Tupperware Brands (NYSE: TUP) reported Q3 EPS of $1.20, $0.83 better than the analyst estimate of $0.37. Revenue for the quarter came in at $477.2 million versus the consensus estimate of $362.75 million.

Third Quarter Financial & Operational Updates

• Third quarter sales up 14% versus last year and 21% in local currency
• GAAP diluted E.P.S. of $0.65, versus $0.16 in the prior year period, included a $31 million write-off of capitalized software implementation costs in 2020
• Adjusted* diluted E.P.S. of $1.20 vs. $0.36 in the prior year period
• Reduced 2021 Senior Notes to $380 million during the third quarter through $121 million of open market purchases
• Year-to-date realized $120 million of $180 million Turnaround Plan gross cost savings target; $60 million in the third quarter
• Year-to-date cash flow from operations, net of investing activities, improved $112 million vs. 2019

"The 21 percent growth in local currency revenue reported today reflects a rapid adoption of digital tools by our sales force to combat the social restrictions surrounding COVID-19, and the increased consumer demand for our innovative and environmentally friendly products, as more consumers cook at home and are concerned with food safety and storage," said Miguel Fernandez, President and Chief Executive Officer of Tupperware Brands. "The improved performance of both top and bottom line these past two quarters are a positive sign that our Turnaround Plan is working".

Sandra Harris, Tupperware Brands Chief Financial Officer and Chief Operating Officer said, "We are pleased with the rate of improvement in right sizing the business, improving our liquidity and making permanent structural changes that will ensure the success of our Turnaround Plan." Harris continued, " These efforts, including sales of non-core assets, will help us continue to improve the health of our balance sheet as we pursue the refinancing of our June 2021 obligations."

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