Tupperware (TUP) Profit Up 73% But Shares Plummet

Orlando, Florida based Tupperware Brands Corporation TUP released strong financial results late Monday that were unable to meet Wall Street expectations. Tupperware Brands Corporation (TUP) reported that its 2nd quarter net income surged 73% to $57.9 million, or 90 cents per share, up from $33.1 million, or 52 cents per share, a year earlier. Excluding special items, Tupperware earned 93 cents per share. Revenue climbed 8% to $565.1 million, up from $524.7 million a year earlier. According to a poll of analysts by Thomson Reuters, the average Wall Street estimate called for earnings of 97 cents per share, on revenue of $580 million. The company forecast 3rd quarter earnings in the range of 54 cents to 59 cents per share. The stock rose 1.36% to $43.27 per share during the Monday trading session, only to fall more than 10% to $38.88 after it released its financial results. Analysts covering the stock have a consensus price target of $57 per share. Tupperware Brands Corporation produces and sells a broad range of products through a global independent sales force of 2.4 million people. The company's products include storage, serving and cookware products for the kitchen, beauty and personal care products, children’s educational toys, toiletries and nutritional products. Read more from Benzinga's Company news.