2. Goings, Goings, Gone
may have beaten the Street this week, but CEO Rick Goings better think twice before stepping into a New York City taxicab.
Tupperware posted net income of $74.5 million, or $1.71 per share after one-time adjustments, in its fourth quarter. In the same period last year, the company booked a profit of $86.9 million, or $1.50 per share. Wall Street analysts expected income of $1.68 per share. Shares of Tupperware spiked over 5% on Tuesday's earnings beat.
Those are just the numbers, though. The real fun came during the conference call when Goings went off on a question from
Bank of America Merrill Lynch
analyst Olivia Tong over Tupperware's lack of U.S. success.
"We are a high-quality product and a brand. Why do we do better in Europe than we do in the U.S.? Hey, take a look at the average brand of cab that you get in New York City -- I mean, they're filthy. They're junk. Get in a cab over here. It's a Mercedes or an Audi," said the Tupperware CEO.
Considering a taxi medallion in the Big Apple goes for over $1 million, we imagine that most cabdrivers probably would tell the Tupperware CEO to stuff it. Goings didn't stop there, though. He just kept going and going.
"The U.S.A. is basically a Wal-Mart market. Our top-tier products like the Microsteamer or the Ultra Plus, that are 100-year-old products, it's hard to sell them in the U.S. because that's a discount market over there. ... They buy price. Europe buys quality, Japan quality. And our issue is, how do we find the right product mix for the U.S. to make it happen there? And I've got to tell you, Olivia, it is challenging," said Goings.
Well, we've got to tell you, Rick: Thank you for a quality answer. We don't get CEOs responding that truthfully to questions that often and even rarer still do we hear them insult the consumption habits of every single American citizen.