Herbalife shares were higher Tuesday after a strong earnings report and raised guidance.
NEW YORK (CNNMoney)
Herbalife were up 7% in premarket trading. It reported late Monday that it earned $1.41 a share, up 29% from a year earlier. That easily topped even the most bullish forecasts of analysts surveyed by Thomson Reuters. It also raised its sales and earnings guidance for the remainder of the year.
The company is set to give more details during a call with investors later Tuesday.
Herbalife critics -- most prominently, hedge fund manager Bill Ackman -- have accused the company of being a "massive pyramid scheme," a charge vehemently denied by the company. It is a multi-level marketing company that uses a worldwide network of salespeople, or "distributors," that not only sell Herbalife's products but recruit new members, taking a portion of each of their sales.
But while Herbalife has its critics, it also has its supporters in the investment community, including Carl Icahn and Dan Loeb, who have both purchased stakes in the company.
First Published: July 30, 2013: 8:15 AM ET
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