April 28 Weight-loss and nutritional products
maker Herbalife Ltd on Monday reported a 9 percent
increase in global sales volumes for the first quarter and
raised its outlook for the full year.
Herbalife also said it was suspending its quarterly dividend
in order to use the cash to repurchase additional shares.
The company said it now expects 2014 earnings in the range
of $6.10 to $6.30 per share.
Herbalife reported first-quarter net income of $74.6
million, or 74 cents per share, compared with $118.9 million, or
$1.10 a share, a year earlier.
Adjusted net income for the quarter was $1.50 per share.
Revenue for the company, which sells products through a
network of independent distributors, jumped 12 percent to $1.3
The company has been in the spotlight since hedge fund
manager William Ackman alleged that Herbalife was a pyramid
scheme. Ackman took a $1 billion short position against
Herbalife in December 2012.
Several federal regulators are probing Herbalife's
Shares in Herbalife were up 0.9 percent to $59.39 in
(Reporting by Siddharth Cavale in Bangalore and Lisa Baertlein
in Los Angeles; Editing by Leslie Adler)