ORLANDO, Fla., Oct. 25,
2017 /PRNewswire/ -- (NYSE: TUP) Tupperware Brands
Corporation today announced third quarter 2017 operating
results.
Rick Goings, Chairman and CEO,
commented, "In the face of significant challenges in externals
across many parts of the portfolio, I am pleased to report that we
grew local currency sales 2% in the third quarter, which is the
mid-point of our July guidance range. China was the stand-out in the quarter,
growing 33%. Profitability exceeded expectations with adjusted
earnings per share coming in 7-cents
above the high-end of our range in local currency before a
1-cent drag from foreign exchange
rates versus July guidance and 18% above last year."
Goings continued, "Our restructuring program, much of which
relates to improvement actions in Europe, is on track, while we are also focused
on strategies to reignite revenue growth in key markets,
particularly India and
Indonesia. Moving forward, our
local management teams, highly experienced in our direct selling
fundamentals, will continue to navigate these challenging externals
as we evolve the business model to fully leverage our strong
aspirational brand, providing an earning opportunity for our 3.2
million global sales force."
Third Quarter Executive Summary - (Comparisons with Third
Quarter 2016)
- Third quarter 2017 net sales were $539.5
million, up 3% (2% local currency). Emerging markets**,
accounting for 71% of sales, were up 4% (3% local currency). The
most significant contributions to the third quarter growth in local
currency were in Brazil and
China, partially offset by
India and Indonesia. Established market sales increased
3% (decreased 1% local currency). Contributing to the local
currency sales decrease were France, Germany and Nutrimetics Australia, partially
offset by Beauticontrol and the United
States and Canada.
- Net income and diluted earnings per share were $31.4 million and $0.61, versus $48.8
million and $0.96 in 2016,
respectively. In 2017, net income included $20 million lower pre-tax gains from real estate
transactions and higher pre-tax restructuring costs of $11 million, including from the winding down of
Beauticontrol. Adjusted, diluted earnings per share of $1.03 was 18% higher (17% local currency). This
was 7-cents above the high-end of the
July guidance range. Versus the July guidance, there was a
1-cent negative impact on diluted
earnings per share comparison from net weaker foreign exchange
rates, while there was a 1-cent
benefit versus the same period in 2016.
- Total sales force of 3.2 million was up 4%. This was a 1-point
sequential improvement from the end of the second quarter,
including a 2-point negative impact from removing the Beauticontrol
sales force. Average active sellers in the third quarter were down
4%. This was a 3-point improvement from the second quarter.
Third Quarter Business Highlights - Comparisons with Third
Quarter 2016
Europe: Segment sales were
up 3% (down 2% local currency).
- Emerging markets in Europe
were up 9% (7% local currency), mainly in CIS, up 23% (13% local
currency) and Tupperware South Africa, up 12% (7% local
currency).
- Established markets were down 1% (7% local currency), primarily
in France, which was down 19% (24%
local currency), and Germany down
2% (8% local currency).
Asia Pacific: Segment sales
were down 2% (1% local currency).
- Emerging markets in Asia
Pacific were down 2% (even in local currency), reflecting
sales in China, up 33% on the
strength of 62% more members and continued leveraging of the
product portfolio, digital technologies and its 5,900 studios (7%
advantage over 2016). This was offset by decreases in India, down 30% (32% local currency),
reflecting challenges in reaching a sales force size advantage
under the government direct selling guidelines, along with a
negative 6% impact from a new goods and services tax effective in
July, as well as in Indonesia,
down 18% (17% local currency) from fewer active sellers.
- Segment's total sales force was 3% lower year-over-year,
primarily reflecting a negative 6 percentage point impact from the
comparison in India.
Tupperware North America: Navigates natural disasters,
segment sales up 7% (4% local currency).
- Tupperware United States and Canada sales were up 8% (7% local
currency).
- Tupperware Mexico sales were up 9% (3% local currency), despite
impact from natural disasters during the quarter.
Beauty North America:
Segment sales were up 3% (down 1% local currency).
- Beauticontrol sales were up 25%, or $2.5
million, in connection with sales force stocking during the
wind-down period. Beauticontrol lost $3.2
million, $0.9 million and
$2.6 million in the third and fourth
quarters of 2016 and first seven months of 2017, respectively. It
had $9.8 million and $11.5 million of sales in the third and fourth
quarters of 2016 and $30.9 million
the first nine months of 2017.
- Fuller Mexico sales were down
4% (9% local currency), including disruption from natural disasters
during the quarter.
South America: Brazil continued to drive segment sales growth
of 12% (13% local currency).
- Brazil was up 11% (8% local
currency), leveraging a 15% sales force size advantage to overcome
challenges in the consumer spending environment and lower sales
force additions in light of credit scores of some potential
sellers.
- Sales in Argentina were up 12%
(31% local currency) mainly from price increases related to the
highly inflationary environment.
Restructuring Plan
Under the Company's restructuring plan announced in July 2017, it has incurred in the second and
third quarters of 2017, approximately $45.0
million of the total $100 to $110
million in pretax costs that it expects to incur through
2018 or 2019. Cash outflows associated with the program are
expected to total $90 to $100
million, including up to $25
million in 2017. Both the cost and cash flow are before
related asset sales that could bring proceeds of up to $35 million over time. In addition to the absence
of losses incurred by Beauticontrol, the program is expected to
generate about $35 million of
annualized benefits once fully implemented. The amounts associated
with the restructuring program have not changed since it was
announced in July. The Company expects to realize a small amount of
benefit in 2017 and about two-thirds of the annualized benefit in
2018, with a majority of the benefit expected to contribute to
improved profitability.
2017 Outlook
Based on current business trends and foreign currency rates, the
Company's fourth quarter and fiscal 2017 full year outlook is
provided below.
