Tupperware's 3Q results more than quadruple
NEW YORK -- Tupperware Brands Corp.'s third-quarter net income more than quadrupled from a year ago, bolstered by strong sales in its emerging markets.
The seller of food-storage containers and other home products, based in Orlando, Fla., also raised its profit outlook, sending shares up more than 7 percent.
Tupperware said Wednesday that it earned $47.5 million, or 85 cents per share, in the three months ended Sept. 29. That compares with $10.5 million, or 17 cents per share, a year ago.
Excluding the impact of certain items, Tupperware earned 95 cents for the quarter.
Revenue slipped 1.4 percent to $594.4 million as the stronger dollar dragged revenue lower. Excluding the impact of currency translation, revenue climbed 5 percent. A strengthening dollar causes overseas revenue to translate back into fewer dollars.
Analysts had expected 91 cents on revenue of $586.3 million, according to FactSet.
Tupperware Chairman and CEO Rick Goings said in a statement that he continues to see momentum building in emerging markets, which account for two-thirds of the company's revenue. The company's established markets, though down 3 percent in local currency, showed "sequential improvement" compared with the second quarter.
For the fourth quarter, Tupperware said it expects earnings per share to be $1.66 to $1.71 per share. Analysts expect $1.64 per share, according to FactSet.
For the year, Tupperware, based in Orlando, Fla., now expects adjusted earnings of $4.94 per share to $4.99 per share. It had previously expected $4.81 per share to $4.91 per share. Analysts had projected $4.88 per share.
Shares of Tupperware rose $4.01, or 7.4 percent, to $58.24 in morning trading.