Hain Celestial Group Inc (HAIN) Q4 2020 Earnings Call Transcript The Motley Fool. Given the decrease in leverage due to the company’s strong performance, we are investing in all attractive internal opportunities and we have also executed share repurchases at attractive market prices. So, look one of the thesis that we had when we did Investor Day was the margin expansion that we’ve been seeing on the Get Bigger businesses was going to be driven by plant absorption was one of the key drivers. So for flat spending, I can get 25% to 30% more bank for the dollar, than I did in previous years. Now to provide some detail on the individual reporting segments. [Operator Instructions]. The Price to Free Cash Flow ratio or P/FCF is reported at 27.93. Thanks. We remain confident in our transformational strategic plan and ability to make further improvements in fiscal ’21 and beyond. Foreign exchange impact on the quarter was about 50 basis points. Good morning and thank you for joining us on Hain Celestial’s fourth quarter and fiscal year 2020 earnings conference call. The key to doing that continues to be top line growth, because most of those are self manufactured and we get tremendous absorption benefits as we fill up the plants. The P/S or Price to Sales ratio of The Hain Celestial Group, Inc. (NASDAQ:HAIN) stands at 1.94 and Price to Book or P/B for the most recent quarter stands at 2.82. So look, we’re going to see continued steady progress on margin. That said, we have a terrific brand in the UK, Ella’s, which is a super premium brand category leader. Earnings. Call Participants. Now to provide some detail on the individual reporting segments. Questions and Answers. But now that we've got debt in a good place, we're looking at a number of ways to return value to shareholders. So first of all, can I just dig into the productivity improvements that are quoting the pumped capex this year. Thank you. But it’s a very nice incremental business that we didn’t have before and it makes a great addition to Personal Care portfolio that was growing very nicely beforehand and continues to grow very nicely through the pandemic. So from a pandemic standpoint, the two categories that have been hit the hardest are fruit, which we talked a lot about on the call and baby food. As Mark mentioned, we have tremendous confidence in our team’s ability to manage the controllable aspects of our business. Let's start with our North American business, where we saw net sales and profit growth as well as profit margin expansion. And while there still is a tail and you saw that in the four brands that we divested in Q4 and Danival that we divested earlier this quarter, a lot of the heavy lifting has been done, but there is — the fruit business is something we’re going to have to deal with at some point in the future. We're either doing one well or the other well. The TeaWell innovation continues to expand distribution and is performing very well and we're bringing out 14 new SKUs this fall with new category benefits. We had a strong fourth quarter in hand sanitizer. This call is being webcast and an archive of it will also be available on the website. So the amount that I’m going to spend this year Alexia, is going to be dependant really on the cost, right. Please refer to Hain Celestial's annual report on Form 10-K, quarterly reports on Form 10-Q and other reports filed from time to time with the Securities and Exchange Commission and its press release issued this morning for a detailed discussion of the risks that could cause actual results to differ materially from those expressed or implied in any forward-looking statements made today. I'd be happy to take that one. And then I have a follow-up. Hain Celestial Group, Inc. engages in the production and distribution of organic and natural products. Greetings. So as you can see, we continue to have success selling or exiting small and non-strategic brands that consume a disproportionate share of management time and add supply chain complexity. Thank you for standing by. So you have some states that are in locked down and are very slow to open and you have other states that are acting like there is nothing going on. In the Europe business which is largely driven by our non-dairy beverages, a good portion of that is private label. Foreign exchange impact on the quarter was a headwind of 160 basis points. Thank you. Our next question comes from the line of Alexia Howard with Bernstein. Hain Celestial Brands Partner With National Military Non-Profit, Folds Of Honor, To Recognize Americas Heros Friday, 28 August 2020 yahoo. Yes, I think the mechanics you've laid out really nicely. Similar to Q3, the impact of COVID-19 on results for the quarter were mix. Stock Advisor launched in February of 2002. So what -- to what extent are you guys expecting sales in this category to continue to remain strong into the first quarter and beyond? I'm seeing more like 10% growth on the brands there, but I don't have great visibility into panel data in terms of increased households and repeat rate. Please proceed with your question. The others will take place in the middle of the year or later. When I got here, there was no volume minimum and no bracket pricing. Hain Celestial participates in many natural categories with well-known brands. When adjusting for these factors, net sales increased 7% versus the prior year period. I'd also like to note that we are conducting our call today from our respective remote locations. Net sales decreased 3% and were roughly flat when adjusted for foreign exchange compared to Q4 of last year. This represents a 26% increase versus Q4 last year. They're worried about staying healthy. For the quarter, COVID had virtually no net impact on top line of the total company, although there was a clear