Company
Level
|
|
|
13 Weeks
Ended
|
|
14 Weeks
|
|
52 Weeks
Ended
|
|
53 Weeks
|
|
Dec. 30,
2017
|
|
Ended
|
|
Dec. 30,
2017
|
|
Ended
|
|
Low
|
High
|
|
Dec. 31,
2016
|
|
Low
|
High
|
|
Dec 31,
2016
|
|
|
|
|
|
|
|
|
|
|
USD Sales Growth vs
Prior Year
|
—
|
%
|
2
|
%
|
|
1
|
%
|
|
2
|
%
|
3
|
%
|
|
(3)
|
%
|
GAAP EPS
|
$0.96
|
|
$1.01
|
|
|
$1.55
|
|
|
$2.15
|
|
$2.20
|
|
|
$4.41
|
|
GAAP Pre-Tax
ROS
|
12.8
|
%
|
13.1
|
%
|
|
15.6
|
%
|
|
8.1
|
%
|
8.2
|
%
|
|
13.6
|
%
|
|
|
|
|
|
|
|
|
|
|
Local
Currency+ Sales Growth vs
Prior Year
|
(3)
|
%
|
(1)
|
%
|
|
3
|
%
|
|
2
|
%
|
2
|
%
|
|
2
|
%
|
EPS Excluding
Items*
|
$1.48
|
|
$1.53
|
|
|
$1.45
|
|
|
$4.74
|
|
$4.79
|
|
|
$4.39
|
|
Pre-Tax ROS Excluding
Items*
|
17.0
|
%
|
17.2
|
%
|
|
16.3
|
%
|
|
14.4
|
%
|
14.4
|
%
|
|
13.4
|
%
|
|
|
|
|
|
|
|
|
|
|
FX Impact on EPS
Comparison (a)
|
$0.06
|
|
$0.06
|
|
|
|
|
$0.08
|
|
$0.08
|
|
|
|
(a) Impact of changes in foreign currency versus prior year is
updated monthly and posted at: Tupperware Brands Foreign Exchange
Translation Impact Update.
Full Year 2017
- Fiscal year 2017 includes 52 weeks, while 2016 had 53 weeks.
The Company estimates this will have a negative 1 percentage point
impact on the year-over-year sales comparison.
- The fourth quarter of 2017 will have 13 weeks, while 2016 had
14 weeks. Together with a calendar shift in 2017 from the fourth to
the first quarter, there is an estimated negative 5.5 percentage
point impact on the fourth quarter comparison. There is also a
negative 2% impact on the fourth quarter sales comparison from the
wind-down of Beauticontrol in 2017.
- Tax rate estimated at 39.9% on a U.S. GAAP basis and 25.5%
excluding items.
- The losses of Beauticontrol from August onward have been
treated as an "item" in reporting non-GAAP information.
- Excludes Orlando, Florida land
sales that may occur.
Segment Level - In connection with the wind-down of
Beauticontrol, beginning with the fourth quarter of 2017, the
Company will have one North American segment versus separate
segments for Tupperware and beauty in North America.
- For the full year, sales are expected to be about even (down 2
or 3% local currency) in Europe;
down 1% in Asia Pacific (even to
down 1% in local currency); down 1% in dollars and local currency
in North America, including a 3%
negative impact from winding down Beauticontrol; and up 20 or 21%
(17 or 18% local currency) in South
America.
- Segment profit return on sales, excluding items, is expected to
be down about 1½ points in Europe,
to increase about 1½ points in Asia
Pacific, to increase almost 2 points in North America and to increase about ½ point in
South America.
* See Non-GAAP Financial Measures Reconciliation Schedules.
** The Company classifies established market units as those
operating in Western Europe,
including Scandinavia, the United
States, Canada,
Australia and Japan and its remaining units as emerging
market units.
+ Local currency changes are measured by comparing
current year results with those of the prior year translated at the
current year's foreign exchange rates.
Third Quarter Earnings Conference Call
Tupperware Brands will conduct a conference call today,
Wednesday, October 25, 2017, at 8:30 am
Eastern time. The conference call will be webcast and
accessible, along with a copy of this news release and slides
presented during the conference call, on
www.tupperwarebrands.com.
Tupperware Brands Corporation, through an independent
sales force of 3.2 million, is the leading global marketer of
innovative, premium products across multiple brands utilizing
social selling. Product brands and categories include
design-centric preparation, storage and serving solutions for the
kitchen and home through the Tupperware brand and beauty and
personal care products through the Avroy Shlain, Fuller Cosmetics,
NaturCare, Nutrimetics, and Nuvo brands.
The Company's stock is listed on the New York Stock Exchange
(NYSE: TUP). Statements contained in this release, which are not
historical fact and use predictive words such as "estimates",
"outlook", "guidance", "expects", "target" or "will" are
forward-looking statements. These statements involve risks
and uncertainties that include impairment and other charges related
to purchase accounting goodwill and restructuring actions,
recruiting and activity of the Company's independent sales forces
relating to governmental actions and otherwise, the success of new
product introductions and promotional programs, governmental
approvals of materials for use in food containers and beauty,
personal care nutraceutical products, the success of buyers in
obtaining financing or attracting tenants for commercial and
residential developments, the effects of economic and political
conditions generally and foreign exchange risk in particular and
other risks detailed in the Company's periodic reports as filed in
accordance with the Securities Exchange Act of 1934, as
amended.
The Company updates each month the impact of changes in foreign
exchange rates versus the prior year, posting it on Tupperware
Brands Foreign Exchange Translation Impact Update. Other than
updating for changes in foreign currency exchange rates, the
Company does not intend to update forward-looking information,
except through its quarterly earnings releases, unless it expects
diluted earnings per share for the current quarter, excluding items
impacting comparability and changes versus its guidance of the
impact of changes in foreign exchange rates, to be significantly
below its previous guidance.
Non-GAAP Financial Measures
The Company has utilized non-GAAP financial measures in this
release, which are provided to assist readers' understanding of the
Company's results of operations. These amounts exclude certain
items that at times materially impact the comparability of the
Company's results of operations. The adjusted information is
intended to be indicative of the Company's primary operations, and
to assist readers in evaluating performance and analyzing trends
across periods. These results should be considered in addition to,
not as a substitute for, results reported in accordance with
GAAP.
The non-GAAP financial measures exclude gains from the sale of
property, plant and equipment and insurance settlements related to
casualty losses, other income in connection with real estate
related operations, inventory obsolescence and operating losses in
conjunction with decisions to exit, wind-down or significantly
restructure businesses, certain asset retirement obligations,
re-engineering including the exit of businesses and fixed asset
impairment charges and pension settlements. While the Company
is engaged in a multi-year program to sell land adjacent to its
Orlando, Florida headquarters, and
also disposes of other excess land and facilities periodically,
these activities are not part of its primary business
operations. Additionally, amounts recognized in any given
period are not indicative of amounts that may be recognized in any
particular future period. For this reason, these
amounts are excluded as indicated. The Company excludes
significant charges related to casualty losses caused by
significant weather events, fires or similar circumstances. It also
excludes any related gains resulting from the settlement of
associated insurance claims. While these types of events can and do
recur periodically, they are excluded from indicated financial
information due to their distinction from ongoing business
operations, inherent volatility and impact on the comparability of
earnings across periods. The Company periodically records exit
costs accounted for using the applicable accounting guidance for
exit or disposal cost obligations and other amounts related to
rationalizing its supply chain operations and other restructuring
activities, including the exit of businesses and upon liquidation
of operations in a country, the recognition in income of amounts
previously recorded in equity as a cumulative translation
adjustment. Also, the Company excludes pension settlements, as well
as the impact of changes in tax law on cumulative deferred taxes
from items previously recorded as cumulative translation
adjustments. The Company believes these amounts are similarly
volatile and impact the comparability of earnings across periods.
