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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 record financial results for Q4 and the full year 2021. Q4 net sales reached $1,359.6 million, up 28.6% from Q4 2020, with the International segment growing by 82.1%. Operating income rose to $250.8 million, a 29.8% increase. Net income grew 21.5% to $175.8 million, and EPS increased 31.3% to $0.88. For 2022, the company expects EPS between $3.65 and $3.85, anticipating sales growth of 15% to 20%. The quarterly dividend was raised by 11% to $0.10 per share, payable on March 22, 2022.
Tempur Sealy International (NYSE: TPX) announced the launch of Sealy Naturals, an eco-friendly mattress collection crafted with 100% natural latex, ethically-sourced wool, and materials like hemp and organic cotton. Set to debut this summer, pricing starts at $3,499 for a Queen mattress. The collection reflects the company's commitment to sustainability, aiming to meet the growing consumer demand for natural products. Sealy is also seeking independent certifications for quality assurance. This new product line complements last year's updates to their mattress portfolio.
Tempur Sealy International, Inc. (NYSE: TPX) released its 2022 Corporate Social Values Report, highlighting notable advancements in ESG initiatives for 2021. Key achievements include an 8.4% reduction in greenhouse gas emissions per unit produced, a 94% waste diversion from landfills, and the installation of solar technology expected to save over 3 million kWh annually. Social contributions include a $2 million donation for a Pediatric Sleep Center and a new sustainable mattress line. Governance improvements feature an increased female board representation and integrating ESG metrics into executive compensation.
Tempur Sealy International, Inc. (NYSE: TPX) will release its fourth quarter and full year financial results on February 22, 2022, before the NYSE opens. A conference call to discuss these results is scheduled for 8:00 a.m. ET on the same day, accessible via the company’s investor relations website. The company offers acclaimed sleep products globally, with brands like Tempur-Pedic and Sealy.
Tempur Sealy International, Inc. (NYSE: TPX) announced the appointment of Meredith Siegfried Madden as an independent director and Simon Dyer as a non-independent director, effective January 1, 2022. This decision expands the Board from 7 to 9 members, filling newly created vacancies. Madden, currently CEO of The NORDAM Group, brings extensive leadership experience, while Dyer, CEO of Dyer Holdings Pty Ltd, has over 35 years in the bedding industry, particularly in Asia. Management believes their expertise will support the company’s long-term growth.
Tempur Sealy International, Inc. (NYSE: TPX) has announced an increase in its share repurchase program to $1.5 billion. Over the past year, the company has repurchased approximately 20 million shares at a cost of $700 million. The Chairman and CEO, Scott Thompson, stated that this buyback represents about 15% of the current market capitalization, with plans to maintain a leverage ratio below the long-term target of 2 to 3 times adjusted EBITDA. The timing of share repurchases will depend on market conditions and regulatory requirements.
Tempur Sealy International (NYSE: TPX) announced that its Tempur-Pedic brand has achieved the #1 rank in Customer Satisfaction for both Retail and Online Mattress categories in the J.D. Power 2021 Mattress Satisfaction Report. This marks the third consecutive year for the Retail category and the first for Online. Tempur-Pedic excelled across all factors for Retail, including support, durability, and customer service, while also topping durability and warranty for Online. Chairman and CEO Scott Thompson emphasized the brand's dedication to innovation and quality in sleep solutions.
Tempur Sealy International, Inc. (NYSE: TPX) has declared a fourth quarter cash dividend of $0.09 per share. This dividend is set to be paid on November 23, 2021, to shareholders on record as of November 11, 2021. Tempur Sealy, a leader in bedding products, emphasizes its commitment to enhancing global sleep quality through innovative solutions and an extensive range of brands, including Tempur-Pedic and Sealy. The company continues to expand its market presence with a robust omni-channel strategy.
Tempur Sealy International has announced a significant increase in its share repurchase program, raising the authorization to a total of $600 million. Over the past twelve months, the company has repurchased around 20 million shares for approximately $700 million. This strategy is intended to enhance shareholder value, with share repurchases occurring through various methods as determined by management. The program's execution will vary based on market conditions and regulatory requirements, with flexibility for modifications or suspensions.
Tempur Sealy International reported third-quarter 2021 net sales of $1.36 billion, a 20% increase from the previous year. North America net sales rose 12.6%, while international sales surged 73.2% following the acquisition of Dreams. However, gross margins declined significantly, with North America at 39.9% and international at 54.6%. Net income increased 46.1% to $177.4 million, and EPS rose 52.6% to $0.87. The company anticipates 2021 net sales growth exceeding 35% with adjusted EPS projected between $3.20 and $3.30.
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