Tupperware 1st Quarter Profits Down
Kitchen storage container maker Tupperware Brands Corp. on Tuesday posted a lower quarterly profit, missing some analysts' forecasts, citing weakness in Europe and slower U.S. sales.
Tupperware, which also sells beauty and personal care products, posted net income of $16 million, or 26 cents per share, versus a profit of $23.9 million, or 40 cents per share, a year earlier.
Revenue rose to $423.7 million from $326.4 million.The stock was little changed after hours, following its close at $22.69 a share on the New York Stock Exchange.
Excluding one-time items, earnings were 36 cents a share.
On that basis, analysts on average had forecast earnings of 37 cents a share on revenue of $412.8 million.
In late January, the company forecast earnings of 22 cents to 24 cents, or an adjusted profit of 35 cents to 37 cents per share.
Tupperware forecast second quarter sales of $445 million to $450 million, and earnings per share of 44 cents to 46 cents. Earnings per share after adjustments are forecast at 49 cents to 51 cents.
For the full year, the company forecast sales at $1.75 billion to $1.8 billion. It forecast earnings per share of $1.53 to $1.63. Earnings per share after adjustments were forecast at $1.72 to $1.82.