Tupperware Brands Corp.'s stock TUP, fell a sharp 27.7% in premarket trades on Wednesday after the kitchen products maker missed its profit and revenue targets on"internal and external challenges ... that eroded our business economics." Tupperware posted third-quarter net income of $16.8 million, or 38 cents a share, from a loss of $86.1 million, or $1.63 a share, in the year-ago quarter.
Its adjusted earnings fell to 14 cents a share, from $1.19 a share in the year-ago quarter. Revenue dropped 20% to $302.8 million. Analysts expected Tupperware to earn 42 cents a share on revenue of $316.1 million, according to data from FactSet. Looking ahead, Tupperware said it expects to take additional restructuring actions and make inventory reductions in the fourth quarter,"given the revenue trends year to date.