Herbalife Ltd. said its third-quarter profit jumped 31 percent on better overseas sales, and it raised its earnings guidance for the year.
The Los Angeles nutritional supplement company, which sells its products through direct distributors, late Monday reported net income of $75.7 million ($1.22 per share), compared with $57.9 million (91 cents) a year earlier. Net sales rose 15 percent to more than $688 million.
Excluding an income tax benefit and other one-time items, net income was $72.5 million ($1.17). Analysts surveyed by Thomson Reuters on average expected the company to report per-share earnings of $1.03 on revenue of $687 million.
“Our distributors are driving momentum around the world by attracting and retaining long-term customers for our nutrition products, which builds successful and sustainable businesses,” Chief Executive Michael O. Johnson said in a statement.
The company raised its annual earnings estimate from $4.30 to $4.40 per share to $4.54 to $4.58 per share. It also said it expects to make $5 to $5.25 per share in 2011. Its board approved a quarterly dividend of 25 cents per share, to be paid Nov. 29 to shareholders of record on Nov. 15.
Shares were down $2.40, or 3.7 percent, to $62.55 in midday trading on the New York Stock Exchange.
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