Herbalife Nutrition Ltd (NYSE:HLF) reported stronger-than-expected earnings for its third quarter.
The company reported net sales of $1.5 billion for the third quarter 2020 increased 22.3% compared to the third quarter 2019 and represents the largest quarterly result in Company history.
Excluding the impact of foreign exchange rates and Venezuela, net sales increased 25.1% during the third quarter compared to 2019.
Volume points were 1.9 billion, also a quarterly record for the Company, increased 23.2% compared to the third quarter 2019, the 10th consecutive quarter of year-over-year volume point growth.
Year-over-year volume point growth was seen in all six geographic regions with four of six regions delivering double-digit increases.
Third-quarter 2020 reported diluted EPS of $1.04 and adjusted diluted EPS of $1.15, compared to $0.58 and $0.73, respectively, for the third quarter 2019, which were negatively impacted in 2020 by expenses of approximately $3.2 million, or $0.02 per diluted share, and in third quarter 2019 of $5.8 million, or $0.03 per diluted share, related to the China Growth and Impact Investment Program.
During the third quarter, the Company repurchased approximately 16.4 million of its common shares at an aggregate cost of approximately $800 million, including $750 million from the modified Dutch auction tender offer completed in August of this year.
HLF shares capsized $2.02, or 4.1%, to $46.96.