Profit at Herbalife Increases by 88%
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Herbalife Ltd., a maker of weight-loss pills and skincare products, said Monday that second-quarter profit jumped 88%, beating Wall Street estimates.
Century City-based Herbalife earned $22.8 million, or 32 cents a share, up from $12.1 million, or 22 cents, a year earlier. Excluding a tax charge of $5.5 million related to its China unit, Herbalife had net income of $28.3 million.
Revenue grew 19% to $384.7 million, driven by strong results in Mexico, Brazil and the United States. Sales rose 14% in Europe and continued to decline in Japan.
Analysts expected profit of 27 cents a share on sales of $357.5 million, according to a Thomson Financial survey.
The company raised its guidance for the year. Shares rose 5% to $25 in after-hours trading, after closing at $23.40 before the earnings announcement.
Herbalife said it expected 2005 earnings of $1.45 to $1.50 a share, excluding certain items.
In May, the company forecast net income of $1.20 to $1.25 a share. Analysts forecast profit of $1.31 a share on sales of $344.2 million.
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