Tupperware Brands (TUP) - Get Report shares touched a 52-week high in a sharply down Wednesday broad market as the iconic housewares company's third-quarter sales and earnings topped analyst estimates for the period.
The Orlando, Fla., company earned 65 cents a share in the quarter, four times the 16 cents of the year-earlier quarter. Adjusted share earnings were $1.20 against 36 cents a year earlier.
Sales advanced 14% to $477.2 million from $418.1 million.
Three analysts surveyed by FactSet produced a consensus estimate of adjusted earnings of 37 cents.
"The 21% growth in local-currency revenue reported today reflects a rapid adoption of digital tools by our salesforce to combat the social restrictions surrounding covid-19," Chief Executive Miguel Fernandez said in a statement.
That growth also reflects "increased consumer demand for our innovative and environmentally friendly products, as more consumers cook at home and are concerned with food safety and storage," the executive said.
Tupperware shares at last check jumped 34% to $28.52. In Wednesday trading they have touched a 52-week high $30.19, up 42%.
Sales in North America jumped 42% to $146.3 million and European sales rose 23% to $121.2 million. South American sales added 4% to $69.6 million. The company saw a sales decline of 6%, to $140.1 million, in Asia.
The company said that it continued to prioritize using cash to pay down debt and to invest in an effort to "right-size the business" as part of its turnaround plan.
Year to date, the company has generated $107.8 million of cash from operations, an improvement of $111.9 million from a year earlier, by reducing discretionary spending.