Tupperware Brands Corp.’s stock
TUP,
fell a sharp 27.7% in premarket trades on Wednesday after the kitchen products maker missed its profit and revenue targets on “internal and external challenges … that eroded our business economics.” Tupperware posted third-quarter net income of $16.8 million, or 38 cents a share, from a loss of $86.1 million, or $1.63 a share, in the year-ago quarter. Its adjusted earnings fell to 14 cents a share, from $1.19 a share in the year-ago quarter. Revenue dropped 20% to $302.8 million. Analysts expected Tupperware to earn 42 cents a share on revenue of $316.1 million, according to data from FactSet. Looking ahead, Tupperware said it expects to take additional restructuring actions and make inventory reductions in the fourth quarter, “given the revenue trends year to date.”
