Weight management and personal care products company Herbalife Ltd. (HLF) announced Monday that its second quarter profit increased from last year, helped by strong growth from the company's top 10 markets. The company also provided outlook for the third quarter and raised its forecast for 2008.
Net income for the second quarter was $67.1 million or $1.01 per share, up from $48.1 million or $0.65 per share in the prior year quarter.
The result for the latest quarter included $0.9 million of expenses related to the company's Realignment for Growth initiative, while the year-ago result included an increase in tax reserves of $0.6 million.
Excluding items, adjusted net income was $67.9 million or $1.03 per share, compared to $47.5 million or $0.64 per share in the year-ago quarter. On average, nine analysts polled by First Call/Thomson Financial expected the company to earn $0.92 per share for the second quarter.
Sales for the second quarter increased 20.7% to $639.7 million from the same quarter last year. Seven analysts had a consensus revenue estimate of $612.96 million.
For the first half of 2008, net income was $129.4 million or $1.94 per share, compared to $48.1 million or $1.20 per share in the previous year period.
On adjusted basis, net income was $130.5 million or $1.96 per share, compared to $93.2 million or $1.25 per share in the prior year period.
For the third quarter of 2008, the company anticipates earnings of $0.81 to $0.84 per share, while the Street currently expects earnings of $0.84 per share.
For the full year 2008, the company raised its earnings guidance to a range of $3.64 to $3.69 per share from its prior estimate of $3.52 to $3.57 per share. Analysts currently expect earnings of $3.59 per share for the year.
HLF closed Tuesday's regular trading session at $43.41, down 42 cents.
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