Shares of the Tupperware Brands Corporation (TUP) were gloomy today following the release of the third quarter of 2021 financial results. TUP stock price saw a downtrend of 11.72% to drop at $20.71 a share at the time of this writing.
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Tupperware Brands Corporation stock is operating as a consumer product company across the globe. The stock has a current market value of $1.018 billion and a 631,610 average trading volume. It was founded in 1946 and is based in Orlando, Florida.
Third Quarter 2021 Financial Results:
- In the third quarter of 2021, Tupperware recorded $376.9 million in net sales which represent a decline of 11% year-over-year. Net sales in the Asia Pacific reduced by 13% to drop at $112.9 million in the reported quarter. Net sales in Europe and North America reduced by 19% and 11% to drop at $91.3 million and $103.1 million However, net sales in South America increased by 6% to reach $69.6 million in the third quarter of 2021.
- TUP stock reported a gross profit of $247.9 million in the third quarter of 2021. This gross profit represents 65.8% of net sales as compared to 68.7% in the same tenure of the previous year. The higher inputs and logistics costs are mainly attributable to this decrease.
- TUP stock recorded a net income of $60.4 million in the third quarter of 2021 as compared to $29.4 million in the same quarter of last year.
- Diluted earnings per share jumped from $0.56 in the third quarter of 2020 to $1.14 in the third quarter of 2021.
- Adjusted earnings per share jumped from $1.12 in Q3,2020 to $1.19 in Q3,2021.
Major Events of TUP stock:
The board members of TUP stock did authorize the share repurchases up to $250 million of the TUP’s outstanding shares of common stock during the second quarter of 2021. This share repurchase program enhanced the capital allocation policy of the TUP stock. In the third quarter, TUP stock repurchased $25 million outstanding shares of its common stock.
In order to change tax capitalization for tax regarding the direct and indirect inventory costs and assets, the TUP stock made an election of 2020 tax return under IRC Section 263A. Now the Tupperware stock can use a portion of previously fully reserved tax attributes in the United States.
Investors are responding negatively to the announcement of this quarter’s 2021 financial results by the Tupperware brand. The financial results reflect that the Tupperware stock recorded lower sales and gross profit in the reported quarter.