PROVO, Utah (AP) — Nu Skin Enterprises Inc. said Wednesday its net income rose 16 percent in the third quarter on greater sales in China, Australia, and other countries in Asia and the Pacific region.
Results from the Provo, Utah, company, which makes and distributes skincare products and nutrition supplements, were stronger than Wall Street expected, and Nu Skin raised its forecast for the year. Shares gained more than 4 percent in premarket trading.
Net income in the July-September quarter increased to $54.2 million, or 87 cents per share, from $46.8 million, or 72 cents per share, in last year's third quarter. Revenue grew 23 percent to $526.2 million from $428.4 million.
Analysts expected the company to report net income of 77 cents per share and $481.1 million in revenue, according to FactSet.
Nu Skin said revenue from Japan and South Korea was virtually unchanged at $184.7 million. Sales in China and surrounding territories rose 64 percent to $136.6 million. Revenue from the South Asia and Pacific region, which includes Thailand, Singapore, Indonesia, the Philippines, New Zealand, Australia, and other countries, grew 47 percent to $91.1 million.
The company now forecasts net income of $3.33 to $3.37 per share on $2.1 billion to $2.11 billion in revenue. Previously Nu Skin said its profit would be between $3.16 and $3.24 per share, and revenue would be in the range of $2 billion to $2.03 billion.
Analysts expect net income of $3.25 per share and $2.03 billion in revenue on average.
For the current quarter, Nu Skin expects profit of 78 to 82 cents per share on $520 million to $530 million in revenue. Analysts are projecting net income of 81 cents per share on $492.2 million in revenue.
Shares added $1.79 to $43.73 before the market opened Wednesday.