Shares of Herbalife Ltd. ratcheted up nearly 3 percent on Feb. 23, a day after the Los Angeles-based global health nutrition company posted a fourth quarter loss of more than $63 million.
The downtown company announced late Feb. 22 that it had lost $63.4 million (or 87 cents a share) for the last three months ended Dec. 31, compared with earning $99.4 million (or $1.16 a share) in the same period a year ago.
Adjusted earnings for the fourth quarter were $1.29 a share, compared with $1 a share for the same period in 2016.
Shares in Herbalife closed Friday at $85.63, a gain of 3 percent and approaching its 52-week high of $87.44.
North America sales fell 4.9 percent to $192.02 million. Global sales rose 4.6 percent to $1.09 billion, with sales in China rising nearly 12 percent.
The multi-level marketing company posted a provisional charge of $153.3 million (or $2.01 a share) related to the U.S. tax overhaul.
In 2017, Herbalife earned a net $213.9 million (or $2.58 a share), down 17.7 percent from the $260 million (or $3.02 per share) in net earnings the year before.
The company projects net sales growth in the first quarter 2018 between 1 percent and 3 percent, with year-long sales growth between 5.5 percent and 9.5 percent.
Herbalife also announced it had reorganized its executive suite.
Company President Des Walsh will become executive vice-chairman.
John DeSimone, who serves as chief financial officer, will become co-president and chief strategic officer. Dr. John Agwunobi, chief health and nutrition officer, will also serve as co-president. Bosco Chiu, senior vice president and principal accounting officer, will be promoted to executive vice president and chief financial officer.
Health business reporter Dana Bartholomew can be reached at firstname.lastname@example.org. Follow him on Twitter @_DanaBart.
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