Tupperware Profit Beats Expectations

Tupperware Brands (TUP Quote) beat first-quarter profit expectations and raised its full-year outlook, as an overall drop in spending was offset by the company's strength in emerging markets. The stock was up 20.2% to $25.27 in morning trading.

The maker of food storage containers saw a 20% decline in earnings to $25.6 million, or 41 cents per share, from $32.1 million, or 51 cents per share, a year earlier. Excluding one-time items, the company earned 47 cents per share, beating analysts' expectations of 34 cents a share.

Sales for the three-month period dropped 15% to 462.8 million from $543.4 million. While sales declined 24% in North American beauty and 18% in European sales, there was double-digit growth in Russia, Indonesia, Brazil and Venezuela Tupperware business.

The company adjusted its second-quarter earnings to 62 cents a share from 57 cents, and raised full-year guidance to $2.26 a share from $2.16.