Weight management company NutriSystem Inc. on Wednesday said its second quarter income dropped 35 percent as revenue fell, but results came in ahead of Wall Street expectations, and shares rose in after-hours trading.
For the three months ended June 30, net income fell to nearly $22 million, or 71 cents per share, from $33.5 million, or 96 cents per share, for the same quarter last year.
The per-share results reflected a decline of more than 4 million outstanding shares from the prior quarter.
NutriSystem's revenue declined 9 percent to $194 million, from $213 million for the corresponding quarter last year.
Analysts polled by Thomson Financial, on average, expected the company to earn 65 cents per share for the quarter, on revenue of $185.3 million.
"We are pleased with our results for the second quarter in light of the current economic environment," NutriSystem President and Chief Executive Joe Redling said in a statement
Shares, which closed the regular trading session at $17.88, rose 77 cents, or 4.3 percent, to $18.65 in aftermarket electronic trading.
Terms & Conditions
RSS Headlines
Fool UK