Tupperware Brands Q1 Profit Flat; Adjusted EPS Tops Wall Street Estimates (TUP)

Tupperware Brands Q1 Profit Flat; Adjusted EPS Tops Wall Street Estimates (TUP)


Early on Wednesday, kitchen products maker Tupperware Brands Corporation (TUP) reported near flat first quarter net income on a 4% uptick in revenues. Adjusted EPS was able to top estimates, while revenue was in-line with views.

The Orlando, Florida-based company posted first quarter net income of $58.2 million, just about flat compared to the $58.3 million earned last year. On a per share basis, earnings rose to $1.06 from $1.02 a year ago.

On an adjusted basis, earnings per share were $1.18. This topped analysts’ estimates of $1.13, according to Thomson Reuters.

The company’s net sales for the quarter rose to $662.9 million from $639.5 million a year ago. This was pretty much in-line with the Wall Street estimate of $662.93.

Rick Goings, Chairman and CEO, commented, “I’m pleased that our positive trends in sales and profit growth have continued in 2013, with local currency sales up 6% and profit, excluding items, 4 cents ahead of the high end of our guidance. Our ability to increase sales, even in challenging macro-economic environments, continues to illustrate the benefits of being a global portfolio of businesses in emerging and established markets, enabling us to consistently deliver solid top and bottom-line growth. Sales in our emerging markets** were up 13%, in local currency, in the quarter and comprised 62% of our sales. Our established markets were down 3% in local currency. Our growth in the emerging markets is driven by the power of our channel, our brand and the opportunity we provide women. I’m confident that we’ll be able to grow our established markets in the future, as we continue to provide innovative products and a real earning opportunity to our sales force. Around the world, we have a lot of runway left.”

Looking ahead, the company expects to earn between $1.36 and $1.41 per share in the second quarter, with adjusted earnings between $1.41 and $1.46 per share. Tupperware also expects revenue growth to be between 6% and 8%. Analysts are projecting earnings of $1.47 per share in revenue of $681.45 million.

For full-year 2013, the company said it is expected earnings to be between $5.30 and $5.45 per share, with adjusted earnings between $5.52 and $5.67 per share. Wall Street analysts expect the company to earn $5.70 per share on revenues of $2.73 billion for 2013.

Tupperware shares were down $3.31, or -4.12%, during Wednesday trading. The stock is up +28.93% year-to-date.

The Bottom Line
Shares of Tupperware (TUP) have a dividend yield of 3.09% based on Wednesday’s intraday trading price of $80.25 and the company’s annualized dividend payout of $2.48 per share.

Tupperware Brands Corporation (TUP) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks, as well as a detailed explanation of our ratings system here.

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