Shares of Tupperware Brands Corp. TUP, +2.11% sank 6.2% in premarket trading Wednesday, after the food storage products company swung to a fourth-quarter profit that was well short of expectations, while saying its efforts to “fix” its core business was starting to take hold. Net income for the quarter to Dec. 26 was $21.8 million, or 41 cents a share, after a loss of $71.7 million, or $1.47 a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share were 14 cents, after a per-share loss of 63 cents last year, but missed the FactSet consensus of 71 cents. Revenue rose 17.4% to $489.6 million, while the average estimate of two analysts surveyed by FactSet was $449.0 million. North America sales jumped 46% to $154.1 million, Europe sales grew 10% to $128.5 million and South America sales increased 21% to $78.l6 million, while Asia Pacific sales fell 1% to $128.4 million. “The results reported today show that our efforts to fix the core business are beginning to take hold as our sales force realize geography is no longer a barrier to reach new customers as they grow their business through social media platforms and digital tools,” said Chief Executive Miguel Fernandez. The stock has lost 6.5% over the pats three months through Tuesday, while the S&P 500 SPX, +1.42% has gained 5.7%.
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