Therefore, they are also excluded from indicated financial
information to provide what the Company believes represents a
useful measure for analysis and predictive purposes.
The Company believes that excluding from reported financial
information costs incurred in connection with a significant change
in its capital structure that is of a nature that would be expected
to recur sporadically, also provides a useful measure for analysis
and predictive purposes. The Venezuelan government over the last
several years has severely restricted the ability to translate
bolivars into U.S. dollars. Due to volatility in changes in the
mandated exchange rates, the Company's non-GAAP measures exclude
for analysis and predictive purposes, the impact from devaluations
on the bolivar denominated net monetary assets and other balance
sheet positions that impact near term income, since they appear in
the income statement at the exchange rate at which they were
originally translated rather than the exchange rate at which
current operating activity is being translated.
The Company has also elected to present financial measures
excluding the impact of amortizing the purchase accounting carrying
value of certain definite-lived intangible assets, primarily the
value of its Fuller trade name recorded in connection with the
Company's December 2005 acquisition
of the direct selling businesses of Sara Lee Corporation. The
amortization expense related to these assets will continue for
several years. Similarly, in connection with its evaluation
of the carrying value of acquired intangible assets and goodwill,
the Company has periodically recognized impairment charges.
The Company believes that these types of non-cash charges will not
be representative in any single reporting period of amounts
recorded in prior reporting periods or expected to be recorded in
future reporting periods. Therefore, they are excluded from
indicated financial information to also provide a useful measure
for analysis and predictive purposes.
As the impact of changes in exchange rates is an important
factor in understanding period-to-period comparisons, the Company
believes the presentation of results on a local currency basis, in
addition to reported results, helps improve readers' ability to
understand the Company's operating results and evaluate performance
in comparison with prior periods. The Company presents local
currency information that compares results between periods as if
current period exchange rates had been the exchange rates in the
prior period. The Company uses results on a local currency basis as
one measure to evaluate performance. The Company generally refers
to such amounts as calculated on a local currency basis, as
restated or excluding the impact of foreign currency. These results
should be considered in addition to, not as a substitute for,
results reported in accordance with GAAP. Results on a local
currency basis may not be comparable to similarly titled measures
used by other companies and are not measures of performance
presented in accordance with GAAP.
In information included with this release, the Company has
referred to Adjusted EBITDA and a Debt/Adjusted EBITDA ratio, which
are non-GAAP financial measures used in the Company's credit
agreement. The Company uses these measures in its capital
allocation decision process and in discussions with investors,
analysts and other interested parties, and therefore believes it is
useful to disclose this amount and ratio. The Company's calculation
of these measures is in accordance with its credit agreement, and
is set forth in the reconciliation from GAAP amounts in an
attachment to this release; however, the reader is cautioned that
other companies define these measures in different ways, and
consequently they may not be comparable with similarly labeled
amounts disclosed by others.
TUPPERWARE BRANDS
CORPORATION
|
THIRD QUARTER 2017
SALES FORCE STATISTICS*
|
(UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
Sales
|
|
|
|
|
|
|
All
Units
|
Reported
Inc/(Dec)
vs. Q3
'16
%
|
Restated+
Inc/(Dec)
vs. Q3
'16
%
|
|
Active
Sales
Force
|
Inc/(Dec)
vs. Q3
'16
%
|
|
Total
Sales
Force
|
Inc/(Dec)
vs. Q3
'16
%
|
Europe
|
3
|
(2)
|
b
|
94,861
|
|
7
|
f
|
842,882
|
|
15
|
Asia
Pacific
|
(2)
|
(1)
|
c
|
197,361
|
|
(13)
|
g
|
1,059,089
|
|
(3)
|
TW North
America
|
7
|
4
|
|
54,764
|
|
7
|
|
456,508
|
|
11
|
Beauty North
America
|
3
|
(1)
|
e
|
170,491
|
|
(9)
|
|
315,864
|
|
(19)
|
South
America
|
12
|
13
|
|
139,580
|
|
10
|
|
552,771
|
|
13
|
Total All
Units
|
3
|
2
|
a
|
657,057
|
|
(4)
|
|
3,227,114
|
|
4
|
|
|
|
|
|
|
|
|
|
Emerging Market
Units
|
|
|
|
|
|
|
|
|
Europe
|
9
|
7
|
|
72,190
|
|
11
|
f
|
657,099
|
|
22
|
Asia
Pacific
|
(2)
|
—
|
c
|
170,829
|
|
(11)
|
g
|
953,008
|
|
(2)
|
TW North
America
|
7
|
1
|
|
39,466
|
|
2
|
h
|
342,154
|
|
11
|
Beauty North
America
|
(4)
|
(9)
|
|
153,982
|
|
(8)
|
|
315,864
|
|
(3)
|
South
America
|
12
|
13
|
|
139,580
|
|
10
|
|
552,771
|
|
13
|
Total Emerging Market
Units
|
4
|
3
|
|
576,047
|
|
(2)
|
|
2,820,896
|
|
7
|
|
|
|
|
|
|
|
|
|
Established Market
Units
|
|
|
|
|
|
|
|
|
Europe
|
(1)
|
(7)
|
|
22,671
|
|
(4)
|
|
185,783
|
|
(5)
|
Asia
Pacific
|
(7)
|
(7)
|
c
|
26,532
|
|
(25)
|
g
|
106,081
|
|
(9)
|
TW North
America
|
8
|
7
|
d
|
15,298
|
|
23
|
h
|
114,354
|
|
10
|
Beauty North
America
|
25
|
25
|
e
|
16,509
|
|
(14)
|
i
|
—
|
—
|
South
America
|
—
|
—
|
|
—
|
—
|
|
—
|
—
|
Total Established
Market Units
|
3
|
(1)
|
|
81,010
|
|
(11)
|
|
406,218
|
|
(15)
|
* Sales force statistics as collected by the Company and, in
some cases, provided by distributors and sales force. The Company
classifies Established Market Units as those operating in
Western Europe, including
Scandinavia, the United States,
Canada, Australia and Japan, and its remaining units as Emerging
Market Units. Active Sales Force is defined as the average number
of people ordering in each cycle over the course of the quarter,
and Total Sales Force is defined as the number of sales force
members of the units as of the end of the quarter.
