USANA Health Sciences, Inc. (NYSE: USNA) today announced financial results for its fiscal third quarter ended September 27, 2014. The Company also provided updated net sales and earnings guidance for 2014.
Financial Performance:
For the third quarter of 2014, net sales increased by 10.5% to $191.9 million, compared with $173.7 million in the prior-year period. The increase in net sales was driven by overall Associate growth of 18.8%, which was generated by the Companys Asia Pacific region.
Net earnings for the third quarter increased by 16.4% to $19.5 million, compared with $16.8 million during the prior-year period. This increase was driven by higher net sales and lower relative Associate Incentives expense. On a relative basis, Associate Incentives expense declined due to a $4.5 million one-time payout resulting from the pricing and compensation plan initiatives implemented by the Company in the third quarter of 2013. Earnings per share for the quarter increased by 26.7% to $1.47, compared with $1.16 in the third quarter of the prior year.
This increase in earnings per share was attributable to higher net earnings and a lower number of diluted shares outstanding due to the Companys share repurchases during 2014. Weighted average diluted shares outstanding were 13.3 million as