WASHINGTON (dpa-AFX) - Tupperware Brands Corp. (TUP) Wednesday reported that its second-quarter net income declined to $52.4 million or $1.03 per share from $62.0 million or $1.23 per share in the prior year.
Adjusted earnings per share were $1.16, compared to $1.07 last year.
On average, 9 analysts polled by Thomson Reuters expected earnings of $1.10 per share for the quarter. Analysts' estimates typically exclude special items.
Second-quarter 2016 net sales were $564.7 million, down 4 percent from $588.9 million. Analysts were looking for revenues of $559.91 million.
Emerging markets, accounting for 66 percent of sales, were down 4 percent in dollars, while it grew 7 percent in local currency. The most significant contributions were in Argentina, Brazil, China, Malaysia/Singapore and Tupperware Mexico, partially offset by Egypt and Turkey.
Total sales force was 3.1 million, up 5 percent, with active sellers down 2 percent versus prior year.
Looking ahead, for the third quarter, the company expects reported earnings per share between $0.94 and $0.99, higher than last year's $0.72. Adjusted earnings would be $0.77 to $0.82, compared to prior year's $0.79. For the quarter, the company projects sales growth between 1 percent and 3 percent from last year.
For fiscal 2016, the company expects reported earnings per share between $4.18 and $4.28, higher than last year's $3.69. Adjusted earnings would be $4.25 to $4.35, compared to prior year's $4.37. The company projects between 1 percent and 2 percent decline in sales from last year.
For the full year, sales are expected to be down 8 or 9 percent in Europe, up about 1 or 2 percent in Asia Pacific, and about even in Tupperware North America.
Analysts expect earnings of $0.82 per share for the third quarter and $4.30 per share for the year.
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