Hain Celestial net income up 47 percent in Q3 2016
Hain focusing on organic, natural food products to continue achieving strong financial results
Hain Celestial achieved a net income of $49 million during the third quarter of fiscal year 2016, up 47 percent from $33.4 million for the same period in 2015. The company also saw its net sales totaling $749.9 million, up 13% from 662.7 million for the third quarter of 2015.
“Health and wellness, transparency and sustainability continue to drive consumers’ choices, not only here in the U.S. but in other parts of the world,” said Irwin Simon, CEO, speaking on the earnings call on May 4. “Hain has consistently been there at the frorefront of these trends and we will continue to be a leader in the industry.”
Simon said the company has introduced over 100 new products, focusing on growth in the organic and natural market.
The company recently named James Meiers to the newly created position of chief operations officer, responsible for identifying cost savings across the company's global operations. Hain Celestial has already conducted a strategic review and identified $100 million in global cost savings, which Meiers will lead the company in achieving between fiscal years 2017 and 2019.
Hain Celestial, headquartered in Lake Success, New York, sells products in more than 70 countries across North America, Europe and India.