Nu Skin CEO to leave; company provides downbeat sales outlook
Nu Skin Enterprises Inc. said Wednesday Chief Executive Truman Hunt will leave the company in mid 2017, after about 17-years in the role, to take a three-year leadership assignment with the Mormon church. The company said current Chief Financial Officer Ritch Wood will become CEO when Hunt leaves. A new CFO will be named before Wood takes the CEO role. Separately, the beauty and wellness products company said it now expects fourth-quarter earnings per share to be "near the high end" of the guidance provided a month ago of 77 cents to 81 cents, compared with the FactSet consensus of 79 cents. Revenue is now expected to be "near the low end" of its previous outlook of $550 million to $570 million, compared with the FactSet consensus of $579 million. For 2017, Nu Skin expects revenue of $2.26 billion to $2.30 billion and EPS of $3.10 to $3.25, compared with the FactSet revenue consensus of $2.37 billion and EPS consensus of $3.35. The stock, which was still inactive in premarket trade, has run up 36% year to date, while the S&P 500 has gained 8.2%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.