Raymond James Hikes Estimates for Tupperware
Tupperware (TUP ) increased its third-quarter earnings per share outlook to 16 cents to 18 cents. Raymond James raised its estimates on the news.
Analyst Budd Bugatch says the company raised its third-quarter view to 8 cents to 10 cents, excluding an 11-cents gain on land development and 3 cents of re-engineering costs. Also, the company reiterated its 2004 EPS view of $1.21 to $1.31, excluding 13 cents in land gains and 6 cents in re-engineering costs. On an operating basis, he upped his 1-cent third-quarter EPS estimate to 8 cents, $1.23 2004 forecast to $1.28, and now sees $1.43 for 2005.
However, Bugatch notes that while the company upped third-quarter guidance on better performance from Europe and Asia, business remains weak in North America. It also cited market softness in Japan and Germany -- two key Tupperware markets. He maintains a market perform rating for the shares.
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