Tupperware
March 10, 2021
Tupperware Brands said fourth-quarter sales rose 17 percent from the same period in 2019. Turnaround cost savings were 72 million dollars in the quarter and 192 million dollars for the full year.
President and chief executive Miguel Fernandez said the sales force is using social media and digital tools so geography is less of a barrier, and that demand remains tied to food preparation, less food waste, and fewer single-use items. He said the company expects room to widen product categories and add places where customers can buy.
Full-year free cash flow was 197.6 million dollars, up from 137.2 million dollars. Notes due in June 2021 that carried a 4.75 percent coupon were retired and replaced with two term loans totaling 275 million dollars due in 2023. Full-year net income was 112.2 million dollars. Diluted earnings were 2.14 dollars a share, compared with 0.25 dollars in 2019. Adjusted earnings were 2.24 dollars, compared with 1.41 dollars.
Chief financial officer and chief operating officer Sandra Harris said the company cut its cost base, improved cash from operations, and refinanced debt so the turnaround plan has a stronger base.