Tupperware Brands Q1 Adj. Profit Up, Q2 Outlook Below Street View

(RTTNews) - Tupperware Brands Corp. (TUP) Wednesday announced a sharp decline in First quarter net income to $29.5 million or $0.59 per share from $52.2 million or $1.02 per share last year. The results reflected 33 percent negative foreign exchange and incremental Venezuela impacts as well as re-engineering and impairment charges.

On an adjusted basis, the company posted net income of $21.7 million or $0.43 per share compared to $14.7 million or $0.29 per share.

On average, 8 analysts polled by Thomson Reuters expected the company to report $0.98 per share on a revenue of $578.55 million. Analysts estimates usually exclude special items.

Net sales for the quarter declined to $581.8 million from $663.2 million in March last year.

Looking ahead to the second quarter, the company expects net income of $49.8 million to $52.3 million, up 5 to 10 percent from the prior year similar quarter. Adjusted net income is projected to be $57.3 to $59.8 million. On a per share basis, the company expects earnings for the second quarter of $0.99 to $1.04 per share and adjusted earnings per share of $1.14 to $1.19. Re-engineering and impairment charges are expected to be 3.6 million.

For the second quarter, Wall Street is looking for earnings per share of $1.23 on revenue of $600.19 million.

For the full year 2015, the company expects net income of $191.5 to $196.6 million, down 11 to 8 percent from the previous year. Adjusted net income for 2015 is projected in the range of $231.3 to $236.4 million, up 7 to 9 percent from prior year. Street expects $4.80 per share on revenue of $2.3 billion.