Shares of Tupperware Brands Corp. TUP, -12.51% tumbled 13.5% in premarket trading Wednesday, after the food storage and consumer products company reported third-quarter adjusted profit that beat expectations, but a surprise decline in sales amid “challenging” year-over-year comparisons and persistent negative effects of the COVID-19 pandemic. The company swung to a net loss of $86.1 million, or $1.63 a share, from income of $34.4 million, or 65 cents a share, in the year-ago period. Excluding nonrecurring items, such as losses on held-for-sale assets, adjusted earnings per share came to $1.19, above the FactSet consensus of 71 cents. Sales fell 11.0% to $376.9 million from $423.7 million, while the FactSet consensus was for a rise to $473.7 million. Gross margin declined to 65.8% from 68.7%. The stock has rallied 10.5% over the past three months through Tuesday, while the S&P 500 SPX, -0.14% has gained 4.7%.
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