UPDATE: Mattress Firm Posts Upbeat FQ2 Earnings

Mattress Firm Holding MFRM reported better-than-expected fiscal second-quarter earnings. Mattress Firm's quarterly earnings surged to $10.1 million, or $0.30 per share, up from $3.6 million, or $0.16 per share, in the year-ago quarter. Excluding special items, Mattress Firm earned $0.42 per share. However, analysts were expecting earnings of $0.36 per share. Mattress Firm's total revenue climbed 45% to $262 million, missing analysts' estimates of $263 million. The company now projects FY12 earnings of $1.47 to $1.50 per share, versus its earlier forecast of $1.48 to $1.52 per share. It expects revenue of $1.02 billion to $1.04 billion for the year, versus its earlier forecast of $1.01 billion to $1.03 billion. However, analysts were expecting earnings of $1.49 per share, on revenue of $1.02 billion. Mattress Firm shares dropped 14.05% to $27.89 in after-hours trading.