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TheStreet Open House

Tupperware Brands Corporation's CEO Discusses Q1 2012 Results - Earnings Call Transcript

Stocks in this article: TUP

Now, let me get on with the quarter. We understand your time is valuable. So I am going to make some opening statements, trying our best again not to be redundant with what you’ve seen in the release. Michael will do that and I’ll turn it over to questions and we’ve had, and in a point in time where I was somewhere else in the world and communication wasn’t what it should be. So I would ask your patience if I fall off the call. Mike will finish it.

First quarter 2012 was a record for us. We were up 3% on local currency, came in the high end of the guidance range. However, it is important to note when comparing this quarter to last year, the impact of one last week, we try to put together what that impact was and we think it was five percentage points. So it means our first quarter was up, on a plus to a plus about 8%. Included EPS without items was $1.03, which is also a record in Q1, $0.04 above the high end of the range and this really came in from better profitability in our segments along with $0.01 of foreign exchange benefit. Michael will go through those new answers when we does his section.

We did see impressive performance in a number of our markets, in both the portfolio of emerging and in the established. I am going to highlight some of those and in a bit I am also, I want to comment on some of the markets where there were some performance issues. Again, I would remind you that we are a global portfolio of countries and as I mentioned, I am here with 27 of them and there’s only a very short list of our markets where we have any issues. And I got to say that I have only had one year of my business career, we got a portfolio, there were no issues.

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