To hell with all the naysayers and pyramid-scheme antagonists. Herbalife topped Wall Street's profit target for the 17th consecutive quarter.
The nutritional products seller reported a first-quarter profit of $118.8 million, or $1.10 a share, up from $108.1 million, or 88 cents a share, in the year-earlier period. Revenue rose 17% to $1.1 billion.
Moreover, Herbalife raised its 2013 profit target to between $4.60 a share and $4.80 a share, up from $4.45 and $4.65 a share. The company also raised its forecast for sales and volume point growth. However, Herbalife's second quarter forecast for a profit of $1.14 a share to $1.18 a share is below the $1.26 a share analysts were looking for.
In after-hours trade, Herbalife's stock dipped to $38.70 after posting a gain just after the report came out. Herbalife's stock has become a battleground stock for high-profile hedge fund managers. Bill Ackman has made a $1 billion short bet against the stock, while Carl Icahn has taken a huge stake in the company.