RTTNews | Nov 9, 2021 06:48AM EST

06:48 Tuesday, November 9, 2021 (RTTNews.com) - While reporting financial results for the first quarter on Tuesday, organic and natural products company Hain Celestial Group, Inc. (HAIN) maintained its adjusted net sales growth and adjusted EBITDA growth guidance for the full year 2022.

For fiscal 2022, the company continues to project adjusted net sales growth in the low single digit percentage and adjusted EBITDA growth in the mid-to-high single digit percentage.

On average, 11 analysts polled by Thomson Reuters expect the company to report a sales decline of 2.6 percent to $1.92 billion for the year.

For the first quarter, net income soared to $19.41 million or $0.20 per share from $0.49 million $0.00 per share in the prior-year quarter. Excluding items, adjusted earnings for the quarter was $0.25 per share, compared to $0.27 per share in the year-ago quarter.

Net sales for the quarter decreased 8.8 percent to $454.90 million from $498.63 million in the same quarter last year. Net sales also declined 11 percent on a constant currency basis and were flat on an organic basis.

The Street was looking for earnings of $0.24 per share on revenues of $442.48 million for the quarter.

The company also said it expects net sales to be down low single digit on an adjusted basis in the first half of fiscal year 2022 and up by mid to high single digit in the second half.

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