WASHINGTON (dpa-AFX) - Tupperware Brands Corporation (TUP) posted a surge in its earnings for the second quarter in the absence of a year-ago charge. The results topped expectations.
The company's net income surged to $76 million from $13 million in the prior year, which included $76.9 million of pre-tax, non-cash impairment charges to write down purchase accounting intangibles, as well as $7.5 million pre-tax gain from the sale of a previously idled manufacturing facility. On a per share basis, earnings jumped to $1.43 from last year's $0.22.
Adjusted earnings per share for the quarter totaled $1.46. Nine analysts, on average, polled by Thomson Reuters estimated earnings per share of $1.44 for the quarter. Analyst estimates typically exclude one-time items.
For the quarter, sales rose to $688.4 million, from $638.9 million for the same quarter of last year. Analysts had expected revenues of $677.32 million.
The company expects earnings per share for the next quarter in the range of $0.96 - $1.01, and full-year earnings per share is estimated to be $5.20 - $5.30. Excluding items, the company sees third-quarter earnings per share of $0.99 - $1.04 and full-year earnings per share of $5.44 - $5.54. Analysts foresee earnings per share of $1.08 for the next quarter and $5.60 for the year.
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