RTTNews | Jul 29, 2020 10:15AM EDT

10:15 Wednesday, July 29, 2020 (RTTNews.com) - Shares of Tupperware Brands Corp. (TUP) are surging almost 51 percent or $4.89 in Wednesday's morning trade at $14.52 after the household products company's second-quarter profit surged from last year and beat analysts' expectations.

Wednesday, Tupperware reported second-quarter net income of $63.8 million or $1.30 per share, up from $39.4 million or $0.81 per share in the year-ago period. Adjusted earnings of $0.84 per share comfortably beat the consensus estimate of analysts polled by Thomson Reuters of $0.14 per share.

However, net sales for the quarter declined 16.4 percent to $397.4 million from $475.3 million last year.

"The improvements in profitability achieved in the second quarter demonstrate the ongoing commitment to improve operating margins and deliver $180 million in gross cost reductions in 2020," said Sandra Harris, Chief Financial Officer.

Tupperware has traded in a range of $1.15 to $16.94 in the past 52 weeks.

Read the original article on RTTNews ( https://www.rttnews.com/3115622/stock-alert-tupperware-brands-jumps-51-on-upbeat-q2-profit.aspx)

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