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08-02-2010, 05:44 PM #1
Herbalife 2Q Profit Up 68%; Shares Jump On Upbeat View
AUGUST 2, 2010, 4:48 P.M. ET.
Herbalife 2Q Profit Up 68%; Shares Jump On Upbeat View
DOW JONES NEWSWIRES Herbalife Ltd.'s (HLF) second-quarter profit climbed 68% on strong sales growth in Asia and North America.
Shares jumped 10% to $54.20 in after-hours trading as results for the maker of nutrition and weight-control products exceeded its guidance, and the company forecast third-quarter earnings of 99 cents to $1.03 a share and 13% to 15% growth in net sales. Analysts' average estimates were earnings of 98 cents on 9% revenue growth to $651.8 million, according to a poll by Thomson Reuters.
Herbalife also boosted its year view again, this time to earnings of $4.30 to $4.40 on sales growth of 12% to 14%. In May, it had forecast a profit of $3.80 to $3.90, with revenue up between 11% and 12%.
The company, whose earnings remained fairly stable during the recession, is expected to benefit as more consumers take its products daily. It has been expanding its product offerings and moving into new markets, such as China and India, which have seen increasing obesity with the introduction of Western foods.
Peers Nu Skin Enterprises Inc. (NUS) and USANA Health Sciences Inc. (USNA) last week both dramatically exceeded second-quarter expectations, reporting strong growth.
For the latest quarter, Herbalife reported a profit of $81.9 million, or $1.32 a share, up from $48.3 million, or 77 cents a share, a year earlier. Revenue grew 21% to $688.8 million as volume climbed 20%.
In May, Herbalife had predicted earnings of 89 cents to 92 cents on a 12% to 13% increase in net sales.
Gross margin rose to 80.2% from 78.6%.
-By Kathy Shwiff, Dow Jones Newswires; 212-416-2357; Kathy.Shwiff@dowjones.com
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