Tupperware Brands Corporation (NYSE:TUP) announced lower-than-expected second-quarter results, giving a weak outlook going forward.
The storage container company reported earnings of US$1.17 per share on revenue of US$535.4mln, compared with US$1.21 EPS on revenue of US$572.9mln in the previous year’s second quarter.
The Florida-based company beat Wall Street estimates of US$1.10 EPS but fell below revenue estimates of $553.5mln.
"Although adjusted earnings per share was above guidance and the local currency sales comparison improved sequentially, we do acknowledge that we must perform better across the global portfolio,” said CEO Tricia Stitzel in a press release.
Shares were down more than 15% to US$34.50 in Wednesday afternoon trading.
Growth contained
While the company saw sales growth in China, Mexico and South Africa, sales in its established market, including the US and Western Europe, fell 10%.
Tupperware expects sales to fall between 6% and 7% percent for the full year, lower than the company's previous estimate of a decline of 1% to a rise of 1%.
Its full-year earnings guidance came in between US$4.25 and US$4.35, below consensus estimates of US$4.46.
For the third quarter, the company expects earnings between US$0.80 and US$0.85 versus consensus estimates of US$0.96.