Herbalife Ltd. (NYSE: HLF) reported financial results for the second quarter ended June 30, 2024:
“Our Q2 Adjusted EBITDA1 is the highest it’s been in seven quarters. We remain focused on driving shareholder value as the continued increase in new distributors builds the foundation for sales growth,”
stated Michael Johnson, Chairman and CEO.
Net sales of $1.3 billion, down 2.5% vs. Q2 ’23 due to 270 basis points of FX headwinds
Achieved year-over-year net sales growth on constant currency basis2, up 0.2%, driven by increases in Latin America, EMEA and Asia Pacific
Net income of $4.7 million; adjusted net income1 of $54.8 million
Adjusted EBITDA1 of $180.0 million exceeds guidance; adjusted EBITDA1 margin up 120 basis points year-over-year
Diluted EPS of $0.05; adjusted diluted EPS1 of $0.54
Restructuring Program expenses, net of tax, $0.33 diluted EPS headwind; excluded from adjusted results
Loss on extinguishment of debt, net of tax, $0.07 diluted EPS headwind; excluded from adjusted results
Net cash provided by operating activities of $102.5 million; capital expenditures of approximately $36 million
Credit Agreement EBITDA1 $208.0 million; total leverage ratio reduced to 3.5x at June 30.
“We continue to make significant progress in our initiatives to enhance profitability,” said John DeSimone, Chief Financial Officer.
“We remain focused on further expanding margins, creating shareholder value and