Shares of Tupperware Brands (TUP) - Get Tupperware Brands Corporation Report melted on Wednesday, falling more than 18%, after the company reported earnings and sales that missed expectations amid the ongoing U.S.-China trade war as well as the impact of a stronger U.S. dollar.
The Orlando, Florida-based company said it earned an adjusted $47.7 million, or 98 cents a share, in the second quarter, down from $55.5 million, or $1.09 a share a year earlier, and below analysts' forecasts of $1 a share.
Revenue came in at $475.3 million vs. $491.6 million expected by analysts polled by FactSet.
"Overall, the business fell short of our expectations in some markets as geopolitical concerns and lower consumer spending headwinds in two of our key markets resulted in a miss of our local currency sales expectations as we worked to adjust our product and promotion mix accordingly," CEO Tricia Stitzel said in a statement.
The company also lowered its forward guidance, stating that earnings this quarter will be between 61 cents and 66 cents a share, short of the 88 cents expected by analysts polled by FactSet. For the full year, Tupperware slashed its earnings forecast to a range of $3.45 to $3.60, down from prior guidance of $4.03 to $4.14.
Shares of Tupperware were down 18.07% at $14.60 in trading on the New York Stock Exchange.