Tupperware Brands (NYSE: TUP) reported Q1 EPS of $0.82, $0.28 better than the analyst estimate of $0.54. Revenue for the quarter came in at $460.3 million versus the consensus estimate of $434.05 million.

First Quarter 2021 Financial Highlights

• Net sales of $460.3 million increased 22% vs. 2020, up 20% in local currency
• GAAP diluted earnings per share were $0.85 compared to a loss of $(0.16) for the first quarter 2020
• Adjusted (1) diluted earnings per share were $0.82 compared to $0.09 in 2020
• Net Income was $45.3 million compared to a net loss of $(7.8) million for the first quarter of 2020
• Effective tax rate was 31%
• EBITDA(1) grew 551% to $88.6 million compared to $13.6 million in the first quarter of 2020

"The strong financial performance this quarter is a concrete example that we are strengthening the foundation of our company. We continue to revitalize the brand through the expanded use of digital tools by our sales force to solve consumer needs," said Miguel Fernandez, President and Chief Executive Officer of Tupperware Brands. "Additionally, we have made great progress building the team needed to accelerate growth in new channels of distribution so more consumers have access to our environmentally-friendly, reusable products."

"Our cash earnings in the first quarter illustrate the benefits of the ongoing turnaround plan, which is creating a more profitable company. Additionally, the sale of non-core assets resulted in a sizeable reduction of our debt, consistent with our capital allocation policy, resulting in a prospective fifty-basis-point interest rate reduction," said Sandra Harris, Tupperware Brands Chief Financial Officer and Chief Operating Officer.

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