Tupperware Brands (NYSE:TUP) on Tuesday narrowed its fourth-quarter profit slightly, driven primarily by weaker performance in some of its established markets overseas, though results still beat Wall Street, helping to send its shares up nearly 14%.
The Orlando, Fla.-based company posted net income of $80.7 million, or $1.26 a share, down about 4% compared with $84.1 million, or $1.31 a share, in the same quarter last year.
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Excluding one-time items, the company earned $1.38 a share, ahead of average analyst estimates polled by Thomson Reuters of $1.28.
Revenue for the retailer of various products, including kitchen and home products, was $655 million, up from $626 million a year ago, trumping the Street’s view of $643.81 million.
Tupperware CEO Rick Goings said the company is pleased to have finished the year with another strong quarter of local currency sales growth, which came in at the high end of its October guidance.
“A significant number of emerging markets had double-digit sales increases, including Argentina, Brazil, India, Indonesia, Malaysia/Singapore, the Philippines, Tupperware South Africa, Turkey and Venezuela,” he said.
Established markets, however, slipped 3%, driven by softer demand in Australia, Germany and Japan, partially offset by a 33% gain in Austria and 9% growth in the U.S. and Canada.
The company closed 2010 with record sales and a record profit of $2.3 billion and $3.53 a share, respectively.
In fiscal 2011, Tupperware expects to book a profit in the range of $4.09 to $4.19 a share, with non-GAAP results in the range of $4.23 to $4.33 a share, which represents a 14% to 16% improvement from its 2010 results of $3.72 a share.
Wall Street analysts are anticipating earnings of $4.15 a share.