benefit in North America, offset by the fruit business decline in the UK. So I want to make sure I continue to do both and providing and in providing as much detail as I can reasonably forecast at this time. It's a great question. So we have again also kind of won some grounding points, if you will, around our ability to service the pandemic and things like the scrapping is on hand sanitizer when nobody could get it, and we were able to go to customers and provide them with something they desperately needed. I think it will be on top of what we have. Its brands include Alba Botanica, Avalon Organics, Earth’s Best, JASON, Live Clean, One Step, and Queen Helene. Its brands include Alba Botanica, Avalon Organics, Earth’s Best, JASON, Live Clean, One Step, and Queen Helene. When accounting for all channels, our Personal Care portfolio is growing 30% faster than what you can see in the 12 week MULO data with Alba and Live Clean consumption for both brands growing more than 40%. So we don't even buy the syndicated data. This leaves us with $190 million of additional repurchases authorized under our 2017 share repurchase authorization. Specifically for the fourth quarter, adjusted gross profit increased 13% versus the prior-year period to $129 million. So for flat spending, I can get 25% to 30% more bank for the dollar, than I did in previous years. Our supply chain and in-stores execution has delivered. Motley Fool+7.31%. Yes. Please proceed with your question. Please proceed with your question. Foreign exchange represented a $7 million headwind. In snacks, Hain was growing new buyers and repeat rates before the onset of the virus. Yes. For the quarter ending September 30, we expect mid single-digit top line growth after adjusting for divestitures and discontinued brands with margin improvement and adjusted EBITDA growth comparable to what we delivered in the second half of fiscal ’20. When I got here, there was no volume minimum and no bracket pricing. I knew it grew in three of — the last three quarters of the year, but we’ll get you that number while I answer the other question. They are now about 33% of our sales in North America and 20% of our profit. When I joined Hain, I committed to provide a new level of transparency and I also committed to deliver what I promised. Very hard to forecast, and given that nobody knows at this point what post-COVID looks like. So would we hear you correctly that that your expectation for a normalized top line growth run rate? In contrast, as Mark stated, our fruit business with large exposure to the food service channel experienced decreases in revenue, although, this was in line with our expectations. Thank you. Mark L. Schiller — President and Chief Executive Officer. The Hain Celestial Group is a leading organic and natural products company with operations in North America, Europe and India. Okay. Just trying to get a sense of just quite how high this might go? Earnings estimates and surprises for Hain Celestial Group (HAIN) are an important tool used to evaluate the company's overall strength and value of the stock. Overall, we're proud of the strong quarterly and annual results we just delivered. Contents: Prepared Remarks. Thank you. So I'll let Javier talk about our capital allocation strategy. The productivity programs that we have built in for fiscal ’21, there is a lot of automation on the back end of those lines. All in all, it was a great year for Hain with terrific results before the pandemic and great execution during the pandemic, leaving us with tremendous momentum as we head into fiscal '21. Greetings. The Hain Celestial Group, Inc. HAIN is on a rising trajectory, backed by the company’s solid North America segment as well as well-chalked strategic endeavors to boost efficiency. Its brands include Alba Botanica, Avalon Organics, Earth’s Best, JASON, Live Clean, One Step, and Queen Helene. Our next question comes from the line of John Baumgartner with Wells Fargo. What I would tell you overall I think Europe has its act together more than we do, you see that in the strengthening of their currencies versus the dollar. So it’s — it really depends on what you’re looking at specifically. Innovation, marketing and assortment optimization have already started delivering top line acceleration. All in all, it was a great year for Hain with terrific results before the pandemic and great execution during the pandemic, leaving us with tremendous momentum as we head into fiscal ’21. Yes. The International business had been growing about 1% to 2%. Hain Celestial Group Q1 2008 Earnings Conference Call Transcript – 2007-11-01 – US$ 54.00 – Final Transcript of HAIN earnings conference call or presentation, 1-Nov-07 4:15pm ET 13.11. The Linda McCartney and Hartley's brands with leading market share positions in the UK also experienced robust growth. Very hard to forecast, and given that nobody knows at this point what post-COVID looks like. Third, we are generating much better cash flows. No. The good news Alexia, just one last comment is we’re getting close to 5% of sales on marketing in North America, but it’s higher for the Get Bigger brands and lower for Get Better. For Q4, SG&A as a percent of net sales was 15.9% [Phonetic] right in line with the prior year period. We grew sales in all of our Get Bigger categories and have seen relatively stable double-digit consumption growth during the last five months of the pandemic, after the initial surge in March. With that let me turn it over to the operator for questions. So even if you want to be a branded player, you probably have to provide some level of private label to get your foot in the door on the branded side. Yes. Questions and Answers. As you can see we had a tremendous year. For the year, we delivered against all planned metrics