* Q2 adj EPS $0.93 vs est $0.97
* Q2 net sales up 8 pct, below Street view
* Sees Q3 adj EPS $0.54-$0.59 vs est $0.66
* Sees FY adj EPS $3.51-$3.61 vs est $3.70
* Shares fall 10 pct in trading after the bell
(Adds details, updates share movement)
July 19 Tupperware Brands Corp's (TUP.N)
second-quarter results missed market expectations, hurt by
declining profit in Europe, and the company forecast weak
earnings for the third quarter, sending its shares down 10
percent in trading after the bell. The company, known for its
colorful food storage containers, said it expects adjusted
third-quarter earnings of between 54 cents and 59 cents a
share, compared with analysts' expectation of 66 cents a share,
according to Thomson Reuters I/B/E/S.
Tupperware said second-quarter results were hurt by an $8.8
million, or 14 cents a share, one-time charge related to errors
in the financial reporting of results at its Russian unit.
Terming the error as an isolated incident, the company said
the charge impacted sales, cost of sales and delivery, selling
and administrative expenses.
Delivery, sales and administrative expenses rose 10 percent
to $301.4 million during the quarter.
For the quarter, Tupperware posted net income of $57.9
million, or 90 cents a share, up from $33.1 million, or 52
cents a share, a year earlier.
Excluding a forex gain of 3 cents, the company earned 93
cents a share.
Net sales at the company, which also sells personal care
products under names including NaturCare and Fuller Cosmetics,
rose 8 percent to $565.1 million. [ID:nASA00J7W]
Analysts were looking for earnings of 97 cents a share, on
revenue of $577.7 million.
Tupperware reported a 17 percent drop in its European
segment profit to $26.00 million. The Orlando, Florida-based
company's shares, which touched their life high in April, were
down at $38.96 in after-market trade. They closed at $43.27
Monday on the New York Stock Exchange.
(Reporting by Shradhha Sharma in Bangalore; Editing by Maju