+ Local currency, or restated, changes are measured by
comparing current year results with those of the prior year,
translated at the current year's foreign exchange rates.
Notes
a Overall better local currency sales than active
sellers comparison reflected 4pp related to unit mix and 2pp
connected with improvement in productivity.
b Lower local currency sales than active sellers
comparison for Europe reflected
6pp related to mix and 3pp of lower productivity mainly in
Tupperware Germany and Tupperware South Africa.
c Larger active sellers than local currency sales
decrease in Asia Pacific in the
emerging markets resulted from a shift in mix towards China that operates under the outlet model
that leads to much larger than average orders. In the established
markets a better sales than active sellers comparison came
primarily from improved productivity in the Tupperware business in
Australia and New Zealand.
d The more significant increase in active sellers than
local currency sales in the Tupperware North America established
markets reflected the strategy to engage the sales force as the
unit works with business leaders under the new compensation plan in
the United States. This continues
to lead to a higher activity mainly from the Hispanic market with
lower order sizes.
e The higher local currency sales than active sellers
comparison reflected remaining Beauticontrol sellers stocking up on
inventory during the wind-down period.
f The better total than active sellers comparison for
Europe emerging markets, came from
Tupperware CIS and South Africa's
high number of sales force additions under relatively low
qualification standards.
g The worse active than total sellers comparison in
Asia Pacific emerging markets was
mainly from the Philippines where
there was one less promotional close in the quarter. For
established markets, Nutrimetics Australia and New Zealand had a lower active to total seller
comparison related to a lower number of sales force managers to
stimulate activity.
h The better active than total sellers comparison for
Tupperware North America established markets reflected the strategy
to engage the sales force, mainly reflecting a positive response
from the Hispanic market. For emerging market units the better
total sales force than active sellers came from Tupperware Mexico's
high number of additions, some of whom were not yet active.
i Reflects Beauticontrol sales force removal.
TUPPERWARE BRANDS
CORPORATION
|
CONSOLIDATED
STATEMENTS OF INCOME
|
(UNAUDITED)
|
|
|
|
|
|
|
|
|
(In millions,
except per share data)
|
13 Weeks
Ended
|
|
13 Weeks
Ended
|
|
39 Weeks
Ended
|
|
39 Weeks
Ended
|
|
Sep 30,
2017
|
|
Sep 24,
2016
|
|
Sep 30,
2017
|
|
Sep 24,
2016
|
Net sales
|
$
|
539.5
|
|
|
$
|
521.8
|
|
|
$
|
1,667.2
|
|
|
$
|
1,612.2
|
|
Cost of products
sold
|
182.7
|
|
|
168.4
|
|
|
543.0
|
|
|
518.3
|
|
Gross
margin
|
356.8
|
|
|
353.4
|
|
|
1,124.2
|
|
|
1,093.9
|
|
|
|
|
|
|
|
|
|
Delivery, sales and
administrative expense
|
283.9
|
|
|
284.2
|
|
|
882.5
|
|
|
871.1
|
|
Re-engineering and
impairment charges
|
9.0
|
|
|
2.4
|
|
|
43.9
|
|
|
5.4
|
|
Impairment of
goodwill
|
—
|
|
|
—
|
|
|
62.9
|
|
|
—
|
|
Gains on disposal of
assets
|
4.1
|
|
|
24.2
|
|
|
7.3
|
|
|
25.1
|
|
Operating
income
|
68.0
|
|
|
91.0
|
|
|
142.2
|
|
|
242.5
|
|
|
|
|
|
|
|
|
|
Interest
income
|
0.8
|
|
|
0.8
|
|
|
2.0
|
|
|
2.3
|
|
Interest
expense
|
11.5
|
|
|
12.8
|
|
|
34.7
|
|
|
36.1
|
|
Other expense,
net
|
0.9
|
|
|
(0.3)
|
|
|
1.6
|
|
|
1.0
|
|
Income before income
taxes
|
56.4
|
|
|
79.3
|
|
|
107.9
|
|
|
207.7
|
|
Provision for income
taxes
|
25.0
|
|
|
30.5
|
|
|
46.8
|
|
|
63.1
|
|
Net income
|
$
|
31.4
|
|
|
$
|
48.8
|
|
|
$
|
61.1
|
|
|
$
|
144.6
|
|
|
|
|
|
|
|
|
|
Net income per common
share:
|
|
|
|
|
|
|
|
Basic earnings per
share
|
$
|
0.62
|
|
|
$
|
0.97
|
|
|
$
|
1.22
|
|
|
$
|
2.86
|
|
Diluted earnings per
share
|
$
|
0.61
|
|
|
$
|
0.96
|
|
|
$
|
1.21
|
|
|
$
|
2.85
|
|
TUPPERWARE BRANDS
CORPORATION
|
CONDENSED
CONSOLIDATED STATEMENTS OF INCOME
|
(UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In
millions, except per share data)
|
13 Weeks
Ended
|
|
13 Weeks
Ended
|
|
Reported
|
|
Restated*
|
|
Foreign
|
|
39 Weeks
Ended
|
|
39 Weeks
Ended
|
|
Reported
|
|
Restated*
|
|
Foreign
|
|
Sep 30,
2017
|
|
Sep 24,
2016
|
|
%
|
|
%
|
|
Exchange
|
|
Sep 30,
2017
|
|
Sep 24,
2016
|
|
%
|
|
%
|
|
Exchange
|
|
|
|
Inc
(Dec)
|
|
Inc
(Dec)
|
|
