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Tupperware Brands is in full turnaround mode, and its 2,500% rally from its mid-March low continued on Wednesday after it reported third quarter earnings. Tupperware jumped as much as 41% on Wednesday following stronger-than-expected third quarter earnings that topped analyst estimates. The food storage company experienced a 14% surge in revenue as eat-at-home trends caused by the COVID-19 pandemic continued to benefit its business. Visit the Business Insider homepage for more stories.
Tupperware Brands skyrocketed as much as 41% on Wednesday after it reported third quarter earnings that beat analyst estimates. The food storage company saw a continued surge in business as eat-at-home trends caused by the COVID-19 pandemic continued to benefit its business. Here are the key numbers: Revenue: $477.2 million versus the $364.5 million estimateAdjusted EPS: $1.20, versus the 41 cents estimate Read more: 'I'm basically going to be long growth': Billionaire investor Chamath Palihapitiya has hauled in a 997% return since 2011. He details the 5 sectors shaping his long-term investment playbook. Sales were up 42% in North America and up 23% in Europe. Net income surged more than 300% to $34.4 million in the quarter. Tupperware has staged a massive recovery in its business, reflected in its stock performance over the past few months. After experiencing an 86% decline from the start of 2020 to its mid-March low of $1.15, the stock has rebounded by more than 2,500%, rallying to a high of $29.99 in Wednesday trades, representing its highest level since March of 2019. The company said its sales force benefited from the rapid adoption of digital tools, which helped it sell more Tupperware products despite the social restrictions in place surrounding COVID-19. The growth in its business "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," Tupperware CEO Miguel Fernandez said. The firm noted that its balance sheet remains in compliance with specific covenants related to its debt, and it is targeting a continued turnaround into 2021 to help refinance its debt obligations. Read more: Bank of America's restaurant analyst told us the 7 stocks that will thrive as frigid winter weather rocks the industry - and broke down the factors that could hurt certain popular destinations Join the conversation about this story » NOW WATCH: Why NASA won't send humans to Venus
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