Shares of Tupperware (NYSE:TUP) climbed to a 52-week high on Wednesday after the company revealed a record first-quarter profit driven by its emerging markets, leading the company to raise its fiscal view.
The Orlando-based seller of food storage and personal care products posted net income of $55.8 million, or 88 cents a share, compared with $47.1 million, or 73 cents a share, in the same quarter last year, beating the Street’s view of 85 cents.
Revenue for the retailer was $636.4 million, up 14% from $557.1 million a year ago, ahead of average analyst estimates polled by Thomson Reuters of $606.4 million.
Sales growth was led in its Asia Pacific division, which climbed 26% to $160.1 million, followed by South America, which jumped 64% to $57.6 million.
“Our emerging markets comprised 57% of sales in the quarter and delivered a 16% sales increase in local currency,” Tupperware CEO Rick Goings said in a statement. “A number of emerging markets had double digit sales increases, even without the extra week benefit, including Brazil, India, Indonesia, Malaysia/Singapore, the Philippines, Turkey and Venezuela.”
Russia was the only unit with a significant sales decrease, though the company said it expects to see improving numbers as it moves through the year.
For the current quarter, Tupperware is anticipating non-GAAP earnings in the range of $1.13 to $1.18, higher than analyst estimates of $1.11.
Reflecting the improved performance, the company raised its fiscal view, now expecting earnings in the range of $4.45 a share to $4.55 a share, 22 cents higher than its February forecast. Wall Street is looking for a profit of $4.34.