UPDATE 1-Tupperware profit beats estimates; raises FY view

* Q3 EPS 54 cents vs. Street estimate 42 cents

* Cost cuts, emerging market sales boost Q3

* Raises full-year outlook

* Shares up 4.5 pct at $46 in after-hours trade

NEW YORK, Oct 20 - Tupperware Brands Corp reported better-than-expected third quarter earnings on Tuesday on cost cuts and strength in emerging markets, and raised its full-year outlook, and its shares rose 4.5 percent.

Tupperware, known for its food storage containers, said net income for the quarter rose to $32.3 million, or 50 cents a share, from $27.5 million, or 43 cents a share, a year earlier.

Excluding charges, Tupperware earned 54 cents per share, beating analysts' average estimate of 42 cents, according to Thomson Reuters I/B/E/S.

The company, which also sells personal care products under names including NaturCare and Fuller Cosmetics, said sales were strong in the Asian Pacific region, led by India, Indonesia, Korea, and Malaysia/Singapore.

Net sales rose to $514 million from $513.1 million in the year ago period.

For the full year, the company now sees sales to rise in local currency versus 2008 by 5 percent to 6 percent, up from its prior range of a rise of 3 percent to 5 percent.

Excluding 34 cents in one-time items, it sees earnings of $2.84 to $2.89 a share, up from its previous outlook of $2.59 to $2.64 a share.

Tupperware shares were up 4.5 percent at $46 in after-hours trade from their close at $44.01 on the New York Stock Exchange.