Shares of Tupperware Brands Corp. slid nearly 1% after the company reported second-quarter earnings and revenue that fell from the year earlier but still beat expectations. Tupperware reported net income of $52.4 million, or $1.03 per share, compared with $62.0 million, or $1.23 per share during the year-earlier period. Adjusted earnings for the second quarter were $1.16 per share, above the $1.10 per share FactSet consensus. Sales for the quarter hit $564.7 million, which was down compared with the $588.9 million during the same quarter a year ago. The FactSet consensus on sales was $560.0 million. Tupperware Chief Executive Rick Goings said the company’s declining sales were due mainly to negative impacts from exchange rates, but said sales grew 3% in local currency, with “significant” contributions from Brazil, China, Malaysia, Singapore and Tupperware Mexico. Shares of Tupperware are up more than 4% in the year to date, just lagging behind the S&P 500 Index , which is up nearly 6%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.