Nu Skin Enterprises Reports Second Quarter 2024 Financial Results
Intellectia.AI Updated: 1970-01-01
Nu Skin Enterprises Reports Second Quarter 2024 Financial Results
Overview Nu Skin Enterprises Inc. (NYSE:NUS) released its financial results for the second quarter ending June 30, 2024, reporting figures in line with their top-line guidance.
Key Financial Metrics
| Metric | Q2 2024 | Consensus Estimates for Q2 2024 |
|---|---|---|
| Total Revenue | $431.87 million | $431.87 million |
| Earnings per Share (EPS) | $0.17 | $0.17 |
Interpretation: The reported revenue for Q2 2024 matches the consensus estimate of $431.87 million. The EPS of $0.17 also matches the consensus expectation, indicating strong alignment with market predictions. Despite a 4% foreign exchange headwind, Nu Skin managed to meet its revenue targets, which is indicative of robust operational discipline and effective cost management.
Revenue Performance Across Major Segments
| Segment | Q2 2024 Revenue | Year-over-Year Change |
|---|---|---|
| Rhyz | Not Provided | 32% growth |
Interpretation: The Rhyz business segment grew by 32% year-over-year, demonstrating significant performance driven by the Mavely affiliate platform and manufacturing companies. The specific revenue numbers for Nu Skin Core and their comparison to previous guidance were not provided.
Operational Data
| Metric | Q2 2024 | Q2 2023 | % |
|---|---|---|---|
| Customers | Not Provided | Not Provided | Not Provided |
| Paid Affiliates | Not Provided | Not Provided | Not Provided |
| Sales Leaders | Not Provided | Not Provided | Not Provided |
Comments from Company Officers Ryan Napierski, President and CEO, expressed satisfaction with the company’s progress in transformational efforts and emphasized robust performance in the U.S. and Southeast Asia/Pacific markets. He highlighted the 32% year-over-year growth in Rhyz and noted plans for upcoming market strategies and the introduction of the Nu Skin/Mavely app.
James D. Thomas, CFO, pointed to cost-saving initiatives and strengthened balance sheet measures, including $51.2 million in cash from operations and debt reduction, while noting a $141 million non-cash charge for goodwill impairment.
Dividends and Share Repurchase Program There was no specific information provided regarding announced dividends or share repurchase programs.
Forward Guidance Nu Skin has narrowed its annual revenue guidance range to $1.73 to $1.81 billion and expects earnings per share to fall between $(2.01) to $(1.81) or $0.75 to $0.95 excluding restructuring and impairment charges. For Q3, the company projects revenue of $430 to $465 million and EPS between $0.08 to $0.18 or $0.15 to $0.25 excluding restructuring and impairment charges.
Stock Price Movement Post-earnings release, Nu Skin's stock price experienced a decline of approximately 0.86%.
Overall, Nu Skin's performance met market expectations despite the FX headwinds and the company remains focused on its transformative strategies while optimizing operational efficiencies.