Impact*
|
|
|
|
Inc
(Dec)
|
|
Inc
(Dec)
|
|
Impact*
|
Net
Sales:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Europe
|
$
|
110.8
|
|
|
$
|
107.3
|
|
|
3
|
|
|
(2)
|
|
|
$
|
5.1
|
|
|
$
|
395.7
|
|
|
$
|
399.6
|
|
|
(1)
|
|
|
(2)
|
|
|
$
|
4.1
|
|
Asia
Pacific
|
184.4
|
|
|
188.9
|
|
|
(2)
|
|
|
(1)
|
|
|
(2.1)
|
|
|
545.2
|
|
|
554.8
|
|
|
(2)
|
|
|
—
|
|
|
(7.6)
|
|
TW North
America
|
94.7
|
|
|
88.1
|
|
|
7
|
|
|
4
|
|
|
2.7
|
|
|
283.6
|
|
|
264.4
|
|
|
7
|
|
|
8
|
|
|
(1.4)
|
|
Beauty North
America
|
44.4
|
|
|
43.2
|
|
|
3
|
|
|
(1)
|
|
|
1.8
|
|
|
128.6
|
|
|
145.5
|
|
|
(12)
|
|
|
(10)
|
|
|
(2.2)
|
|
South
America
|
105.2
|
|
|
94.3
|
|
|
12
|
|
|
13
|
|
|
(1.1)
|
|
|
314.1
|
|
|
247.9
|
|
|
27
|
|
|
22
|
|
|
9.9
|
|
|
$
|
539.5
|
|
|
$
|
521.8
|
|
|
3
|
|
|
2
|
|
|
$
|
6.4
|
|
|
$
|
1,667.2
|
|
|
$
|
1,612.2
|
|
|
3
|
|
|
3
|
|
|
$
|
2.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment
profit (loss):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Europe
|
$
|
(2.4)
|
|
|
$
|
(1.8)
|
|
|
(34)
|
|
|
(52)
|
|
|
$
|
0.2
|
|
|
$
|
29.4
|
|
|
$
|
38.0
|
|
|
(23)
|
|
|
(26)
|
|
|
$
|
1.6
|
|
Asia
Pacific
|
49.5
|
|
|
46.8
|
|
|
6
|
|
|
6
|
|
|
(0.3)
|
|
|
135.7
|
|
|
130.4
|
|
|
4
|
|
|
5
|
|
|
(1.6)
|
|
TW North
America
|
20.3
|
|
|
17.2
|
|
|
18
|
|
|
13
|
|
|
0.8
|
|
|
57.8
|
|
|
51.2
|
|
|
13
|
|
|
14
|
|
|
(0.6)
|
|
Beauty North
America
|
(4.6)
|
|
|
(2.0)
|
|
|
—
|
|
|
—
|
|
|
0.1
|
|
|
(5.6)
|
|
|
(2.3)
|
|
|
—
|
|
|
—
|
|
|
(0.2)
|
|
South
America
|
23.6
|
|
|
23.9
|
|
|
(1)
|
|
|
(1)
|
|
|
—
|
|
|
69.7
|
|
|
52.5
|
|
|
33
|
|
|
27
|
|
|
2.5
|
|
|
86.4
|
|
|
84.1
|
|
|
3
|
|
|
2
|
|
|
0.8
|
|
|
287.0
|
|
|
269.8
|
|
|
6
|
|
|
6
|
|
|
1.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unallocated
expenses
|
(14.4)
|
|
|
(14.6)
|
|
|
(1)
|
|
|
—
|
|
|
(0.1)
|
|
|
(46.9)
|
|
|
(48.0)
|
|
|
(2)
|
|
|
(2)
|
|
|
(0.1)
|
|
Gains on disposal of
assets
|
4.1
|
|
|
24.2
|
|
|
(83)
|
|
|
(83)
|
|
|
—
|
|
|
7.3
|
|
|
25.1
|
|
|
(71)
|
|
|
(71)
|
|
|
—
|
|
Re-engineering and
impairment charges
|
(9.0)
|
|
|
(2.4)
|
|
|
+
|
|
|
+
|
|
|
—
|
|
|
(43.9)
|
|
|
(5.4)
|
|
|
+
|
|
|
+
|
|
|
—
|
|
Impairment of
goodwill
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(62.9)
|
|
|
—
|
|
|
+
|
|
|
+
|
|
|
—
|
|
Interest expense,
net
|
(10.7)
|
|
|
(12.0)
|
|
|
(10)
|
|
|
(10)
|
|
|
—
|
|
|
(32.7)
|
|
|
(33.8)
|
|
|
(3)
|
|
|
(3)
|
|
|
—
|
|
Income before
taxes
|
56.4
|
|
|
79.3
|
|
|
(29)
|
|
|
(30)
|
|
|
0.7
|
|
|
107.9
|
|
|
207.7
|
|
|
(48)
|
|
|
(48)
|
|
|
1.6
|
|
Provision for income
taxes
|
25.0
|
|
|
30.5
|
|
|
(18)
|
|
|
(18)
|
|
|
0.2
|
|
|
46.8
|
|
|
63.1
|
|
|
(26)
|
|
|
(26)
|
|
|
0.4
|
|
Net income
|
$
|
31.4
|
|
|
$
|
48.8
|
|
|
(36)
|
|
|
(36)
|
|
|
$
|
0.5
|
|
|
$
|
61.1
|
|
|
$
|
144.6
|
|
|
(58)
|
|
|
(58)
|
|
|
$
|
1.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per common
share (diluted)
|
$
|
0.61
|
|
|
$
|
0.96
|
|
|
(36)
|
|
|
(37)
|
|
|
$
|
0.01
|
|
|
$
|
1.21
|
|
|
$
|
2.85
|
|
|
(58)
|
|
|
(58)
|
|
|
$
|
0.03
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
number of diluted shares
|
51.3
|
|
|
50.8
|
|
|
|
|
|
|
|
|
50.5
|
|
|
50.7
|
|
|
|
|
|
|
|
* 2017 actual compared with 2016 translated at 2017 exchange
rates
+ Greater than 100% increase
TUPPERWARE BRANDS
CORPORATION
|
NON-GAAP FINANCIAL
MEASURES
|
(UNAUDITED)
|
|
|
|
|
(In
millions, except per share data)
|
13 Weeks Ended Sep
30, 2017
|
|
13 Weeks Ended Sep
24, 2016
|
|
Reported
|
|
Adj's
|
|
Excl
Adj's
|
|
Reported
|
|
Foreign
Exchange
Impact
|
|
Adj's
|
|
Restated*
Excl
Adj's
|
Segment
profit (loss):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Europe
|
$
|
(2.4)
|
|
|
$
|
—
|
|
|
$
|
(2.4)
|
|
|
$
|
(1.8)
|
|
|
$
|
0.2
|
|
|
$
|
0.3
|
|
b
|
$
|
(1.3)
|
|
Asia
Pacific
|
49.5
|
|
|
0.6
|
|
a, f
|
50.1
|
|
|
46.8
|
|
|
(0.3)
|
|
|
0.4
|
|
a
|
46.9
|
|
TW North
America
|
20.3
|
|
|
0.1
|
|
b
|
20.4
|
|
|
17.2
|
|
|
0.8
|
|
|
0.2
|
|
b
|
18.2
|
|
Beauty North
America
|
(4.6)
|
|
|
6.1
|
|
a,h
|
1.5
|
|
|
(2.0)
|
|
|
0.1
|
|
|
1.3
|
|
a
|
(0.6)
|
|
South
America
|
23.6
|
|
|
2.6
|
|
a,c
|
26.2
|
|
|
23.9
|
|
|
—
|
|
|
0.4
|
|
a,c
|
24.3
|
|
|
86.4
|
|
|
9.4
|
|
|
95.8
|
|
|
84.1
|
|
|
0.8
|
|
|
2.6
|
|
|
87.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unallocated
expenses
|
(14.4)
|
|
|
—
|
|
|
(14.4)
|
|
|
(14.6)
|
|
|
(0.1)
|
|
|
(0.4)
|
|
b
|
(15.1)
|
|
Gains on disposal of
assets
|
4.1
|
|
|
(4.1)
|
|
d
|
—
|
|
|
24.2
|
