Mannatech First Quarter Sales Fall 14 Percent; Net Income Doubles on Cost Cuts and FX Gain
FLOWER MOUND, Texas, May 14, 2024 --
Mannatech reported first-quarter 2024 net sales of 29.4 million dollars, down 13.8 percent from 34.1 million dollars a year earlier, or about 11.3 percent in constant dollars, driven mainly by weaker Asia/Pacific recruiting and demand.
Net income rose to 1.2 million dollars, or 0.63 dollars per diluted share, from 0.6 million dollars, or 0.32 dollars. Income from operations was 0.8 million dollars, and the company recorded an 0.8 million dollar foreign-exchange gain in other income. Cash rose slightly to 7.9 million dollars.
President and Chief Executive Landen Fredrick said aggressive cost control offset the revenue shortfall and that recruiting of new associates and preferred customers fell 13.6 percent. The network of purchasing positions remained about 143,000. Fredrick said economic challenges were expected to persist through 2024.
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