Tupperware gains: TUP stock tanks 45% on warning

<p>Tupperware (NYSE: TUP) does not look good for the company on Tuesday after a preliminary warning was released.

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According to this Tupperware revenue warning, the company has requested a late extension of its application to the US Securities and Exchange Commission. This gives it another 15 days to publish its report. The company says that this will make it possible to solve certain problems and hammer out details for its 2019 earnings report.

Tupperware’s revenue alert also contains selected data from future reports. It covers adjusted diluted earnings per share (EPS) from $ 1.35 to $ 1.70 and earnings that fall within its outlook from 12% to 14% for the period.

It does not look good next to Wall Street estimates for 2019. Analysts estimate adjusted diluted earnings per share at $ 2.78 and revenue at $ 1.8 billion.

Tupperware’s revenue warning also includes the outlook for fiscal year 2020. Among these, GAAP EPS is at $ 1.16 to $ 1.23. It also expects sales in USD for next year to be between 1.582 billion and 1.617 billion dollars.

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

“While the challenges in Brazil, China, the US and Canada continued during the fourth quarter in line with our expectations, our preliminary results were further affected by financial reporting issues in Fuller Mexico. We are working fast to address these Fuller Mexico issues to complete our results for 2019. We are also focused on meeting the clear headwinds in our core markets and accelerating the pace at which we can achieve meaningful business improvement. ”

The TUP share fell more than 45% from the market closure on Tuesday afternoon.

At the time of writing, William White had no position in any of the above securities.