Tupperware Brands (TUP) Tops Q2 EPS by 7c; Guides Lower, Announces Management Changes

Tupperware Brands (NYSE: TUP) reported Q2 EPS of $1.17, $0.07 better than the analyst estimate of $1.10. Revenue for the quarter came in at $535.4 million versus the consensus estimate of $553.49 million.

GUIDANCE:

Tupperware Brands sees Q3 2018 EPS of $0.80-$0.85, versus the consensus of $0.96.

Tupperware Brands sees FY2018 EPS of $4.25-$4.35, versus the consensus of $4.46.

Group Leadership Changes:

Effective July 1, 2018, the Company named Stein Ove Fenne as Group President, Tupperware Europe, Africa & Middle East, succeeding Simon Hemus, Vice Chairman, who will retire from the Company December 31, 2018, as previously announced. Fenne had most recently served as Senior Vice President & President, Tupperware U.S. & Canada since 2012. Taking over the U.S. & Canada business from Fenne is Jim Bellonzi, after serving most recently as Senior Vice President, Business Transformation. Stitzel said, "I am excited for Stein Ove to lead our Europe, Africa and Middle East business, after his proven track record in the U.S. & Canada, where he achieved business transformation that re-defined the sales force earning opportunity, brought growth to sales force leadership and accomplished greater market penetration. I also thank Simon for his leadership and am grateful he will remain with the Company through the end of the year to ensure a seamless transition to Stein Ove." Concerning Bellonzi's appointment, Stitzel added, "Jim is the right person to take over the U.S. & Canada business. Not only has he served in several corporate strategy roles, specializing in key elements of our global growth strategy including our studio creation and expansion, he has also spent time in sales operations in the U.S. and as a managing director in Canada. His tenure and experience provide the right skill set to continue the growth of this important business."

Effective August 1, 2018, the Company named Asha Gupta as Executive Vice President & Chief Strategy and Marketing Officer, and Justin Hewett as Group President, Asia Pacific. Gupta has served as Group President, Asia Pacific since January 2014, and Hewett has served as Area Vice President with portfolio responsibility in the Company's Europe, Africa and Middle group since July 2014. Stitzel stated, "With Asha and Justin assuming their new, critical, roles, our management team is positioned to execute and deliver on our global growth strategy. Asha's 20 years of experience in sales, marketing and leadership with the Company, and her keen insight from both a country and group portfolio perspective, position her well to oversee our business transformation and global growth strategies, which continue to be systematized and scaled globally. With Asha's move, we are pleased to have an executive with Justin's experience and credentials to lead Asia Pacific. Justin has a strong track record, including market leadership in South Africa and expertise in emerging market dynamics. His recent focus has been in transforming several important markets, through redefining business models, streamlining operations and implementing the Company's global growth strategies."

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