Why Shares of Tupperware Are Plunging Today
Shares of Tupperware Brands (NYSE: TUP) fell more than 35% on Tuesday after the maker of food storage, kitchen, and beauty products delayed the full release of its year-end results. The stock has now lost about 88% of its value over the past year, and the company's outlook for 2020 gave investors little to get excited about.
In a statement Tuesday, Tupperware said it was investigating "financial reporting issues" in its Fuller Mexico business, as well as finalizing its tax rate, and as a result will not be holding its earnings call as scheduled. The company, which in October warned that its full-year results would come in below expectations, said it expects 2019 adjusted earnings per share between $1.35 and $1.70, well short of the $2.78 per share consensus expectation.
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Source Fool.com
