Tupperware Brands Corp. reported lower second-quarter earnings, although they were still higher than analyst expectations.
Net profits for the kitchen and home products firm was $35.6 million, down from $63.8 million a year ago. Earnings per share fell to 67 cents from $1.30 before. The drop in net income and GAAP EPS was attributed to prior-year profits on debt extinguishment and property sales.
The adjusted EPS came in at 95 cents, surpassing the FactSet forecast of 57 cents.
Net sales were $464.7 million, up from $397.4 million and more than the $460.2 million forecast by FactSet.
“Our early investments and various attempts to achieve long-term sustainable development in our core direct selling business resulted in double-digit revenue growth,” stated Chief Executive Miguel Fernandez. “To prepare for future company development into new channels, we’re expanding our investments in people across operations, digital, finance, and market leadership.”
The greatest contributor was revenues in North America, which increased by 26% year over year to $155.8 million. Sales in the Asia Pacific decreased 7% to $124.6 million, while sales in Europe increased by 26% to $114.4 million.
Sales in the South American business increased by 45 percent to $69.9 million.