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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 International (NYSE: TPX) reported its Q2 2024 financial results, showing mixed performance. Consolidated sales decreased 3% to $1,233.6 million, with North America sales down 3.8% and International sales flat. However, the company demonstrated strong profitability improvements:
- Gross margin expanded 2.2% to 44.9%
- Operating income increased 9.1% to $173.3 million
- Net income rose 14.8% to $106.1 million
- EPS grew 15.4% to $0.60
- Adjusted EPS increased 8.6% to $0.63
The company revised its full-year 2024 guidance, expecting consistent sales compared to 2023 and an adjusted EPS range of $2.45 to $2.65. Tempur Sealy also declared a quarterly dividend of $0.13 per share.
Tempur Sealy International (NYSE: TPX) has announced that it will release its financial results for the second quarter ended June 30, 2024, on Tuesday, August 6, 2024, before the NYSE opens for regular trading. The company will also host 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 webcast of the call through Tempur Sealy's investor relations website. 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 (NYSE: TPX) will hold a business update call on Monday, July 8th, at 8:00 a.m. Eastern Time. The call will address the U.S. Federal Trade Commission's (FTC) challenge to Tempur Sealy's proposed acquisition of Mattress Firm Group Inc. The discussion will be due to the ongoing legal proceedings, and the company will not take questions during the call. The event will be webcast live on Tempur Sealy's investor relations website and a replay will be available for 30 days post-call.
Tempur Sealy International (NYSE: TPX) announced that the U.S. Federal Trade Commission (FTC) will challenge its proposed acquisition of Mattress Firm Group Inc. Tempur Sealy expressed disappointment but remains committed to the transaction, citing the competitive nature of the bedding industry and the consumer benefits the merger would bring.
The company highlighted that Mattress Firm's retail presence complements its manufacturing capabilities, enhancing innovation and customer experience. Tempur Sealy expects synergies in logistics, manufacturing, and sourcing, aiming to improve its U.S. omni-channel platform. The company also noted strong union support, stating that no labor unions have opposed the transaction.
Tempur Sealy is willing to address FTC concerns through commitments, including maintaining Mattress Firm as a multi-branded retailer and potentially divesting stores. The company remains confident in the procompetitive rationale and anticipates litigation to conclude by late 2024 or early 2025.
Tempur Sealy International, Inc. (NYSE: TPX) has declared a second quarter cash dividend of $0.13 per share payable on May 30, 2024, to shareholders of record as of May 16, 2024.
Tempur Sealy reported first quarter 2024 net sales of $1.2 billion, consistent with the prior year. The company saw strong consolidated gross margins increase to 43.1%. EPS was $0.43 with adjusted EPS of $0.50. Record first quarter cash flow from operations reached $130 million. Total net sales decreased 1.5% to $1,189.4 million compared to the first quarter of 2023. North America business segment sales decreased by 2.0%, while International sales remained consistent. Gross margin improved to 43.1%. Operating income decreased by 8.2%, and net income decreased by 10.6%. Adjusted net income decreased by 3.4%. EPS decreased by 10.4%, and adjusted EPS decreased by 5.7%. Leverage ratio improved to 2.85 times. Financial guidance for 2024 includes an adjusted EPS range of $2.60 to $2.90, reflecting a 15% increase from the prior year.
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