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Tupperware reports second quarter results

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Staff writer ▼ | July 24, 2014
Tupperware Brands Corporation announced second quarter 2014 operating results. Net sales were $674 million.
Tupperware
TupperwareTupperware Brands Corporation announced second quarter 2014 operating results. Net sales were $674 million.


Emerging markets, accounting for 66% of sales, achieved a 10% increase in local currency. Established markets were down 7% in local currency, largely driven by poor results in Germany.

GAAP net income of $47.6 million includes $22.2 million for the impact from currency devaluations in Venezuela, including translating net monetary assets on the June 28 balance sheet at the SICAD II rate of 50 Venezuelan bolivars/dollar versus the previous rate of 10.8 bolivars/dollar. Net income went down 38% versus prior year GAAP net income of $76.3 million.

Excluding foreign currency, net income was down 31% versus prior year. Adjusted diluted E.P.S. of $1.47 included 14 cents negative impact versus 2013 from changes in foreign exchange rates, which was 1 cent worse than included in April’s guidance.

Second quarter cash flow from operating and investing activities was $45 million, versus $49 million in prior year, primarily reflecting planned higher capital spending.

In the second quarter, the Company returned $47 million to shareholders through a dividend payout of $33 million and the repurchase of 171 thousand shares for $14 million. Since 2007, 20 million shares have been repurchased for $1.2 billion, with $0.8 billion left under an authorization that runs until February 2017.


 

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