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Blyth Plunges on Weak Guidance

Blyth Plunges on Weak Guidance

Shares of Blyth (NYSE: BTH), the direct to consumer marketing firm, are plunging 14.6 percent Wednesday on volume that has already eclipsed the daily average after the company slashed its full-year earnings guidance.

Blyth said it expects to earn $1.30-$1.45 per share this year, well below previous guidance of $1.70 - $1.85 per share. The company cited "the decline in ViSalus's sales projections and the full year impact of its investment spending on the lower sales base," according to a statement.

"We believe that ViSalus has substantial growth potential outside North America, and opening new markets will in turn benefit ViSalus's North American Promoters given their networks in other countries," said Blyth Chairman and CEO Robert Goergen in the statement.

The company said its first-quarter profit fell to $2.6 million, or 16 cents per share, from $7.5 million, or 43 cents a share, a year earlier.

During the first quarter, Blyth repurchased 594,582 shares, or approximately 3.6 percent of its 16.6 million shares outstanding at year-end, according to the statement.

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