Tupperware stock is taking a beating after releasing its earnings report for the fourth quarter of 2018 on Wednesday.
Tupperware (NYSE:TUP) reported earnings per share of $1.33 for the fourth quarter of the year. This is down from its earnings per share of $1.59 reported in the same period of the year prior. However, it does still manage to match Wall Street’s earnings per share estimate for the quarter, but couldn’t stop the fall of Tupperware stock today.
The Tupperware earnings release for the fourth quarter of 2018 also has the company reporting net income of $17.30 million. This is an increase over the company’s net loss of $326.50 million reported in the fourth quarter of 2017.
Operating income from the Tupperware earnings report for the fourth quarter of the year came in at $84.20 million. The kitchen storage goods company reported operating income of $88.20 million for the fourth quarter of the previous year.
The real bad news for Tupperware stock comes from its revenue of $505.90 million for the fourth quarter of 2018. This is a major decline from its revenue of $588.60 million reported during the same time last year. It also doesn’t come anywhere close to analysts’ revenue estimate of $542.50 million for the period.
Adding more fuel to the Tupperware stock fire today is a dividend cut for investors. The company says that it will now only be paying a quarterly dividend of 27 cents per share to stockholders. That’s a far cry from its previous quarterly dividend of 68 cents per share.
TUP stock was down 29% as of Wednesday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.