Yahoo Finance Emerging markets help Tupperware beat St. view
Tupperware Brands 1Q profit down but beats Street on strong emerging markets; boosts guidance
ORLANDO, Fla. (AP) -- Demand in emerging markets such as Turkey, China and South Africa helped Tupperware Brands Corp. post first-quarter results that beat Wall Street expectations, even as its net income fell 10 percent.
The direct seller of plastic storage containers and cosmetics boosted its adjusted earnings outlook for the year to between $5.66 and $5.81 per share. It had predicted $5.51 to $5.66 per share. Analysts polled by FactSet expected $5.62 per share.
Shares of Orlando, Fla.-based Tupperware Brands rose $1.33, or 1.5 percent, to $88.08 in morning trading Wednesday.
For the quarter that ended on March 29, Tupperware Brands' net income fell to $52.2 million, or $1.02 per share, from $58.2 million, or $1.06 per share, in the same quarter a year ago. Adjusted to remove one-time items, it earned $1.31 per share. That's above the $1.16 per share analysts expected, according to FactSet.
Revenue rose slightly, to $663.2 million from $662.9 million. Analysts expected $651 million.
Revenue from emerging markets, which makes up 64 percent of total revenue, rose 14 percent when not counting changes in foreign exchange rates.
For the current quarter, Tupperware Brands expects adjusted earnings between $1.44 per share and $1.49 per share. Analysts expect $1.49 per share.
