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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.

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