GNC shares tumble as weaker-than-expected earnings offset news of IVC venture [MarketWatch]
GNC ACQUISITION HOLDINGS (GNC)
Last gnc acquisition holdings earnings: 3/24 06:02 pm
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Source: MarketWatch
GNC shares tumble as weaker-than-expected earnings offset news of IVC venture GNC Holdings Inc. shares slid about 14% Tuesday, after the vitamin and dietary supplement retailer posted weaker-than-expected earnings for the fourth quarter, offsetting news of a partnership that will garner it about $176 million. Pittsburgh-based GNC GNC, -16.56% said it had net income of $58.8 million, or 62 cents a share, in the fourth quarter, after a loss of $212.7 million, or $3.03 a share, in the year-earlier period, when it booked impairment charges. The 2018 fourth quarter included a roughly $89 million gain on forward contracts for the issuance of convertible preferred stock, in connection with a $300 million investment by China’s Harbin Pharmaceutical Group Co., Ltd., or Hayao, aimed at creating joint ventures in Hong Kong and mainland China. That investment was completed in November. The numbers also include a $24 million non-cash long-lived asset impairment charge related to an indefinite-l
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