Why Tupperware Brands Stock Plunged 36% at the Open Today
Shares of Tupperware Brands (NYSE: TUP), which is best known for making its namesake plastic containers, fell a shocking 36% at the open of trading on May 4. The news driving that massive decline was the company's first-quarter 2022 earnings update, though it was really the information that was left out that was more important.
Tupperware reported first-quarter 2022 revenue of $348.1 million, down 16% from the same quarter of 2021. That number also missed the Wall Street consensus, which was just short of $357 million. On the bottom line Tupperware reported adjusted earnings per share of $0.12, down from $0.81 in the first quarter of 2021. Analysts had been looking for earnings of $0.52 per share. Weak year-over-year results and misses on both the top and bottom lines are the types of things that make investors upset.
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Source Fool.com
