UPDATE: Nu Skin Posts Downbeat Q2 Earnings, Issues Weak Outlook

Shares of Nu Skin Enterprises

dipped more than 23% in pre-market trading after the company reported downbeat second-quarter earnings and issued a weak forecast for the third quarter. The Provo, Utah –based company's quarterly net income dropped to $19.5 million, or $0.32 per share, versus a year-ago profit of $74.4 million, or $1.22 per share. Excluding items, it earned $1.13 per share. Its total revenue slipped 3% to $650 million. However, analysts were estimating earnings of $1.27 per share on revenue of $709 million. The company's sales in Greater China declined 12% to $229.9 million, while revenue in North Asia rose 1% to $196.0 million. Sales in the Americas climbed 8% to $89.9 million, while sales in South Asia/Pacific fell 5% to $81.7 million. Revenue in the EMEA region jumped 14% to $52.6 million. Its costs climbed 40% to $156 million. Nu Skin also reported said it would restate its Q1 results. It booked a total charge of $9.4 million in the first quarter. "Our business performed in-line with our guidance for the quarter, with the exception of the China LTO, which occurred shortly after resuming our promotional efforts and did not meet our expectations," said Truman Hunt, president and chief executive officer. Nu Skin expects Q3 earnings of $0.90 to $0.95 per share on revenue of $620 million to $640 million. Analysts expected Q3 earnings of $1.68 per share. It also expects Q4 earnings of $1.00 to $1.05 per share on revenue of $650 million to $675 million. Nu Skin shares tumbled 23.05% to $44.57 at 10:30 a.m. ET.