Nu Skin Enterprises (NYSE:NUS) is opening its wallet a little wider in an attempt to support the value of its shares. The company announced that its board has authorized a $400-million expansion of the current stock buyback program. The last time it did so was in May 2012, when it boosted the existing initiative by $250 million.
The move coincides with the release of the firm's Q2 results, which saw it post total revenue of nearly $683 million, and net income of $74.4 million ($1.22 per diluted share). Those figures compare favorably to the $593 million and $60.4 million ($0.94) of Q2 2012.
Currently, Nu Skin has 58.4 million shares outstanding, and its stock most recently closed at $87.26 per share.