Herbalife Ltd. (NYSE: HLF) today reported financial results for the third quarter ended September 30, 2023.
“We remain on track to achieve year-over-year net sales growth in the fourth quarter as our trends continue to improve,”
said Michael Johnson, Chairman and CEO of Herbalife.
Highlights
Third quarter 2023 net sales of $1.3 billion, down 1.1% compared to third quarter 2022; on a constant currency basis1, net sales declined 1.5% compared to the prior year period
Year-over-year reported net sales trends improved for three sequential quarters
Third quarter 2023 reported net income of $42.8 million and adjusted EBITDA2 of $163.3 million
Third quarter 2023 reported diluted EPS of $0.43 and adjusted diluted EPS2 of $0.65
Recognized pre-tax expenses of approximately $5 million in third quarter related to Company’s Transformation Program
Cost savings of at least $60 million now expected in 2023 related to Company’s Transformation Program, approximately $20 million realized in third quarter
Repurchased $65.5 million of 2024 Convertible Notes during third quarter
All-new Herbalife.com website, built on Herbalife One platform, launched in Singapore; planned rollout to other markets remains on track
Management Commentary
Herbalife reported third quarter 2023 net sales of $1.3 billion, down 1.1% year-over-year, marking the third consecutive quarter of improved year-over-year net sales trends. On a constant currency basis1, net sales