Tupperware Brands Corp. (TUP—NYSE) on Wednesday reported fourth-quarter 2016 earnings that topped Wall Street estimates.
The Orlando, Florida-based company said net income was $79.0 million, or $1.55 per share, up from $58.1 million, or $1.15 per share, a year earlier. Factoring out one-time costs, adjusted quarterly earnings were $1.45 per share. Analysts polled by Thomson Reuters had predicted $1.37 per share.
Sales of the company’s kitchenware and cosmetics amounted to $600.9 million, up 1 percent in dollars and 3 percent in local currency. The results, driven by 39 percent growth in South America, fell short of the $616.2 million expected by analysts.
“Despite the impact of further economic and political instabilities, our businesses in emerging markets continued on a growth trajectory in the fourth quarter with outstanding results in Argentina, Brazil, China and Tupperware South Africa,” said Rick Goings, Chairman and CEO, in a news release.
For full year 2016, the company reported profit of $223.6 million, or $4.41 per share. Revenue was $2.21 billion, down 3 percent from the prior year.
Management sees first quarter 2017 sales up 2 percent, to $536.2 million, with earnings in the range of 84 cents to 89 cents per share.