HAIN $42 -- Health food and drink maker Hain Celestial Group Inc. said Wednesday that fiscal second-quarter net income rose 23 percent as shoppers picked up its Earth's Best, Celestial Seasonings and MaraNatha health food brands and expanded distribution
Net income for the three months ended Dec. 31 rose to $20 million, or 44 cents per share, from $16.3 million, or 37 cents per share. Excluding one-time costs, net income totaled 52 cents per share. Analysts had been expecting net income of 49 cents per share.
The company's food products, which include brands like Celestial teas, cost more than other foods, making them susceptible to shoppers trading down and spending less in the weak economy. But shoppers focused on health appear to still be buying Hain's brands.
Revenue rose 32 percent to $385.6 million from $291.9 million last year. Analysts expected revenue of $386.6 million.
For the fiscal year, the company confirmed guidance of net income of $1.63 to $1.73 per share on revenue of $1.46 billion to $1.48 billion. Analysts expect net income of $1.70 per share on revenue of $1.49 billion.
Shares of Hain Celestial dipped 17 cents to $38.59 in extended trading following the release of the earnings report. They ended the regular trading session up 18 cents at $38.76.
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