Nu Skin Enterprises, Inc. (NYSE:NUS) released its third quarter earnings report before opening bell this morning, posting earnings of $1.12 per share, compared to $1.80 in last year’s third quarter, on $638.8 million in revenue, a 30% year over year decline. Analysts had been looking for earnings of 93 cents per share on $628.8 million in revenue.

Nu Skin

Key metrics from Nu Skin’s earnings report

Management said this year’s third quarter sales numbers were impacted by their product launch sale, making for a difficult year over year comparison. They added that excluding sales from last year’s product launches, the core business has stabilized.

“We believe our business in China is stabilizing as we are seeing improving trends in the early sales leader pipeline, we strengthened our capital structure and balance sheet flexibility, we are making good progress in our product development efforts, and we generated positive operating cash flow,” said Nu Skin President and CEO Truman Hunt in a statement. “We have also seen continued enthusiasm among our sales force at recent sales leader conventions in our South Asia/Pacific, Greater China and Americas regions.”

Nu Skin’s results by region

The multi-level marketing company reported a 50% decline in revenue from China, which fell to $226.7 million, and a 57% decline in sales leader counts. The number of active sales leaders fell by 43% year over year due to the company’s temporary recruitment restriction earlier this year.

Revenue from North Asia rose 2%, while the number of sales leaders fell 5% and the number of actives fell 7%. In the Americas, revenue fell 10%, the number of sales leaders fell 3% and the number of actives rose 4% year over year. In Europe, the Middle East and Africa, revenue fell 8%, the number of sales leaders fell 6% and the number of actives fell by 7% year over year.

Nu Skin provides weak guidance

Management expects fourth quarter revenue to be between $590 million and $610 million. They expect earnings per share to be between 72 cents and 77 cents. Those numbers are a significant disappoint from the consensus estimates for the fourth quarter, which are $1.01 per share in earnings and $659 million in sales.

They include an 8 cent per share negative impact from pre-payment fees in connection with debt refinancing.