Earnings Call Excerpt
Tupperware Brands Corp. (TUP)
Q3 2009 Earnings Call
October 21, 2009 10:00 am ET
Executives
Rick Goings – Chief Executive Officer
Michael Poteshman – Executive Vice President and Chief Financial Officer
Nicholas Poucher, Vice President and Controller
Nicole Decker, Vice President of Investor Relations
Analysts
Dara Mohsenian – Morgan Stanley
Olivia Tong – Bank of America Merrill Lynch
Doug Lane – Jefferies & Co.
Mimi Noel – Sidoti & Company
John Faucher – JP Morgan
Gregg Hillman – First Wilshire Securities Management
Presentation
Operator
Good day everyone and welcome to the Tupperware Brands Corporation Third Quarter 2009 Earnings conference call. At this time for opening remarks and introductions I would like to turn the call over to Mr. Rick Goings.
Rick Goings
I'm here with Mike Poteshman our CFO, Nick Poucher our VP and Controller and Nicole Decker our VP of Investor Relations. You know the drill on forward-looking comments so I refer you to the company's position on forward-looking statements in our filings and also in yesterday's release. You've already, I would hope, have seen the results –
Hello everybody. I have no idea what time or what point we were dropped from the conference on that end, but I'm going to begin again. You already saw the results of the third quarter. Mike and I will amplify comments in a moment. We're not going to repeat what you've read. We will try to speak to, though, our full year guidance that we've raised at to also the guidance we've given for 2010 and also speak to the future uses of cash inline with the dividend increases and the accelerated share repurchase we outlined.
The 9% local currency sales increase, which was about three points north of the high end of our guidance really does reflect, as I mentioned, the visibility or excuse me the viability of our business model and I think importantly the strength of our management team not only here at headquarters, but out in our markets.
It also reflects the further strengthening in our business that we've seen over the past number of years and in this year. This quarter we had top line local currency sales growth in all five segments and that was good to see, and the emerging markets were up 15% and the established markets were up 2% in local currency. Overall, total sales were up 7% in the quarter an average active 3%.
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