** 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
(Reporting by Neil J Kanatt in Bengaluru)
((Neil.JKanatt@thomsonreuters.com;))
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.