|
|
—
|
|
|
(24.2)
|
|
d
|
—
|
|
Re-engineering and
impairment charges
|
(9.0)
|
|
|
9.0
|
|
e
|
—
|
|
|
(2.4)
|
|
|
—
|
|
|
2.4
|
|
e
|
—
|
|
Interest expense,
net
|
(10.7)
|
|
|
—
|
|
|
(10.7)
|
|
|
(12.0)
|
|
|
—
|
|
|
—
|
|
|
(12.0)
|
|
Income before
taxes
|
56.4
|
|
|
14.3
|
|
|
70.7
|
|
|
79.3
|
|
|
0.7
|
|
|
(19.6)
|
|
|
60.4
|
|
Provision for income
taxes
|
25.0
|
|
|
(7.0)
|
|
j
|
18.0
|
|
|
30.5
|
|
|
0.2
|
|
|
(15.0)
|
|
j
|
15.7
|
|
Net income
|
$
|
31.4
|
|
|
$
|
21.3
|
|
|
$
|
52.7
|
|
|
$
|
48.8
|
|
|
$
|
0.5
|
|
|
$
|
(4.6)
|
|
|
$
|
44.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per common
share (diluted)
|
$
|
0.61
|
|
|
$
|
0.42
|
|
|
$
|
1.03
|
|
|
$
|
0.96
|
|
|
$
|
0.01
|
|
|
$
|
(0.09)
|
|
|
$
|
0.88
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
39 Weeks Ended Sep
30, 2017
|
|
39 Weeks Ended Sep
24, 2016
|
|
Reported
|
|
Adj's
|
|
Excl
Adj's
|
|
Reported
|
|
Foreign
Exchange
Impact
|
|
Adj's
|
|
Restated*
Excl Adj's
|
Segment
profit (loss):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Europe
|
$
|
29.4
|
|
|
$
|
1.2
|
|
b,f
|
$
|
30.6
|
|
|
$
|
38.0
|
|
|
$
|
1.6
|
|
|
$
|
0.3
|
|
a,b
|
$
|
39.9
|
|
Asia
Pacific
|
135.7
|
|
|
1.4
|
|
a,f
|
137.1
|
|
|
130.4
|
|
|
(1.6)
|
|
|
1.3
|
|
a
|
130.1
|
|
TW North
America
|
57.8
|
|
|
0.2
|
|
b
|
58.0
|
|
|
51.2
|
|
|
(0.6)
|
|
|
0.8
|
|
b
|
51.4
|
|
Beauty North
America
|
(5.6)
|
|
|
8.8
|
|
a,h
|
3.2
|
|
|
(2.3)
|
|
|
(0.2)
|
|
|
4.2
|
|
a
|
1.7
|
|
South
America
|
69.7
|
|
|
4.7
|
|
a,c
|
74.4
|
|
|
52.5
|
|
|
2.5
|
|
|
4.4
|
|
a,c
|
59.4
|
|
|
287.0
|
|
|
16.3
|
|
|
303.3
|
|
|
269.8
|
|
|
1.7
|
|
|
11.0
|
|
|
282.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unallocated
expenses
|
(46.9)
|
|
|
—
|
|
|
(46.9)
|
|
|
(48.0)
|
|
|
(0.1)
|
|
|
(0.2)
|
|
b,i
|
(48.3)
|
|
Gains on disposal of
assets
|
7.3
|
|
|
(7.3)
|
|
d
|
—
|
|
|
25.1
|
|
|
—
|
|
|
(25.1)
|
|
d
|
—
|
|
Re-engineering and
impairment charges
|
(43.9)
|
|
|
43.9
|
|
e
|
—
|
|
|
(5.4)
|
|
|
—
|
|
|
5.4
|
|
e
|
—
|
|
Impairment of
goodwill
|
(62.9)
|
|
|
62.9
|
|
g
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Interest expense,
net
|
(32.7)
|
|
|
—
|
|
|
(32.7)
|
|
|
(33.8)
|
|
|
—
|
|
|
—
|
|
|
(33.8)
|
|
Income before
taxes
|
107.9
|
|
|
115.8
|
|
|
223.7
|
|
|
207.7
|
|
|
1.6
|
|
|
(8.9)
|
|
|
200.4
|
|
Provision for income
taxes
|
46.8
|
|
|
10.1
|
|
j
|
56.9
|
|
|
63.1
|
|
|
0.4
|
|
|
(13.1)
|
|
j
|
50.4
|
|
Net income
|
$
|
61.1
|
|
|
$
|
105.7
|
|
|
$
|
166.8
|
|
|
$
|
144.6
|
|
|
$
|
1.2
|
|
|
$
|
4.2
|
|
|
$
|
150.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per common
share (diluted)
|
$
|
1.21
|
|
|
$
|
2.09
|
|
|
$
|
3.30
|
|
|
$
|
2.85
|
|
|
$
|
0.03
|
|
|
$
|
0.09
|
|
|
$
|
2.97
|
|
* 2017 actual compared with 2016 translated at 2017 exchange
rates.
a Includes amortization of intangibles of acquired beauty
units.
b Pension settlement costs.
c As a result of devaluations in the Venezuelan bolivar, the
Company had negative impacts of $2.4
million and $4.2 million in
the third quarter and year-to-date periods of 2017, respectively,
and $0.3 million and $4.2 million in the third quarter and
year-to-date periods of 2016, respectively. These amounts related
to expense from re-measuring bolivar denominated net monetary
assets at the lower exchange rates at the times of devaluations,
along with the impact of recording in income amounts on the balance
sheet when the devaluations occurred, primarily inventory, at the
exchange rates at the time the amounts were made or purchased,
rather than the exchange rates in use when they were included in
income.
d Gains on disposal of assets in 2017 relates to an insurance
settlement and transactions related to land held near the
Orlando, FL headquarters, and in
2016 to transactions related to land held near the Orlando, FL headquarters.
e In both years, re-engineering and impairment charges were
primarily related to severance costs incurred for headcount
reduction in several of the Company's operations in connection with
changes in its management and organizational structures, as well as
in 2017 to the wind-down of Beauticontrol business.
f Write off of inventory associated with closing units.
g Impairment of goodwill of Fuller Mexico.
h Beauticontrol wind-down loss and inventory write-off
i Other income from real estate related operations in 2016.
j Provision for income taxes represents the net tax impact of
adjusted amounts.
