Tupperware Q1 Adj. EPS Tops View; Lifts FY14 Adj. EPS Forecast - Quick Facts

(RTTNews) - Home and personal care products seller Tupperware Brands Corp. (TUP) reported Wednesday that its first-quarter net income declined to $52.2 million from last year's $58.2 million. Earnings per share dropped to $1.02 from $1.06 last year.

Adjusted earnings per share, which excluded items, was $1.31, compared to $1.18 last year. On average, 10 analysts polled by Thomson Reuters expected the company to report earnings of $1.17 per share for the quarter. Analysts' estimates typically exclude special items.

Net sales increased slightly to $663.2 million from last year's $662.9 million. Analysts estimated revenues of $651.06 million for the quarter. Sales grew 7 percent in local currency.

Emerging markets, accounting for 64 percent of sales, achieved a 14 percent increase in local currency. Established markets were down 4 percent in local currency.

Total sales force of 2.9 million was up 6 percent from last year, with improvement in most markets.

Looking ahead for the second quarter, Tupperware expects reported earnings per share in a range of $1.24 to $1.29, compared to last year's $1.43. Adjusted earnings is projected between $1.44 and $1.49 per share, compared to last year's $1.46 per share. Analysts expect the company to report earnings of $1.49 per share.

Sales for the quarter is projected between a decline of 1 percent and a growth of 1 percent.

For fiscal 2014, Tupperware now forecasts reported earnings per share in a range of $4.97 to $5.12 per share, and adjusted earnings in a range of $5.66 to $5.81 per share.

The company previously expected reported earnings per share in a range of $5.20 to $5.35 per share, and adjusted earnings in a range of $5.51 to $5.66 per share. Analysts expect the company to report earnings of $5.62 per share.

Sales for the year is projected in the range of flat to a growth of 2 percent.