Tupperware Profit And Sales Beat Estimates On Strength In Brazil, China, Indonesia

Tupperware Brands Corp. said Wednesday it had net income of $26.2 million, or 72 cents a share, in the third quarter, up from, $32.3 million, or 63 cents a share, in the year-earlier period. Adjusted EPS came to 79 cents, ahead of the FactSet consensus of 71 cents. Sales fell 11% to $521 million, also ahead of the FactSet consensus of $515 million. Growth was driven by strong sales in Brazil, China, Indonesia and South Africa, while developed markets were flat measured in local currencies, the maker of food containers said in a statement. Tupperware is now expecting fourth-quarter EPS of $1.22 to $1.27, or $1.37 to $1.42 on an adjusted basis. The current FactSet consensus is for fourth-quarter EPS of $1.47. Sales are expected to fall 8% to 10%. For 2016, the company is expecting sales to be flat to up 2%. Shares were not yet active in premarket trade, but are down 12.4% in the year to date, while the S&P 500 has lost 1.4%.