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.
Fool contributor Eric Volkman has no position in Nu Skin Enterprises. Nor does The Motley Fool. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.