Tupperware’s 2014 profits fell 21 percent as the kitchen-container maker’s sales slid in Europe and North America.
The Orlando-based company said sales for the year dropped 2.2 percent to $2.6 billion, and fourth quarter sales were down 5.1 percent to $679.9 million.
But even with declining sales and profits, Tupperware beat analysts’ estimates by about 12 cents a share, earning $1.65 for the quarter. Beating estimates helped TUP stock have a big day on the New York Stock Exchange, rising 11.6 percent to $66.67.
“While there continue to be challenging external forces, this quarter’s results demonstrated we can and will continue to navigate through the environments we find ourselves in,” said Rick Goings, Tupperware’s chairman and CEO, in a statement.
While established markets in North America and Europe hurt Tupperware in 2014, the company did see growth in its emerging markets in Argentina, Brazil, China and Indonesia.
Tupperware’s full-year earnings rang in at $82.3 million, down from $89.7 million in 2013.
The company said North American sales were hurt by a smaller workforce in Mexico, where sales fell 11 percent during the fourth quarter.