Nature’s Sunshine Products, Inc. reported its financial results for the nine months and third quarter ended September 30, 2024, showing mixed performance in net sales and profitability compared to the same periods in 2023.

For the nine months ended September 30, 2024, net sales totaled $336.2 million, a slight decrease of $225,000 (0.1%) from $336.4 million in the prior year. Gross profit also declined to $239.6 million from $242.8 million. However, operating income improved significantly, rising to $15.5 million, an increase of $2.5 million (19.2%) from $13.0 million in 2023. Income before provision for income taxes increased to $17.0 million, up by $4.4 million (35.4%) from $12.5 million. Net income for the nine-month period rose to $8.6 million, reflecting a 21.9% increase from $7.1 million in 2023. Basic earnings per share attributable to common shareholders increased to $0.43 from $0.32.

In the third quarter alone, net sales reached $114.6 million, marking a 3.1% increase from $111.2 million in the same quarter of 2023. Operating income for Q3 was $5.3 million, down from $5.8 million in the previous year, while income before income taxes surged to $7.9 million, a 61.0% increase from $4.9 million. Net income for the quarter was $4.6 million, up 47.9% from $3.1 million in Q3 2023.

The company’s performance varied across its geographic segments. In Asia, net sales for the nine months decreased by 1.3% to $151.5 million, while Europe saw a 3.4% increase to $63.5 million. North America experienced a slight decline of 0.4% to $103.7 million. Latin America and Other markets reported a 12.0% increase in Q3 sales.

Nature’s Sunshine faced inflationary pressures impacting costs, with cost of sales as a percentage of net sales rising to 28.7% in Q3 2024 from 26.9% in Q3 2023. Selling, general, and administrative expenses decreased slightly, accounting for 35.7% of net sales in Q3 2024 compared to 37.1% in the prior year.

The company repurchased 509,000 shares of common stock for $8.4 million during the nine months ended September 30, 2024, compared to 180,000 shares for $2.2 million in the same period of 2023. As of September 30, 2024, the remaining balance available for share repurchases was $9.2 million.

Overall, Nature’s Sunshine's financial results reflect a strategic focus on improving profitability despite slight declines in net sales, influenced by market conditions and inflationary pressures.