Nu Skin Enterprises Inc. (NUS—NYSE) topped its own sales guidance with second-quarter revenue that climbed 7 percent, the beauty and wellness company said Thursday.
In the quarter ended June 30, the Utah company logged revenue of $600.5 million, surpassing its $560 million to $580 million forecast. Currency fluctuations negatively impacted sales by 10 percent.
Notably higher sales in the South Asia/Pacific and Greater China regions—up 36 percent and 18 percent, respectively—were offset by a 19 percent decline in the Americas. In its largest market, Greater China, the company also recorded 22 percent year-over-year growth in the size of its independent salesforce.
Earnings per share were 79 cents, cut 13 cents by currency exchange rates, but up from 75 cents a year earlier. The results were in line with analysts’ expectations, according to data compiled by Thomson Reuters. The company expects third quarter earnings of 80 to 84 cents a share.
“Our balance sheet continues to be strong, boosted by positive cash flow from operations for the quarter of $139 million, with continued improvements to our inventory balance,” said Truman Hunt, Nu Skin President and CEO. “Our cash balance includes approximately $200 million of proceeds from the recent investment by Ping An Securities during the second quarter, which we plan to deploy in repurchasing shares over the balance of the year.”
Following its recent investment deal with Ping An ZQ China Growth Ltd., Nu Skin also announced that it is adding one of the group’s representatives, Simon Shen, to its board of directors. Shen is a founding member of ZQ Capital Ltd., with a background in Asian capital markets and extensive experience in mainland China.
The company boosted its full-year revenue guidance to between $2.20 billion and $2.24 billion. Earnings per share are expected to fall in the range of $2.44 to $2.54, or $2.80 to $2.90 when excluding a non-cash Japan customs charge taken in the first quarter.