that we provided in our beginning of year guidance and ended the year with adjusted EBITDA at the high end of our revised guidance range which we raised at the end of Q3. So it has nothing to do with COVID, the fact that that has been growing as rapidly as it has been. What's important again to note is, we had a $25 million drag from the fruit business. This organizational simplification will create significant opportunities that will begin to impact our financial performance later this year. I know you called out the several hundred lift in -- basis point lift you expect for first quarter. Looking into the components of the North American portfolio. Published Aug 26, 2008. It's a very different dynamic. So the hand sanitizer opportunity was obviously a once in a lifetime opportunity that came in front of us. Obviously, we are coming off a very strong year and feel very bullish on the year ahead. Thank you. If we can sustain that growth, we will have a very robust profit picture when we come out of COVID. Like I said we are more constrained by capacity than anything else. That said, we have a terrific brand in the UK, Ella's, which is a super premium brand category leader. While we're expecting a slowing of growth in the second half of fiscal '21 in reality, the outlook for the second half of the year is less clear given the macro factors discussed and the need to lap the growth associated with the pandemic. Anthony Vendetti -- Maxim Group -- Analyst. Please proceed with your question. Thank you, Mark, and good morning everyone. Let me answer the first part and then I’ll have Javier talking about our capital allocation strategy. We had 70% service in Personal Care for nine months as an example. Thank you, Anna Kate, and good morning everyone. So we had already started to turn it. Let me provide a few statistics. Hain Celestial Group Inc (NASDAQ: HAIN) Q4 2019 Earnings Call Aug 29, 2019, 8:30 a.m. As a result we are adopting much of the US playbook there and have consolidated down to only two distinct divisions from five when I joined Hain in late 2018. They grow 20%. Can you just give a quick sense that historically has been a seasonally lower quarter. So would we hear you correctly that that your expectation for a normalized top line growth run rate? Yes. Javier H. Idrovo -- Executive Vice President and Chief Financial Officer. The Hain Celestial Group, Inc. engages in the production and distribution of organic and natural products. This improvement was mostly driven by our stronger top line product mix towards the higher margin Get Bigger brands and productivity initiatives and efficiencies in our supply chain system. Click here for webcast. As a result, for the fiscal year, capex was approximately $61 million compared to $76 million in fiscal ’19 at the lower end of our guidance. The Hain Celestial Group is a leading organic and natural products company with operations in North America, Europe and India. Great. The North America SKU rationalization that started last year also helped fuel our quarterly consolidated gross margin. Image source: The Motley Fool. While it is only one quarter that is the high end of the EBITDA target range that we communicated during Investor Day in 2019, the Get Better brands, which are being managed primarily for profit showed an adjusted EBITDA margin improvement of 360 basis points from Q4 last year, yielding in margin of 8.3%. Top line should grow in first half. HAIN CELESTIAL GROUP INC: Submission of Matters to a Vote of Security Holders (.. AQ. And that is going to bode well in terms of us picking up space. Our cash conversion cycle is expected to be consistent with our target of 60 days. We are two-thirds of the way through the quarter. I knew it grew in three of -- the last three quarters of the year, but we'll get you that number while I answer the other question. Obviously, we are coming off a very strong year and feel very bullish on the year ahead. Fourth quarter consolidated net sales increased 1% year-over-year to $512 million in line with our expectations. We saw some nice bump in the results in North America. I do see growth in more of the cooking brands like we see here in the United States. Here, I don't think people are as cash-strapped because of all the stimulus that we've put in place and private label is less accepted here and used in normal life than it is over there. Good morning and thank you for joining us on Hain Celestial's fourth quarter and fiscal year 2020 earnings conference call. Or how would they compare to North America trends and would that even be a fair proxy for North America trends directionally going forward? Fourth quarter net sales increased 5% year-over-year to $299 million. When do you have that bandwidth if you don’t have it already? It has consistently picked up share during the pandemic, although again sales have been somewhat challenged and in the United States, we have Earth’s Best, which is another fantastic brand. The tailwinds from COVID-19 that we experienced in Q3 continued in Q4 as Mark described earlier. Thank you. We couldn't keep the shelf stock, so just our ability to keep the shelf stock has improved our relationships, number one. What have you seen there during this quarter? We were not quite there yet. Good morning. For the full year compared to prior year, we anticipate the following: gross profit dollar and margin expansion, strong double-digit growth in adjusted EBITDA with continued margin expansion and strong double-digit growth in operating free cash flow. That compares positively to our planned decline in the first half of fiscal 2020 with modest improvement in the second half. The Get Bigger brands are already at the 30% margin level and we said that we anticipate that we will get those more into the mid 30s. The