Herbalife profit beats estimates; raises full year forecast
February 20, 2013 9:14 AM EST
Weight-loss and vitamin company Herbalife Ltd
Herbalife, which also sells energy, sports & fitness and personal care products, now expects earnings of $4.45 (2.8 pounds) to $4.65 per share for the year, up from its prior view of $4.02 to $4.05 per share.
Analysts on average were expecting earnings of $4.64 per share, according to Thomson Reuters I/B/E/S.
The company's stock has become the site of a battle royale between some of the hedge fund industry's biggest players, including Pershing Square Capital's William Ackman and Icahn Enterprises'
Activist investor Ackman alleged in December that the company was a "pyramid scheme" and said he was shorting the stock.
However, Icahn and hedge fund manager Daniel Loeb revealed long positions in the stock. Loeb said the stock could rise as much as $68.
The company said last month it expected a temporary bump in expenses due to its fight with Ackman.
The company's fourth-quarter income rose to $117.8 million, or $1.05 per share, from $105.4 million, or 86 cents per share, a year earlier.
Revenue rose about 20 percent to $1.06 billion.
Analysts had expected earnings of $1.03 per share on revenue of $1.05 billion.
Herbalife shares closed at $39.74 on the New York Stock Exchange on Tuesday.
(Reporting by Arpita Mukherjee in Bangalore; Editing by Don Sebastian)
Most Popular Slideshows
- Kate Middleton’s Mom Accused Of Being A Social Climber, Prince George Not Seen By Relatives
- Prince Harry & Camilla Thurlow Getting Serious, St. Tropez Holiday Before The Prince’s 30th Birthday [PHOTOS]
- Angelina Jolie & Brad Pitt Heads to Malta For New Movie After A Whirlwind French Wedding [PHOTOS]
- Top 5 Richest Tennis Athletes
Join the Conversation
- Tourre on stand says email in SEC case 'not accurate'
- Syrian authorities blocking access to needy in Homs - Red Cross
- Faith in European Union at low ebb, EU poll says
- Former UBS banker gets 18 months, $1 million fine, for muni bid-rigging scheme
- U.S. judge halts challenges to Detroit's bankruptcy bid
- Sept 19 iPhone 6 Release Date Firms Up as iWatch Rollout Delayed to Jan 2015 – Reports
- Apple iWatch is iPhone 6 Accessory on Sept 19 Release Date: 6 Confirmed Specs & Features
- Canada Vs Russia War Erupts Via Twitter on Russia-Not Russia Maps
- James Foley Torture Involves CIA Waterboarding Technique
- Malaysia Airlines to Axe 4,000 Employees, Including CEO; Suspends Trading of Shares
- West Looks Divided in Tackling Russian Invasion In Ukraine
- North Korea Banker Who Manages Money of Kim Jong-un Defects to Russia With $5 Million