Tupperware first quarter profit beats forecast

NEW YORK (Reuters) - Tupperware Brands Corp (TUP.N) on Tuesday reported a quarterly net profit above its forecast and raised its outlook for the year, sending its shares up 11.7 percent in after-hours trade.

Tupperware, which makes food storage containers that are sold at in-home parties, reported first-quarter net income of $25.6 million, or 41 cents per share, down from $32.1 million, or 51 cents per share, a year earlier.

Excluding one-time items, the company reported earnings of 45 cents per share, up 7 cents from the prior year. The results also beat the company's forecast of net earnings of 29 cents to 34 cents per share.

Revenue fell 14.8 percent to $462.8 million, Tupperware said, hurt by fluctuations in foreign currencies.

In local currency, sales rose by 1 percent over the first quarter of 2008.

Analysts had expected the company to report earnings of 34 cents a share on revenue of $459.50.

The company said it saw strong double-digit increases in its Tupperware Russia, Indonesia, Brazil and Venezuela businesses.

"We continued to achieve double-digit local currency sales growth in the 49 percent of our business that came from emerging markets, with sales up 10 percent in local currency," Rick Going, chairman and chief executive said in a statement.

Looking ahead, the Orlando, Florida-based company said it expects fiscal second-quarter net earnings per share to be in the range of 62 cents to 67 cents. For the full year, the company expects net earnings between $1.90 to $2.00 per share.

Analysts on average see $1.96 per share, according to Reuters Estimates.

In after-hours trade, Tupperware shares were at $23.85, after closing at $21.36 on the New York Stock Exchange.

(Reporting by Ilaina Jonas; Editing by Gary Hill)