PR Newswire
ORLANDO, Fla., Jan. 31, 2018
ORLANDO, Fla., Jan. 31, 2018 /PRNewswire/ -- (NYSE: TUP) Tupperware Brands Corporation today announced fourth quarter 2017 operating results.
Rick Goings, Chairman and CEO, commented, "Our local currency sales came in 1-point under our October guidance range. Overall, our top-line did accelerate on a sequential basis after adjusting for calendar shifts, in connection with having an additional week in the fourth quarter of 2016, and the closure of Beauticontrol. China's significant growth trajectory continued, while Brazil and Tupperware Mexico grew nicely, demonstrating resilience in the face of tough externals coming out of the third quarter of 2017. Adjusted earnings per share was 6-cents above the high-end of our range in local currency after a 1-cent drag from foreign exchange rates versus October guidance."
Goings continued, "Our re-engineering program to revitalize operations and improve the cost structure, primarily in Europe, continues to progress. Globally, we continue efforts to evolve our relationship-selling business model to include greater access to our powerful brands and innovative products through the use of digital tools, branded contact points and a relevant earning opportunity for our growing sales force of 3.2 million."
Fourth Quarter Executive Summary - (Comparisons with Fourth Quarter 2016)
Fourth Quarter Business Highlights - (Comparisons with Fourth Quarter 2016)
Europe: Segment sales were down 3% (10% local currency). Comparable Basis: down 5%++.
Asia Pacific: Segment sales were down 2% (4% local currency). Comparable Basis: up 2%++.
North America: Segment sales were down 7% (8% local currency), including 8-points of an impact from Beauticontrol closure. Comparable Basis: up 4%++.
South America: Segment sales grew 6% (10% local currency). Comparable Basis: up 16%++.
Revitalization Program
Under the Company's revitalization plan announced in July 2017, it expects to incur a total of $100 to $110 million in pretax costs, of which $65 million was recorded in 2017. The Company expects to incur an additional $30 million in 2018. Cash outflows associated with the overall program are expected to total $90 to $100 million, including $13 million paid in 2017 and $70 million expected in 2018. Both the cost and cash flow are before related asset sales that could bring proceeds of up to $50 to $60 million over time. The program is expected to generate about $35 million of annualized benefits once fully implemented. Other than an increase in expected proceeds from the sale of related assets, the amounts associated with the program have not changed since it was announced. The Company realized a small benefit in 2017 and expects to realize about two-thirds of the annualized benefit in 2018. After reinvestment, a mid-teen dollar benefit is expected in 2018. In addition, there will be a $2.6 million benefit versus 2017, of not having operating losses from Beauticontrol in the first half of 2018.
U.S Tax Cuts and Jobs Act of 2017 (the "Tax Act")
In December 2017, the U.S. government enacted the Tax Act that significantly changed the U.S. corporate income tax system by, among other things, lowering the U. S. corporate income tax rate and implementing a territorial tax system. Upon enactment in the fourth quarter of 2017, the Company recorded an estimate of non-cash, income tax charges of $375 million.
The changes included in the Tax Act are broad and complex. The final transition impacts may differ from the above estimate, possibly materially, due to, among other things, changes in interpretations; legislative action, including U.S. Treasury regulations and guidance; changes in accounting standards or related interpretations; and updates or changes to estimates the Company has utilized to calculate the transition impacts, including impacts from changes to earnings estimates. A different amount than reflected in this release could be recorded related to transition impacts in the Company's 2017 audited financial statements included in its Form 10-K expected to be filed in late February, and/or additional transition-related amounts could be recorded in the Company's 2018 financial statements.
2018 Outlook
Based on current business trends and foreign currency rates, the Company's first quarter and fiscal 2018 full year outlook is provided below.
Company Level
| 13 Weeks Ended | | 13 Weeks | | 52 Weeks Ended | | 52 Weeks | ||||||||
| Mar. 31, 2018 | | Ended | | Dec. 29, 2018 | | Ended | ||||||||
| Low | High | | Apr. 1, 2017 | | Low | High | | Dec 30, 2017 | ||||||
| | | | | | | | | | ||||||
USD Sales Growth vs Prior Year | 1 | % | 3 | % | | 6 | % | | 2 | % | 4 | % | | 2 | % |
GAAP EPS | $0.77 | | $0.82 | | | $0.93 | | | $4.50 | | $4.65 | | | ($5.22) | |
GAAP Pre-Tax ROS | 9.9 | % | 10.4 | % | | 11.6 | % | | 13.9 | % | 14.1 | % | | 8.2 | % |
| | | | | | | | | | ||||||
Local Currency+ Sales Growth vs Prior Year | (3) | % | (1) | % | | 6 | % | | — | % | 2 | % | | 1 | % |
EPS Excluding Items* | $1.01 | | $1.06 | | | $1.01 | | | $5.09 | | $5.24 | | | $4.84 | |
Pre-Tax ROS Excluding Items* | 12.7 | % | 13.1 | % | | 12.5 | % | | 15.5 | % | 15.7 | % | | 14.6 | % Werbung Mehr Nachrichten zur Tupperware Brands Corp. Aktie kostenlos abonnieren
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