Herbalife International
February 14, 2024
LOS ANGELES, February 14, 2024 --
Herbalife reported fourth-quarter 2023 net sales of 1.215 billion dollars, up 2.9 percent from a year earlier and up 2.5 percent in constant currency, marking a fourth consecutive quarter of improved year-over-year reported sales trends. Net income was 10.2 million dollars, or 0.10 dollars per diluted share, while adjusted diluted EPS was 0.28 dollars and adjusted EBITDA was 108.8 million dollars.
Full-year 2023 net sales were 5.062 billion dollars, down 2.7 percent, or 1.6 percent in constant currency. Net income was 142.2 million dollars and free cash flow was 222.5 million dollars. Chairman and Chief Executive Michael Johnson said the company remained focused on top-line growth and margin expansion for 2024.
Herbalife said its Transformation Program delivered about 70 million dollars of cost savings in 2023 and that expected run-rate savings were raised to at least 115 million dollars. On February 2, 2024 the company initiated refinancing of its 2018 Term Loan A and revolving credit facility due in March 2025, and said it intended to repay 197 million dollars of 2024 convertible notes at maturity with cash and revolver capacity.