Tags: Herbalife | China | Sales | Profit

Herbalife Lifts Outlook as China Sales Boost Profit

Tuesday, 18 Feb 2014 05:11 PM

Herbalife Ltd., the nutrition company that hedge fund manager Bill Ackman has accused of being a pyramid scheme, said fourth-quarter profit rose 10 percent and boosted its forecast as sales gained in China.

Net income increased to $123.5 million, or $1.15 a share, from $112.2 million, or $1, a year earlier, the Cayman Islands-based company said Tuesday in a statement. Excluding some items, profit was $1.28 a share, matching the average of three analysts’ estimates compiled by Bloomberg.

Chief Executive Officer Michael Johnson, who earlier this month rewarded shareholders by boosting Herbalife’s buyback, is working to expand sales of vitamins, skin creams and meal- replacement shakes while fending off Ackman’s accusations. Revenue rose 20 percent to $1.27 billion, helped by sales more than doubling in China.

Adjusted profit per share in the current year will be $5.85 to $6.05, reflecting the buyback, up from a previous forecast of $5.45 to $5.65, Herbalife said Tuesday. Analysts estimated $5.85, on average.

Herbalife shares rose 1.2 percent to $69.73 at 5 p.m. in late trading in New York, after gaining 3.8 percent in regular trading. The shares had dropped 12 percent this year through the close of regular trading Tuesday, compared with a 0.4 percent decline for the Standard & Poor’s 500 Index.

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Herbalife Ltd., the nutrition company that hedge fund manager Bill Ackman has accused of being a pyramid scheme, said fourth-quarter profit rose 10 percent and boosted its forecast as sales gained in China.
Herbalife,China,Sales,Profit
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2014-11-18
Tuesday, 18 Feb 2014 05:11 PM
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