Tupperware Brands Reports Record First Quarter 2013 Sales and Earnings Per Share
-- First Quarter Sales up 6% in local currency+ versus last year; including negative impact from exchange rates, sales up 4% in dollars.
-- First Quarter GAAP diluted E.P.S. $1.06, up 4% versus last year. Excluding certain items impacting comparability*, diluted E.P.S. $1.18, up 19% in local currency, and 4 cents above the high end of guidance range.
-- First Quarter 2013 share repurchases of $100 million / 1.28 million shares.
ORLANDO, Fla., April 24, 2013 /PRNewswire/ -- (TUP) Tupperware Brands Corporation today reported first quarter 2013 sales and profit, with sales up 4% in dollars and up 6% in local currency+.
GAAP net income for the quarter was $58.2 million, or $1.06 per diluted share, compared with 2012 first quarter GAAP net income and diluted EPS of $58.3 million and $1.02 per share, respectively. Adjusted diluted earnings per share of $1.18 in the quarter was 15 cents, or15%, better than 2012 in U.S. dollars, including a negative foreign currency impact of 4 cents. Excluding the impact of foreign exchange on the comparison, adjusted diluted earnings per share was up 19 cents, or 19%.
The Company repurchased in the open market 1.28 million shares for $100 million in the first quarter of 2013. Since 2007, the Company has repurchased 16.8 million shares for $928 million and can repurchase up to an additional $1.1 billion of shares under its current authorization that runs until February 2017. The Company expects to repurchase $100 million worth of shares in the second quarter of 2013, and continues to include $400 million of repurchases in its full year 2013 outlook.