Tupperware declines after missing Wall Street 4Q revenue estimate

Tupperware Brands Corp (NYSE:TUP) shares fell Wednesday after posting fourth-quarter net sales that missed Wall Street analysts’ estimates.

For the quarter, the company posted net sales of $505.9 million, down 14% from a year earlier. The average estimate of analysts was $542.5 million. 

Shares of Tupperware fell 8.2% to $35 in Wednesday’s premarket trading.

READ: Tupperware Brands misses revenue estimates, cuts full-year outlook on contained growth

Orlando, Florida-based Tupperware reported adjusted, diluted earnings per share of $1.33 in local currency, down 6% from $1.59 a year earlier. That matched the consensus estimate on Wall Street.

“While we achieved our earnings per share expectations in local currency, our sales and segment profit results in the fourth quarter were not what we expected, leading to our desire to accelerate the business transformation to capitalize on our global growth strategy,” CEO Tricia Stitzel said in a statement.

To allow more aggressive investment and potentially fund stock buybacks, the company plans to redeploy $80 million in annual cash flow that had been paid out in quarterly dividends.

Contact Dennis Fitzgerald at [email protected]

Story by ProactiveInvestors