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Tue, May 24 at 4:00PM ET

Tupperware Earnings: TUP Stock Tanks 45% on Warning

Tupperware (NYSE:TUP) earnings aren’t looking good for the company Tuesday after the release of a preliminary warning.

Tupperware Earnings: TUP Stock Tanks 45% on Warning

Source: nipastock / Shutterstock

According to this Tupperware earnings warning, the company has requested a late filing extension with the U.S. Securities and Exchange Commission. This will give it an additional 15 days to release its report. The company says this will allow it to resolve certain issues and hammer out details for its 2019 earnings report.

The Tupperware earnings warning also includes select data from its upcoming report. That covers adjusted diluted earnings per share (EPS) ranging from $1.35 to $1.70 and revenue that lands within its outlook range of 12% to 14% for the period.

That’s not looking good next to Wall Street’s estimates for 2019. Analysts are estimating adjusted diluted EPS of $2.78 and revenue of $1.8 billion.

The Tupperware earnings warning also includes its fiscal 2020 outlook. Among this is GAAP EPS of $1.16 to $1.23. It also expects USD sales for the next year to come in between $1.582 billion and $1.617 billion.

Chris O’Leary, the interim CEO of Tupperware, said this in the TUP stock earnings warning:

“While challenges in Brazil, China, and the U.S. & Canada businesses persisted in the fourth quarter in line with our expectations, our preliminary results were further affected by financial reporting issues in Fuller Mexico. We are working rapidly to address these Fuller Mexico issues in order to finalize our 2019 results. We are also focused on facing the clear headwinds in our core markets and accelerating the pace at which we can achieve meaningful improvement in the business.”

TUP stock was down more than 45% as of market close Tuesday afternoon.

As of this writing, William White did not hold a position in any of the aforementioned securities.

Article printed from InvestorPlace Media, https://investorplace.com/2020/02/tupperware-earnings-warning-hammer-tup-stock/.

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