EPS estimate for next year as estimated by analysts is at 1.45 while EPS for next quarter is estimated at 0.29. Adjusted earnings per share increased 40% year-over-year and exceeded our guidance. Adjusted for divestitures and discontinued brands with the Get Bigger brands in North America growing double-digits, continuing the momentum delivered in the second half of last year. So we think we're going to have a nice steady business for the long haul. For the quarter, COVID had virtually no net impact on top line of the total company, although there was a clear benefit in North America, offset by the fruit business decline in the UK. We continue to operate in a very dynamic environment with the health and well-being of our employees, customers and consumers remaining our top priority. Congrats to you and the team on the solid execution this year all things considered, and thanks very much for the question. Yes. It behaves a lot like the US states do. We could grow faster if we could get capacity faster, which is what has been our kind of relentless rally cry here. Sales, share, velocity, household penetration, new try or repeat rates and margin are all growing. Alexia Howard -- Sanford C. Bernstein -- Analyst. We’ve launched a number of new products, including our hemp line that is also off to a great start. Thank you all for your time today. Yes. [Operator Instructions] Our first question comes from the line of David Palmer with Evercore ISI. And I'll tell you we're off to a very good start. Please proceed with your question. We had been declining 1% to 2% in the first half and it was turning at the beginning of third quarter to low single-digit top line. Questions and Answers. They — even if there is some mitigation in COVID with the innovation in the marketing, the things that we said we were going to do to continue to grow, mid to high single-digits on those businesses that absorption should be there into the future. So when I tell you, we've got a big private label non-dairy business in Europe, that is important because 40% of the category is private label. Thank you. Looking into the components of the North American portfolio. Our mission is to be the leading marketer, manufacturer and seller of organic and natural, better-for-you products. [Operator Instructions]. The North America business continued its successful transformation resulting in over 400 basis points of adjusted gross margin improvement and 380 basis points of adjusted EBITDA margin improvement and adjusted EBITDA dollars grew 43.2%. So that’s where we’ve got some work to do. Please proceed with your question. I don’t have great visibility into Asia as an example. And we're seeing that as given the surge in demand. I had promised that you would see the top line starting to bend on the Get Bigger brands beforehand. But thank you for your time today and we look forward to continued dialog. Design to value, taking out the bells and whistles that consumers aren't willing to pay for in the products and cost reducing them, continued management of distribution and warehousing costs, better forecasting, which leads to less discards and customer fines, and there is a mix benefit within there as well, because there are some high-margin businesses in the Get Better bucket like our oils business that's growing double-digit now, and so there is a mix opportunity within the Get Better bucket as well. Yes. Reconciliations of GAAP results to non-GAAP financial measures are available in the earnings release and the slide presentation accompanying this call. We are ready for acquisitions if the right one comes along. And now with the resurgence of walmart.com and target.com and Kroger, we continue to see very robust growth across the board, and it has not really slowed down much at all. We have very strong relationships. Prepared Remarks: Operator. Just a quick follow-up Mark on the fruit business. Hain Celestial (HAIN) Robust on Transformation Strategy 10.11. The company was founded by Irwin David Simon … We are ready for acquisitions if the right one comes along. Before we begin, I’d like to thank our global team for their collaboration, agility and compassion throughout the pandemic. We saw some nice bump in the results in North America. We delivered top line growth versus prior year in two consecutive quarters. Our North America region has delivered great results thus far and as Mark mentioned, we believe we are well positioned for further improvement in fiscal 2021. So the hand sanitizer opportunity was obviously a once in a lifetime opportunity that came in front of us. Here, I don’t think people are as cash-strapped because of all the stimulus that we’ve put in place and private label is less accepted here and used in normal life than it is over there. Have a great day. Hey, good morning. The lower tax rate was mainly driven by lower yields inclusion than in the prior year period. So our relationships with customers have dramatically improved in the last 18 months for several reasons. Within the divisions, North America gross profit grew 20% in the quarter and adjusted EBITDA grew 46% versus year ago. So you’ve got the same price whether you put one palette on a truck or if it was a full truck, and so there was no incentive for people to fill up trucks and we were paying for the same driver, the same maintenance, the same gas with an empty truck that now has moved from one or two pallets to on average a half a truck and hopefully as we move forward we’ll move towards being a full truck. We achieved these results despite the significant decline of our large food service oriented fruit business which was impacted by COVID in the second half. Our next question comes from the line of Rob Dickerson with Jefferies. 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