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Tempur Sealy International, Inc. (NYSE: TPX) is the world's largest bedding provider, known for its innovative and high-quality sleep solutions. The company's distinguished brands include Tempur®, Tempur-Pedic®, Sealy®, Sealy Posturepedic®, Optimum™, and Stearns & Foster®. Operating globally through its North American and international segments, Tempur Sealy develops and distributes bedding products via retail channels such as furniture and bedding retailers, department stores, and warehouse clubs, as well as through e-commerce platforms, company-owned stores, and third-party distributors.
Tempur Sealy is committed to creating the most desired products at every price point, ensuring strong consumer loyalty and recognition as innovators. The company continuously works on expanding its portfolio and improving its supply chain to support retail partners and enhance consumer experiences. Recently, Tempur Sealy announced robust third-quarter financial results for 2023, with noticeable growth in international sales and significant gross margin expansion despite the challenging U.S. bedding market.
The company is also making strides in its planned acquisition of Mattress Firm, with expected completion in mid to late 2024. This acquisition is anticipated to complement Tempur Sealy's product development capabilities with Mattress Firm's retail network. Meanwhile, Tempur Sealy has signed post-closing supply agreements with numerous companies to ensure a diverse range of products for Mattress Firm customers.
Additionally, Tempur Sealy demonstrated strong earnings in the fourth quarter of 2023, attributed to consumer-centric innovation and operational efficiencies. The company introduced new products such as the TEMPUR-ActiveBreeze® smart bed, designed to offer personalized climate control, and the reimagined TEMPUR-Adapt® mattress collection featuring the latest TEMPUR-Material technology.
Tempur Sealy is also dedicated to its environmental and social responsibilities, with a goal to achieve carbon neutrality by 2040. The company's long-term strategies and consistent performance highlight its commitment to improving sleep quality worldwide while generating value for shareholders and stakeholders alike.
Tempur Sealy (NYSE: TPX) has announced its fourth quarter cash dividend of $0.13 per share. The dividend will be paid on December 5, 2024, to shareholders who are on record as of November 21, 2024. This announcement comes following the Board of Directors' declaration of the quarterly dividend payment.
Tempur Sealy International (TPX) reported strong Q3 2024 financial results with consolidated sales growth of 1.8% to $1,300.0 million. The company saw a 14.7% increase in net income to $130.0 million and a 14.1% rise in EPS to $0.73. While North America sales decreased by 0.8%, International segment showed robust growth of 12.4%. Gross margin improved to 45.4% compared to 44.9% in Q3 2023. The company generated strong cash flow from operations of $257 million and narrowed its full-year 2024 adjusted EPS guidance to $2.45-$2.55.
Tempur-Pedic has achieved a significant milestone by becoming the most awarded brand in the J.D. Power U.S. Mattress Satisfaction Study history. The brand secured the #1 position in Customer Satisfaction for both In-Store and Online Mattress purchases in 2024, marking its fifth win in six years for in-store purchases and fourth consecutive year for online sales.
The company's success stems from its 30-year legacy of innovation, starting with the creation of TEMPUR-Material™ body-responsive mattresses. Their product line includes Tempur-Breeze® mattresses for hot sleepers and Tempur-Ergo® Smart Bases with Sleeptracker-AI® technology, designed to enhance sleep quality through relaxation programs and snoring reduction features.
Tempur Sealy (NYSE: TPX) has successfully closed a $1.6 billion senior secured Term Loan B facility, set to mature in seven years. The company also amended its 2023 Credit Agreement to extend the availability period of $605 million in Delayed Draw Term A commitments. The Term Loan B proceeds, along with available cash and other debt proceeds, will be used exclusively to fund the previously announced Mattress Firm acquisition. The funds have been placed in escrow and will be released when the acquisition closes.
Tempur Sealy International (NYSE: TPX) has announced that it will release its financial results for the third quarter ended September 30, 2024, on Thursday, November 7, 2024, before the NYSE opening of regular trading. The company will also hold a conference call at 8:00 a.m. Eastern Time on the same day to discuss the results.
Investors and interested parties can access the call via a webcast on the company's investor relations website at investor.tempursealy.com. For those unable to attend the live call, a webcast replay will be available on the website for 30 days following the conference call.
Tempur Sealy International has successfully priced a $1.6 billion senior secured Term Loan B facility. The Term Loan B, set to mature in seven years, is priced at SOFR + 250 bps with an OID of 99.5. The company intends to use the proceeds, along with available cash and other debt, to fund the previously announced acquisition of Mattress Firm Group. The Term Loan B is expected to close and fund into escrow in the next few weeks, with the proceeds to be released concurrently with the closing of the Mattress Firm acquisition.
Tempur Sealy International (NYSE: TPX) has filed a complaint in the United States District Court for the Southern District of Texas seeking an injunction against the Federal Trade Commission's (FTC) administrative proceeding challenging the company's merger with Mattress Firm Group Inc. The action argues that the FTC's separate administrative proceeding, in addition to the pending federal court proceeding, violates constitutional protections.
The FTC's challenge to the merger is already scheduled for a federal court hearing beginning November 12, 2024. Tempur Sealy CEO Scott Thompson emphasized the bedding industry's high competitiveness and stated that the merger would benefit consumers and employees through enhanced product innovation and improved customer experience. The company expects the litigation process to conclude in the coming months, potentially allowing the transaction to close in late 2024 or early 2025.
Tempur Sealy International (NYSE: TPX) has announced the launch of a proposed $1.6 billion senior secured Term Loan B facility. The Term Loan B will have a seven-year maturity from the closing date. The company intends to use the proceeds, along with available cash and other debt proceeds, to fund the cash consideration for the previously announced acquisition of Mattress Firm Group Inc. Tempur Sealy plans to draw on the Term Loan B concurrent with the closing of the Mattress Firm acquisition. This financial move is a significant step towards completing the proposed Mattress Firm acquisition, which was previously announced by the company.
Tempur Sealy International (NYSE: TPX) has provided an update on its proposed acquisition of Mattress Firm, which is being challenged by the Federal Trade Commission. Litigation hearings are set to begin on November 12, 2024, with the company expecting the transaction to close in late 2024 or early 2025. In preparation, Tempur Sealy has entered into an agreement with Mattress Warehouse to divest 73 Mattress Firm locations and its Sleep Outfitters subsidiary, which includes 103 retail locations and seven distribution centers.
The divestiture is subject to the closing of the Mattress Firm acquisition and other conditions. Tempur Sealy will continue to supply its products to the divested stores. Upon completion of both transactions, Tempur Sealy expects to operate over 2,800 retail locations worldwide and anticipates that half of its North American sales will come from Mattress Firm operations. The company maintains its projection of $100 million in annual run-rate synergies by the end of year four after closing the Mattress Firm transaction.
Tempur Sealy International (NYSE: TPX) has announced a third quarter cash dividend of $0.13 per share on its common stock. The dividend will be payable on August 29, 2024, to shareholders of record as of August 15, 2024. This announcement demonstrates the company's commitment to returning value to its shareholders and maintaining a consistent dividend policy. The declaration of a quarterly dividend suggests that Tempur Sealy's Board of Directors has confidence in the company's financial stability and future prospects.
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