Hain Celestial dives on annual sales forecast cut, downbeat Q3 results; CEO steps down
Shares of organic and natural products company Hain Celestial HAIN.O down 28.5% at $1.99 premarket
Co now expects annual organic net sales growth to be down about 5% to 6%, compared to previous forecast of down 2% to 4%, on slower-than-anticipated volume recovery, and softening and volatile macroeconomic environment
Co misses Q3 revenue, profit estimates, according to data compiled by LSEG; cites worse-than-expected performance in North America
Separately, co announced CEO Wendy Davidson is stepping down, effective today
Co appoints Alison Lewis, a Hain executive, as interim CEO
Hain also announces it is conducting a comprehensive review of the company’s portfolio with assistance of Goldman Sachs & Co, to consider strategic options to enhance value
Stock has fallen ~55% YTD, as of last close
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