Herbalife (HLF) stock soared over 8% on October 31, 2024, after the nutrition and weight management company reported better-than-expected third quarter earnings and raised its full-year guidance.

For the quarter ended September 30, Herbalife reported adjusted earnings per share of $0.57, beating analysts' consensus estimate of $0.35. Revenue of $1.24 billion was in line with expectations. The company attributed the solid performance to its progress in rebuilding its distributor base, with a 14% year-over-year increase in new distributors joining worldwide, marking the second consecutive quarter of growth after a prolonged period of declines.

Herbalife also highlighted initiatives like the newly launched Diamond Development Mastermind program, designed to better train and support its top distributor leaders. This is expected to drive higher productivity and sales growth going forward. Additionally, the company raised its full-year 2024 adjusted EBITDA guidance to a range of $590 million to $620 million, up from its previous outlook.