Tupperware Brands Q2 Profit Beats Estimates

(RTTNews) - Tupperware Brands Corp. (TUP) reported growth in its second-quarter adjusted earnings on improved sales, gross margins and stable selling, general and administrative expenses. The company also recorded double digit sales growth for the quarter. Looking forward, Tupperware Brands is increasing investments in talent across operations, digital, finance and market leadership to prepare for future business expansion into new channels.

Second-quarter adjusted earnings per share were $0.95 compared to $0.84, a year ago. Analysts polled by Thomson Reuters expected the company to report profit per share of $0.57, for the quarter. Analysts' estimates typically exclude special items. GAAP earnings per share were $0.67 compared to $1.30 for the second quarter 2020, which included $0.46 of non-recurring items in the prior year. Net income was $35.6 million compared to $63.8 million, last year. GAAP profit declined primarily due to prior year gains on extinguishment of debt and sale of property.

Net sales were $464.7 million, up 17% from prior year, or up 10% in local currency. Average active sales force increased 24% and productivity was down 11%.

The company noted that it plans to amend Annual Report on Form 10-K for the year ended December 26, 2020 on August 5, 2021.

Shares of Tupperware Brands were up 3% in pre-market trade on Wednesday.