2022
financial results and expects to report:
-
Second quarter adjusted net sales down 1% to 3% compared to the
same quarter in the prior year, resulting in adjusted net sales in
the first half of fiscal year 2022 down 0.5% to 1.5%, compared to
first half of the prior year. These results are at the high end of
the Company’s previously issued guidance, of a low single-digit
percentage decrease for the first half of fiscal year 2022.
-
Second quarter adjusted EBITDA down 4% to 6% compared to the same
quarter in the prior year, with adjusted EBITDA margins above the
same quarter last year. Adjusted EBITDA in the first half of fiscal
year 2022 is projected to be down 8.5% to 9.5% compared to the
first half of the prior year. These results are slightly below the
Company’s previously issued guidance of a mid single-digit
percentage decrease for the first half of fiscal year 2022, driven
by well-publicized industry-wide inflation, supply chain and labor
challenges.
Adjusted net sales is defined as net sales on a
constant currency basis adjusted for acquisitions, divestitures and
discontinued brands.
Hain Celestial intends to release its full
financial results for its second quarter fiscal year 2022 on
Thursday, February 3, 2022, with a conference call to be conducted
beginning at 8:30 AM Eastern Time featuring remarks by Hain
Celestial's management team. The call will be webcast and can be
accessed on Hain Celestial's website at www.hain.com under Investor
Relations and subsequently through Press & Events.
Contacts:
Investor Relations:Chris Mandeville and Anna Kate HellerICR
hain@icrinc.com
Media:Robin Shallowrobin@robincomm.com
About The Hain Celestial Group,
Inc.The Hain Celestial Group (Nasdaq: HAIN), headquartered
in Lake Success, NY, is a leading organic and natural products
company with operations in North America, Europe, Asia and the
Middle East. Hain Celestial participates in many natural categories
with well-known brands that include Celestial Seasonings®, Clarks™,
Cully & Sully®, Earth’s Best®, Ella’s Kitchen®, Frank
Cooper’s®, Gale’s®, Garden of Eatin’®, Hain Pure Foods®,
Hartley’s®, Health Valley®, Imagine®, Joya®, Lima®, Linda
McCartney’s® (under license), MaraNatha®, Natumi®, New Covent
Garden Soup Co. ®, ParmCrisps®, Robertson’s®, Rose’s® (under
license), Sensible Portions®, Spectrum®, Sun-Pat®, Terra®, The
Greek Gods®, Thinsters®, Yorkshire Provender® and Yves Veggie
Cuisine®. The Company’s personal care products are marketed under
the Alba Botanica®, Avalon Organics®, JASON®, Live Clean® and Queen
Helene® brands.
Forward-Looking StatementsThis
press release contains forward-looking statements within the
meaning of safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. Such statements involve risks,
uncertainties and assumptions. If the risks or uncertainties ever
materialize or the assumptions prove incorrect, our results may
differ materially from those expressed or implied by such
forward-looking statements. The words “believe,” “expect,”
“anticipate,” “may,” “should,” “plan,” “intend,” “potential,”
“will” and similar expressions are intended to identify such
forward-looking statements. Forward-looking statements include,
among other things, our beliefs or expectations relating to our
future performance, results of operations and financial condition;
our strategic initiatives, business strategy, supply chain, brand
portfolio and product performance; the COVID-19 pandemic; current
or future macroeconomic trends; and future corporate acquisitions
or dispositions.
Risks and uncertainties that may cause actual
results to differ materially from forward-looking statements
include: challenges and uncertainty resulting from the impact of
competition; challenges and uncertainty resulting from the COVID-19
pandemic; our ability to manage our supply chain effectively;
disruption of operations at our manufacturing facilities; reliance
on independent contract manufacturers; changes to consumer
preferences; customer concentration; reliance on independent
distributors; the availability of organic ingredients; risks
associated with our international sales and operations; risks
associated with outsourcing arrangements; our ability to execute
our cost reduction initiatives and related strategic initiatives;
our ability to identify and complete acquisitions or divestitures
and our level of success in integrating acquisitions; our reliance
on independent certification for a number of our products; the
reputation of our Company and our brands; our ability to use and
protect trademarks; general economic conditions; input cost
inflation; the United Kingdom’s exit from the European Union;
cybersecurity incidents; disruptions to information technology
systems; the impact of climate change; liabilities, claims or
regulatory change with respect to environmental matters; potential
liability if our products cause illness or physical harm; the
highly regulated environment in which we operate; pending and
future litigation; compliance with data privacy laws; compliance
with our credit agreement; the discontinuation of LIBOR;
concentration in the ownership of our common stock; our ability to
issue preferred stock; the adequacy of our insurance coverage;
impairments in the carrying value of goodwill or other intangible
assets; and other risks and matters described in our most recent
Annual Report on Form 10-K and our other filings from time to time
with the U.S. Securities and Exchange Commission.
We undertake no obligation to update
forward-looking statements to reflect actual results or changes in
assumptions or circumstances, except as required by applicable
law.
Non-GAAP Financial MeasuresHain
Celestial has not yet completed its financial close processes for
the second quarter of fiscal 2022; accordingly, GAAP financial
results for the quarter have not yet been finalized. The Company
intends to provide its full financial results for the second
quarter on February 3, 2022. Until that time, the preliminary
results described in this press release are estimates only and
remain subject to change and finalization based on management’s
ongoing review of results of the quarter and completion of all
quarter-end close processes. Because the financial information
contained in this press release is preliminary, it is deemed to be
forward-looking. Certain forward-looking non-GAAP financial
measures included in this press release are not reconciled to the
comparable forward-looking GAAP financial measures. The Company is
not able to reconcile these forward-looking non-GAAP financial
measures to their most directly comparable forward-looking GAAP
financial measures without unreasonable efforts because the Company
is unable to determine with a reasonable degree of certainty the
type and extent of certain items that would be expected to impact
GAAP measures but would not impact the non-GAAP measures. Such
items may include litigation and related expenses, transaction
costs associated with acquisitions and divestitures, productivity
and transformation costs, impairments, gains or losses on sales of
assets and businesses, foreign exchange movements and other items.
The unavailable information could have a significant impact on the
Company’s GAAP financial results.
Management believes that the non-GAAP financial
measures presented provide useful additional information to
investors about current trends in the Company’s operations and are
useful for period-over-period comparisons of operations. These
non-GAAP financial measures should not be considered in isolation
or as a substitute for the comparable GAAP measures. In addition,
these non-GAAP measures may not be the same as similar measures
provided by other companies due to potential differences in methods
of calculation and items being excluded. They should be read in
connection with the Company’s Consolidated Statements of Operations
and Cash Flows presented in accordance with GAAP when
available.
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