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Herbalife just reported earnings that crushed expectations and the stock is ripping higher
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Herbalife just reported first quarter earnings that topped expectations and the company also raised its outlook for the full year, sending shares soaring.
In after hours trade on Tuesday, shares of the company were up as much as 15%.
Herbalife reported first quarter earnings per share of $1.29 per share, beating expectations for EPS to come in at $1.01, according to estimates from Bloomberg.
Revenue in the quarter totaled $1.11 billion, topping expectations for $1.08 billion. In a release, Herbalife said the Venezuelan bolivar impacted earnings per share by $0.30.
The company also raised its full-year outlook, saying it sees earnings per share in 2015 coming in at $4.30-$4.60, better than the $4.24 that was expected. Herbalife previously forecast full-year earnings per share of $4.10-$4.50.
The latest report out of Herbalife comes after activist investor Bill Ackman, who is publicly short shares of the company, said on Monday that he would have to think "very, very hard" before embarking on a public short again.
Back in December 2012, Ackman said that Herbalife was a pyramid scheme and that the stock would go to $0.
Speaking with Bloomberg's Stephanie Ruhle at the Sohn Investment Conference on Monday, Ackman said: "You do all the work. You suffer all the spotlight and the criticism and some amount of reputational damage from inaccurate articles in the press. Is it worth that investment in exchange to make a profit? There are easier ways to make money."
In after hours trade on Tuesday, the stock was trading at around $46.70, almost exactly where the stock was right ahead of Ackman's first presentation.
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