Nu Skin Enterprises Inc. has reported record results for the second quarter of its 2012 fiscal year.
The Provo-based multilevel marketing company that sells health and nutritional products said its second quarter revenue was $593.2 million, a 40 percent improvement over the same quarter a year ago. And it expects continued strong growth during the rest of the year.
Earnings per share for the quarter increased 45 percent to 94 cents compared with 65 cents per share in the prior year.
"Once again, we are pleased to announce record quarterly results, highlight by the most successful regional product launch in our history that boosted revenue by more than 150 percent in greater China and 66 percent in South Asia," Truman Hunt, president and CEO, said in a statement announcing the quarterly results.
Hunt noted that overall profitability continued to improve with Nu Skin generating a 16.5 percent operating margin during the quarter. "In addition, we utilized the strength of our balance sheet to repurchase approximately 2.4 million shares for $108 million."
Ritch Wood, Nu Skin’s chief financial officer, said given the strong second-quarter results the company is raising its 2012 revenue and earnings guidance.
"We project 2012 revenue to be in the $2 billion to $2.03 billion range with earnings per share of $3.16 to $3.24," Wood said, noting that guidance reflects an anticipated negative foreign currency exchange impact of 4 percent in the second half of 2012.
Copyright 2014 The Salt Lake Tribune. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.