Nu Skin Plunges After Currency Woes Hurt Its Sales Forecast

Nu Skin Enterprises Inc. shares fell the most in more than a year 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 fell as much as 23 percent to $35.82 in New York on Wednesday, the biggest intraday drop since August 2014. The shares had been up 6.6 percent this year before the decline.

Before it's here, it's on the Bloomberg Terminal.