Herbalife Ltd. (HLF) reported an 18 percent increase in profit for the fourth quarter from last year as a decline in revenues was more than offset by lower costs and expenses. However, the company forecast earnings for the first quarter and fiscal 2017 below analysts’ expectations.
The nutritional supplements company also said its board has approved a new three-year $1.5 billion share buyback program. The company has also reached an agreement in principle to form a joint venture with China’s Tasly Holding Group.
Fourth-quarter net income was $99.4 million or $1.16 per share, up from $84.5 million or $0.98 per share in the year-ago period.
Adjusted earnings for the quarter were $1.00 per share, compared to $1.17 per share for the comparable quarter in 2015. On average, analysts polled by Thomson Reuters expected the company to earn $0.97 per share for the quarter. Analysts’ estimates…