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Tupperware net profit beats view, shares up
(Recasts, adds estimates, sales, outlook, share price)
LOS ANGELES, April 25 (Reuters) - Tupperware Brands Corp. (TUP.N) posted higher quarterly net profit on Wednesday that beat Wall Street estimates, helped by strong sales in Japan, the United States and in emerging markets.
The company also raised its full-year earnings forecast and its shares rose 6 percent in extended trading.
Known best for its food storage containers sold at in-home parties, Tupperware said net income in the first quarter was $19.6 million, or 32 cents a share, from $16.0 million, or 26 cents a share in the year-ago quarter.
Sales rose 8 percent in the quarter to $456.9 million. Strength in the U.S., Japanese, Australian and South African markets outweighed weak performance in Germany, the company said.
Excluding one-time items, Tupperware posted earnings of 36 cents. Four analysts, on average, had been expecting earnings of 30 cents, excluding items, on sales of $441.9 million, according to Reuters Estimates.
For the second quarter, Tupperware expects net earnings per share of 42 cents to 47 cents. Excluding re-engineering costs, amortization and land gains, the company said it expects a range of 45 cents to 50 cents.
Four analysts, on average, were expecting 54 cents per share, excluding items.
For the full year, the company raised its earnings expectations. Net earnings are now expected to range between $1.69 to $1.74 per share. A previous forecast had called for earnings to range between $1.56 and $1.61.
Excluding one-time items, the company expects 2007 earnings per share of between $1.84 to $1.89. Analysts, on average, have been expecting adjusted earnings per share of $1.75.
The company's shares rose 6 percent to $27.30 after closing at $25.76 on the New York Stock Exchange.
((Reporting by Alexandria Sage, editing by Andre Grenon; Email: alexandria.sage@reuters.com +1-213-955-6781)) Keywords: TUPPERWARE RESULTS/
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