Herbalife released the earnings results from its first fiscal quarter after closing bell tonight, posting adjusted earnings of $1.29 per share on $1.11 billion in revenue, a 12% decline from last year. Analysts had been expecting earnings of $1.01 per share on $1.09 billion in revenue for the quarter. In last year’s first quarter, the nutritional supplements company posted earnings of $1.50 per share.

Herbalife Ltd. HLF

Key metrics from Herbalife’s earnings report

GAAP earnings were 92 cents per share, a 24% year over year increase from 74 cents per share in the same quarter a year ago. Management said the key driver of the sales decline was unfavorable impacts from currency exchange rates. They noted a negative impact of about 30 cents per share in connection with the devaluation of the Venezuelan bolivar alone.

Herbalife has been struggling as it fights back pyramid scheme allegations and deals with some major changes it made in its business model following those accusations. Also the multi-level marketing company has had to deal with currency headwinds from the strengthening of the U.S. dollar, just as all international U.S.-based companies have.

The company reported an 11% decline in volume points for North America and a 4% increase in sales leaders for the region. China saw strong volume point growth of 25% and sales leader growth of 22%.

Herbalife raises guidance

Management also upped their earnings guidance for the 2015 fiscal year. They now expect adjusted earnings of between $4.30 and $4.60 per share. Herbalife included a negative impact of about 40 cents per share due to currency headwinds, including about 14 cents per share related to the Venezuelan bolivar. The company said for the June quarter, it expects adjusted earnings of between $1.05 and $1.15 per share.

Herbalife guided for currency adjusted earnings of between $1.45 and $1.55 per share for the June quarter and between $5.55 and $5.85 per share for the full year. The company expects volume points to decline by between 7.5% and 4.5% for the June quarter and between 4% and 1% for the full year.