Tupperware Boosts Dividend by 72%; Q4 Profit Falls 14%, but Adjusted Net Beats View (TUP)
Kitchen product maker Tupperware Brands Corporation (TUP) on Tuesday reported a dip in fourth quarter net income because of one-time items; however, adjusted earnings beat the consensus view, and the company also boosted its quarterly dividend by more than 72%.
The Orlando, Florida-based company reported a fourth quarter profit of $74.5 million, or $1.34 per share, down from $86.9 million, or $1.50 per share, earned in quarter four of 2011. Adjusting for one time items, EPS came in at $1.71. Analysts on Wall Street were expecting TUP to earn $1.68 per share, according to Thomson Reuters.
Sales increase +5% from $676.1 million in 2011 to $711.0 million in the fourth quarter of 2012. This total beat the Wall Street view, as analysts expected revenue to come in at $707.02 million.
Looking ahead to the first quarter of 2013, the company is projecting earnings of $1.09 to $1.14 per share. Analysts are expecting earnings to be $1.14 per share.
The company also declared its latest quarterly dividend, which will be payable on April 5, 2013 with an ex-dividend date of March 18, 2013. The dividend paid will be 62 cents per share, a 72.2% increase from the prior quarterly dividend of 36 cents per share.
Tupperware shares were up $3.67, or +5.22%, during pre-market trading on Tuesday. The stock is up +9.79% over the past year.
The Bottom Line
Shares of Tupperware (TUP) have a 3.53% dividend yield based on last night’s closing price of $70.33.
Tupperware Brands Corporation (TUP) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.
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