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UTAH, United States — Nu Skin Enterprises Inc. plummeted as much as 18 percent in late trading after foreign-currency headwinds forced the cosmetics maker to slash its sales forecast.
The company now expects third-quarter revenue of $570 million to $573 million, according to a statement on Tuesday. Nu Skin, based in Provo, Utah, previously projected sales of as much as $620 million. Analysts had been predicting an even higher number, with their average estimate coming in at $622.6 million.
In addition the strong dollar hurting overseas revenue, the skin-care company is seeing slower-than-expected sales of new cosmetic oils in China, Chief Executive Officer Truman Hunt said in the statement. That may be a reflection of the country’s economy, he said.
The stock tumbled as low as $38.10 in late trading. The shares had been up 6.6 percent this year through Tuesday’s close.
By Nick Turner; editors: Nick Turner and Kevin Orland.
