NEWS: Tupperware Brands Corp.'s net income grew 5 percent in the third quarter, as strong sales growth in emerging markets like Turkey, China and Indonesia offset revenue declines in established markets. The results and the company's outlook fell short of Wall Street's expectations, sending shares down more than 4 percent in morning trading.
DETAILS: Sales in emerging markets accounted for 69 percent of Tupperware's sales in the quarter and rose 13 percent, but demand in Western Europe, the U.S., and Australia proved weaker, resulting in an 8 percent sales decline for the company's established markets.
NUMBERS: Net income climbed to $49.9 million, or 95 cents per share, for the 13 weeks ended Sept. 28. That's up from $47.5 million, or 85 cents per share, a year earlier. On an adjusted basis, Tupperware' earnings amounted to $1 per share. That was still short of the $1.03 per share that analysts polled by FactSet were expecting. Revenue rose 1.5 percent to $603.2 million from $594.4 million. Analysts had expected $623.3 million.
FUTURE: Tupperware anticipates that fourth-quarter earnings per share will range from $1.75 to $1.80, or $1.83 to $1.88 per share excluding items. That's compared with the $1.87 per share Wall Street was expecting. For the full year, the company expects earnings per share to range from $5.17 to $5.22. On an adjusted basis, it expects to earn $5.45 to $5.50 per share. That range fell short of analysts' forecast of $5.53 per share.
STOCK: Shares of the Orlando, Fla., company declined $3.88, or 4.1 percent, at $90.32 in morning trading. The stock is up 40 percent this year.
Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Original headline: Tupperware posts higher profit, revenue in 3Q
Most Popular Stories
- Boehner Lashes Out Against Ted Cruz, Far Right
- TFA Recruiting DACA Recipients
- Hawaii Official Who Release Obama Certificate Only Victim of Plane Crash
- Cheap Gas Drives Down U.S. Wholesale Prices Again
- Holiday Shopping Off to a Slow Start This Season
- Ford Plans New Cars, Jobs in 2014
- Gold, Silver Slide on Prospects of Fed Exit
- 'Rape Insurance' Bill Passes in Michigan
- Producer Price Index Dropped in November
- Beyonce Releases New Album With No Marketing