UPDATE: Tupperware Posts Weaker-Than-Expected Q3 Profit, Issues Weak Forecast

Shares of Tupperware Brands

dropped more than 8% after the company reported downbeat third-quarter earnings and issued a weak forecast. For the year, the company now expects earnings of $5.21 to $5.26 per share, versus its earlier forecast of $5.40 to $5.50 per share. Analysts expected earnings of $5.39 per share. Tupperware expects Q4 earnings of $1.55 to $1.60 per share, versus analysts' estimates of $1.70 per share. The Orlando, Florida-based company posted a quarterly profit of $32.3 million, or $0.63 per share, versus a year-ago profit of $49.9 million, or $0.95 per share. Excluding items, the company earned $0.90 per share. The company in July had expected earnings of $0.89 to$0.94 per share. Its revenue dropped 2.4% to $589 million, while sales rose 4% in local currency. However, analysts were estimating earnings of $0.92 per share on revenue of $590.51 million. Sales for Tupperware North America segment climbed 6% in local currency, while sales for Beauty North America segment declined 6% in local currency. Sales for South America segment climbed 25% in local currency. Sales in emerging markets climbed 8% in local currency, while sales in established markets dropped 4% in local currency. Cash flow from operating and investing activities slipped to $31 million from $37 million. Rick Goings, Chairman and CEO said, "Our business model, with its four pillars: innovative premium products; an entertaining selling situation, or party; a compelling sales force earning opportunity; and leveraging of direct-to-consumer fundamentals, driven by our 2.9 million global sales force, is well positioned to deliver sales and profit growth." Tupperware shares dropped 8.74% to $65.17 at 10:30 a.m. ET.