By Christiana Sciaudone
Investing.com -- We're really into our leftovers. Tupperware (NYSE:TUP) thanks us.
Shares are up 27% after the home products company reported earnings per share of $1.20 on sales of $477.2 million. That compares to analyst estimates, which called for EPS of 39 cents on sales of $363 million.
Sales rose 14% year-over-year, and 21% in local currency as its turnaround plan gains steam.
“The 21 percent growth in local currency revenue reported today reflects a rapid adoption of digital tools by our sales force to combat the social restrictions surrounding COVID-19, and the increased consumer demand for our innovative and environmentally friendly products, as more consumers cook at home and are concerned with food safety and storage," said Chief Executive Officer Miguel Fernandez in a statement.
Sales of the company had been declining, with first quarter revenue down 23% compared to a year earlier. The company cut about 250 jobs earlier this year as part of its turnaround plan, which also includes a new pricing strategy to reach customers of all socioeconomic levels, according to the Orlando Sentinel.
Third quarter sales were up in all regions but Asia. North American revenue rose 42% and 51% in local currency, while in Latin America, they were up 4% and 36% in local currency. European sales rose 23%, with local currency up 25%. Asian sales were down 6%, or 7% in local currency.