See note regarding non-GAAP financial measures in the attached
press release.
TUPPERWARE BRANDS
CORPORATION
|
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
(UNAUDITED)
|
|
|
|
|
(In
millions)
|
39 Weeks
Ended
|
|
39 Weeks
Ended
|
|
September 30,
2017
|
|
September 24,
2016
|
Operating
Activities:
|
|
|
|
Net cash provided by
operating activities
|
$
|
80.8
|
|
|
$
|
92.3
|
|
|
|
|
|
Investing
Activities:
|
|
|
|
Capital
expenditures
|
(52.6)
|
|
|
(38.2)
|
|
Proceeds from
disposal of property, plant & equipment
|
11.7
|
|
|
31.8
|
|
Net cash used in
investing activities
|
(40.9)
|
|
|
(6.4)
|
|
|
|
|
|
Financing
Activities:
|
|
|
|
Dividend payments to
shareholders
|
(103.9)
|
|
|
(104.0)
|
|
Repurchase of common
stock
|
(0.6)
|
|
|
(1.1)
|
|
Repayment of
long-term debt and capital lease obligations
|
(1.6)
|
|
|
(1.7)
|
|
Net change in
short-term debt
|
76.1
|
|
|
33.0
|
|
Proceeds from
exercise of stock options
|
9.9
|
|
|
0.6
|
|
Excess tax benefits
from share-based payment arrangements
|
—
|
|
|
0.3
|
|
Net cash used in
financing activities
|
(20.1)
|
|
|
(72.9)
|
|
|
|
|
|
Effect of exchange
rate changes on cash and cash equivalents
|
5.9
|
|
|
5.7
|
|
Net change in cash
and cash equivalents
|
25.7
|
|
|
18.7
|
|
Cash and cash
equivalents at beginning of year
|
93.2
|
|
|
79.8
|
|
Cash and cash
equivalents at end of period
|
$
|
118.9
|
|
|
$
|
98.5
|
|
TUPPERWARE BRANDS
CORPORATION
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
(UNAUDITED)
|
|
|
|
|
(In
millions)
|
Sep 30,
2017
|
|
Dec 31,
2016
|
Assets:
|
|
|
|
Cash and cash
equivalents
|
$
|
118.9
|
|
|
$
|
93.2
|
|
Other current
assets
|
504.7
|
|
|
452.1
|
|
Total current
assets
|
623.6
|
|
|
545.3
|
|
|
|
|
|
Property, plant and
equipment, net
|
276.0
|
|
|
259.8
|
|
Other
assets
|
782.7
|
|
|
782.7
|
|
Total
assets
|
$
|
1,682.3
|
|
|
$
|
1,587.8
|
|
|
|
|
|
Liabilities and
Shareholders' Equity:
|
|
|
|
Short-term borrowings
and current portion of long-term debt
|
$
|
193.1
|
|
|
$
|
105.9
|
|
Accounts payable and
other current liabilities
|
414.9
|
|
|
441.7
|
|
Total current
liabilities
|
608.0
|
|
|
547.6
|
|
|
|
|
|
Long-term
debt
|
605.3
|
|
|
606.0
|
|
Other
liabilities
|
230.9
|
|
|
221.4
|
|
Total shareholders'
equity
|
238.1
|
|
|
212.8
|
|
Total liabilities and
shareholders' equity
|
$
|
1,682.3
|
|
|
$
|
1,587.8
|
|
TUPPERWARE BRANDS
CORPORATION
|
NON-GAAP FINANCIAL
MEASURES OUTLOOK RECONCILIATION SCHEDULE
|
October 25,
2017
|
(UNAUDITED)
|
|
|
|
|
|
|
|
Fourth
Quarter
|
|
Fourth
Quarter
|
(In millions,
except per share data)
|
2016
Actual
|
|
2017
Outlook
|
|
|
|
Range
|
|
|
|
Low
|
|
High
|
Income before income
taxes
|
$
|
93.6
|
|
|
$
|
76.4
|
|
|
$
|
79.9
|
|
|
|
|
|
|
|
Income tax
|
$
|
14.6
|
|
|
$
|
27.2
|
|
|
$
|
28.2
|
|
Effective
Rate
|
16
|
%
|
|
36
|
%
|
|
35
|
%
|
|
|
|
|
|
|
Net Income
(GAAP)
|
$
|
79.0
|
|
|
$
|
49.2
|
|
|
$
|
51.7
|
|
|
|
|
|
|
|
% change from prior
year
|
|
|
(38)
|
%
|
|
(35)
|
%
|
|
|
|
|
|
|
Adjustments(1):
|
|
|
|
|
|
Gains on disposal of
assets
|
(2.2)
|
|
|
—
|
|
|
—
|
|
Re-engineering and
pension settlements
|
4.8
|
|
|
23.4
|
|
|
23.4
|
|
Net impact of
Venezuelan bolivar devaluations
|
0.1
|
|
|
—
|
|
|
—
|
|
Acquired intangible
asset amortization
|
1.8
|
|
|
2.0
|
|
|
2.0
|
|
Income
tax(2)
|
(9.8)
|
|
|
1.3
|
|
|
1.3
|
|
Net Income
(adjusted)
|
$
|
73.7
|
|
|
$
|
75.9
|
|
|
$
|
78.4
|
|
|
|
|
|
|
|
Exchange rate
impact(3)
|
2.8
|
|
|
—
|
|
|
—
|
|
Net Income (adjusted
and 2016 restated for currency changes)
|
$
|
76.5
|
|
|
$
|
75.9
|
|
|
$
|
78.4
|
|
|
|
|
|
|
|
% change from prior
year
|
|
|
(1)
|
%
|
|
2
|
%
|
|
|
|
|
|
|
Net income (GAAP) per
common share (diluted)
|
$
|
1.55
|
|
|
$
|
0.96
|
|
|
$
|
1.01
|
|
|
|
|
|
|
|
% change from prior
year
|
|
|
(38)
|
%
|
|
(35)
|
%
|
|
|
|
|
|
|
Net Income (adjusted)
per common share (diluted)
|
$
|
1.45
|
|
|
$
|
1.48
|
|
|
$
|
1.53
|
|
|
|
|
|
|
|
Net Income (adjusted
& restated) per common share (diluted)
|
$
|
1.51
|
|
|
