Skin care direct seller Nu Skin Enterprises reported Tuesday afternoon that its second-quarter profits jumped 46.5 percent to $32.4 million, or 50 cents a diluted share, from $22.1 million, or 35 cents, a year ago, topping analysts’ average estimates by 4 cents, according to Yahoo Finance.
Elevated 4 percent by currency fluctuations, revenues for the quarter ended June 30 came in at $388.4 million, a 20.4 percent increase from $322.6 million in the prior-year period.
“The introduction of our…ageLOC skin care system has been a huge success around the world, generating $150 million of revenue in the past three quarters,” stated Truman Hunt, president and chief executive officer. “We continue to build tremendous energy within our distributor force, as demonstrated by a 15 percent quarterly growth rate in executive distributors.”
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Revenues were up across all regions, but the firm’s North Asian market dominated sales, generating $164.1 million in revenues. Greater China accounted for $80.6 million in sales and the Americas saw sales of $62.4 million.
“We are particularly pleased with the strength of the business in emerging markets, including China and Southeast Asia, which are providing an expanding platform for future success,” Hunt added. For the second half, net income rose some 86.8 percent to $63.4 million, or 98 cents a share, from $34 million, or 53 cents, in the first six months of 2009, on sales that increased 21.6 percent to $752.5 million, from $618.8 million.
Assuming neutral currency impact, the Provo, Utah-based firm projects third-quarter revenues of between $352 million to $360 million, with EPS of between 45 cents and 48 cents. Meanwhile, the firm increased its full-year guidance to sales of between $1.47 billion and $1.49 billion and earnings of between $1.90 and $1.96.