ORLANDO, Fla. (AP) — Tupperware Brands Corp. said Wednesday that its second-quarter profit fell 38 percent from the same period a year ago, hurt by falling sales of its storage containers and cosmetics in North America and Germany and unfavorable currency exchange rates.
The Orlando, Florida-based company cut its full-year earnings outlook, and Tupperware shares nearly 8 percent in morning trading Wednesday.
Net income fell to $47.6 million, or 93 cents per share, compared with $76.3 million, or $1.43 per share, a year ago. Adjusted to remove one-time items, the company earned $1.47 per share, matching what analysts expected, according to a poll by FactSet.
Revenue fell 2 percent to $674.3 million from $688.4 million, below the $687.1 million that analysts expected.
For the full year, the company now expects earnings between $5.40 per share and $5.50 per share, down from the outlook it issued in April for earnings between $5.66 per share and $5.81 per share. Analysts expect earnings of $5.73 per share for the year.
Tupperware's third-quarter outlook also missed expectations. It expects earnings between 89 cents per share and 94 cents per share, below the $1.07 per share analysts are expecting.
Shares of Tupperware Brands fell $7.74, or 9.1 percent, to $77 in morning trading Wednesday. Its shares are down more than 10 percent, as of Tuesday's close.