$
|
1.48
|
|
|
$
|
1.53
|
|
|
|
|
|
|
|
% change from prior
year
|
|
|
(2)
|
%
|
|
1
|
%
|
|
|
|
|
|
|
Average number of
diluted shares (millions)
|
50.8
|
|
|
51.2
|
|
|
51.2
|
|
(1) Refer to Non-GAAP Financial Measures section of
attached release for description of the general nature of
adjustment items
(2) Represents income tax impact of adjustments on an
item-by-item basis
(3) Difference between 2016 actual and 2016 translated
at current currency exchange rates
TUPPERWARE BRANDS
CORPORATION
|
NON-GAAP FINANCIAL
MEASURES OUTLOOK RECONCILIATION SCHEDULE
|
October 25,
2017
|
(UNAUDITED)
|
|
|
|
|
|
|
|
Full
Year
|
|
Full
Year
|
(In millions,
except per share data)
|
2016
Actual
|
|
2017
Outlook
|
|
|
|
Range
|
|
|
|
Low
|
|
High
|
Income before income
taxes
|
$
|
301.3
|
|
|
$
|
184.4
|
|
|
$
|
187.8
|
|
|
|
|
|
|
|
Income tax
|
$
|
77.7
|
|
|
$
|
74.1
|
|
|
$
|
74.9
|
|
Effective
Rate
|
26
|
%
|
|
40
|
%
|
|
40
|
%
|
|
|
|
|
|
|
Net Income
(GAAP)
|
$
|
223.6
|
|
|
$
|
110.3
|
|
|
$
|
112.9
|
|
|
|
|
|
|
|
% change from prior
year
|
|
|
(51)
|
%
|
|
(50)
|
%
|
|
|
|
|
|
|
Adjustments(1):
|
|
|
|
|
|
Gains on disposal of
assets
|
$
|
(27.3)
|
|
|
$
|
(7.3)
|
|
|
$
|
(7.3)
|
|
Purchase accounting
intangibles impairment
|
—
|
|
|
62.9
|
|
|
62.9
|
|
Re-engineering and
pension settlements
|
11.0
|
|
|
73.6
|
|
|
73.6
|
|
Net impact of
Venezuelan bolivar devaluations
|
4.3
|
|
|
4.0
|
|
|
4.0
|
|
Acquired intangible
asset amortization
|
7.6
|
|
|
7.9
|
|
|
7.9
|
|
Income
tax(2)
|
3.3
|
|
|
(8.7)
|
|
|
(8.8)
|
|
Net Income
(adjusted)
|
$
|
222.5
|
|
|
$
|
242.7
|
|
|
$
|
245.2
|
|
|
|
|
|
|
|
Exchange rate
impact(3)
|
3.9
|
|
|
—
|
|
|
—
|
|
Net Income (adjusted
and 2016 restated for currency changes)
|
$
|
226.4
|
|
|
$
|
242.7
|
|
|
$
|
245.2
|
|
|
|
|
|
|
|
% change from prior
year
|
|
|
7
|
%
|
|
8
|
%
|
|
|
|
|
|
|
Net income (GAAP) per
common share (diluted)
|
$
|
4.41
|
|
|
$
|
2.15
|
|
|
$
|
2.20
|
|
|
|
|
|
|
|
% change from prior
year
|
|
|
(51)
|
%
|
|
(50)
|
%
|
|
|
|
|
|
|
Net Income (adjusted)
per common share (diluted)
|
$
|
4.39
|
|
|
$
|
4.74
|
|
|
$
|
4.79
|
|
|
|
|
|
|
|
Net Income (adjusted
& restated) per common share (diluted)
|
$
|
4.47
|
|
|
$
|
4.74
|
|
|
$
|
4.79
|
|
|
|
|
|
|
|
% change from prior
year
|
|
|
6
|
%
|
|
7
|
%
|
|
|
|
|
|
|
Average number of
diluted shares (millions)
|
50.7
|
|
|
51.2
|
|
|
51.2
|
|
(1) Refer to Non-GAAP Financial Measures section of
attached release for description of the general nature of
adjustment items
(2) Represents income tax impact of adjustments on an
item-by-item basis, and in 2016 the benefit of a change in tax law
related to an amount previously recorded in equity
(3) Difference between 2016 actual and 2016 translated
at current currency exchange rates
TUPPERWARE BRANDS
CORPORATION
|
ADJUSTED EBITDA
AND DEBT/ADJUSTED EBITDA*
|
(UNAUDITED)
|
|
|
|
As of and for
the
four quarters ended
|
|
September 30,
2017
|
Adjusted
EBITDA:
|
|
Net income
|
$
|
140.1
|
|
Add:
|
|
Depreciation and
amortization
|
59.0
|
|
Gross interest
expense
|
47.4
|
|
Provision for income
taxes
|
61.4
|
|
Equity
compensation
|
21.1
|
|
Pre-tax
re-engineering and impairment charges
|
66.8
|
|
Other non-cash
extraordinary, unusual or non-recurring charges
|
36.7
|
|
Deduct:
|
|
Cash paid for
re-engineering
|
(4.5)
|
|
Gains on land sales,
insurance recoveries, etc.
|
(9.5)
|
|
Total Adjusted
EBITDA
|
$
|
418.5
|
|
|
|
Consolidated total
debt
|
$
|
798.4
|
|
Divided by adjusted
EBITDA
|
418.5
|
|
Debt to Adjusted
EBITDA Ratio
|
1.91
|
|
* Amounts and calculations are based on the definitions and
provisions of the Company's $600
million Credit Agreement dated September 11, 2013, as amended and restated
("Credit Agreement") and, where applicable, are based on the
trailing four quarter amounts. "Adjusted EBITDA" is calculated as
defined for "Consolidated EBITDA" in the Credit Agreement.
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SOURCE Tupperware Brands Corporation