logo
Plus   Neg
Share
Email

Tupperware Warns Of FY19; Stock Plunges

Tupperware Brands Corp. (TUP) expects sales for the fiscal year ended December 28, 2019 to be in line with previously provided outlook ranges of down 12% to 14% as reported and down 8% to 10% in local currency. Annual adjusted earnings per share is expected to be $1.35-$1.70 compared to $4.30 in the prior year, including $0.26 cents from foreign currency. Analysts polled by Thomson Reuters expect the company to report earnings of $2.78 per share for 2019. Analysts' estimates typically exclude special items.

TUP closed Monday regular trading at $5.72, down $0.23 or 3.87 percent. In the after-hours, the stock further dropped $1.27 or 22.20 percent.

The company also said it will file a Form 12b-25 Notification of Late Filing with the Securities and Exchange Commission to provide a 15-calendar day extension within which to file its Form 10-K for the fiscal year ended December 28, 2019.

The company noted that the extension will provide the company time to finalize additional procedures as part of its investigation regarding the impact of certain financial reporting matters in its Fuller Mexico beauty business and to finalize its tax rate.

Looking ahead for 2020, the company expects GAAP earnings per share to be in the range of $1.16 - $1.23, and sales of $1.582 billion - $1.617 billion. Wall Street currently is looking for fiscal year 2020 earnings of $2.66 per share on annual revenues of $1.67 billion.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Video streaming giant Netflix said it will donate 1 million euros to Audiens, the social protection group of the French cultural sector, to help launch a COVID-19 emergency relief fund to support workers in the French television and cinema industry. Netflix and Audiens said they have created the new COVID-19 Film and TV Emergency Relief Fund to help the hardest hit workers in the industry. Major U.S. retail container ports are estimated to report a five-year low for imports in March as consumer demand has been impacted with millions of Americans out of work amid the coronavirus (COVID-19) outbreak, according to a report by the National Retail Federation or NRF. The U.S. Food and Drug Administration has issued warning letters to three sellers of fraudulent COVID-19 products. There are currently no approved preventatives or treatments for COVID-19, the FDA said in a statement.
Follow RTT
>