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Profits Jump for Nu Skin Enterprises Inc.

Third-quarter profits jump 37.9 percent to $35.3 million from $25.6 million in the same period a year ago.

Skin care direct seller Nu Skin Enterprises Inc. saw third-quarter profits jump 37.9 percent to $35.3 million, or 55 cents a diluted share, from $25.6 million, or 40 cents a share in the same period a year ago.

 

Results exceeded by 7 cents Wall Street analysts’ average EPS estimates, according to Yahoo Finance.

 

Revenues, which experienced a 4 percent benefit from foreign currency fluctuations, were also up — by 14.8 percent — to $383.6 million, from $334.2 million a year ago.

 

Truman Hunt, the Provo, Utah-based firm’s president and chief executive officer, noted that Nu Skin’s AgeLOC Transformation skin care system drove worldwide expansion.

 

“The catalyst for our growth over the past few years has been the infusion of AgeLOC anti-aging science into our skin care line,” he noted. The item has been rolled out to all of the company’s markets, Hunt added.

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“We are particularly pleased with the emerging markets of South Asia/Pacific and Mainland China, where we posted local currency revenue gains of 43 percent and 29 percent, respectively,” he stated.

 

The North Asia region, by far the firm’s largest market, accounting for 44.5 percent of third-quarter sales, experienced top line growth of 11.8 percent, to $170.5 million, from $152.4 million last year.

 

The Americas and greater China each saw sales rise — to $63.7 million and $63.3 million, respectively. Sales growth in greater China significantly outpaced growth in the Americas, increasing by 16.4 percent.

 

South Asia/Pacific was the hottest market. Sales there vaulted 55.4 percent to $50.2 million versus $32.3 million in the prior-year period. European sales rose 5.8 percent to $35.7 million from $33.8 million.

 

Net earnings year-to-date jumped 65.8 percent to $98.7 million, or $1.53 a share, compared with $59.5 million, 93 cents a share, in the first nine months of last year.

 

Sales for the nine months ended Sept. 30 were up 19.2 percent to $1.14 billion, from $953 million in the same period last year.

 

Looking ahead to the fourth quarter, the company expects sales of $388 million to $398 million with EPS in the 51 to 54 cent range. Also, the firm raised its top- and bottom-line projections for the full-year, saying it’s expecting eps of between $2.04 and $2.07 per share for 2010 and annual sales of between $1.52 billion and $1.53 billion.