NEW YORK (TheStreet) -- Shares of Herbalife Ltd. (HLF) are falling by 5.69% to $41.74 as the stock continues to react negatively to this week's third quarter 2014 earnings results, which showed a decline in net income to $11.2 million, or 13 cents per diluted share, compared to $142 million, or $1.32 per diluted share for the year ago period.
The global nutrition company said its adjusted net income for the latest quarter was $125.1 million, or $1.45 per diluted share, compared to $152.1 million, or $1.41 per diluted share for the 2013 third quarter.
Analysts polled by Thomson Reuters were expecting adjusted earnings per share of $1.51 million for the quarter.
Herbalife's worldwide net sales grew by 4% to $1.26 billion, however analysts were expecting $1.32 billion for the quarter.
Additionally, Herbalife cut its full year 2014 adjusted earnings forecast to a range of $5.80 to $5.90 per diluted share. Analysts have estimated for earnings of $6.26 per share for the year.
"Third quarter 2014 reported net income was negatively impacted by $139.5 million in pre-tax charges, or $0.97 per diluted share after tax, related to the remeasurement of Venezuelan Bolivar denominated assets and liabilities at the SICAD I and SICAD II rates, and $17.5 million in pre-tax charges, or $0.13 per diluted share after tax related to a legal reserve," the company said.