Herbalife Beats Expectations AgainMonday, October 28, 2013
Herbalife Ltd. late Monday raised its full-year profit guidance after reporting that its third-quarter profit jumped 35 percent.
After the markets closed, the Los Angeles nutritional supplements company reported net income of $142 million ($1.32 a share), compared with nearly $112 million (98 cents) in the same period a year earlier. Sales rose 28 percent to $1.21 billion.
Adjusted earnings were $1.41 a share. Analysts surveyed by Factset on average expected net income of $1.14 a share on revenue of $1.19 billion.
The company raised its full year outlook for adjusted earnings to $5.19 to $5.23 a share, with sales growth of 17 to 17.5 percent. That’s up from an earlier expectation of $4.83 to $4.95 a share profit and sales growth of 16 to 18 percent. The Wall Street consensus was for $4.99 a share profit on 17 percent.
Separately, Herbalife announced Monday that a former U.S. surgeon general, Dr. Richard Carmona, has joined its board. He served as surgeon general from 2002 to 2006.
Shares earlier close up $1.55, or 2 percent, to $67.92 on the New York Stock Exchange.