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Tempur Sealy Intl (NYSE:TPX) reported second-quarter earnings of 79 cents per share, which beat the analyst consensus estimate of 66 cents by 19.7%. This is a 51.92% increase over earnings of 52 cents per share from the same period last year.
The company reported quarterly sales of $722.8 million, which beat the analyst consensus estimate of $721.13 million by 0.23%. This is a 7.93%increase over sales of $669.7 million the same period last year.
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"Our strong momentum from the first quarter continued into the second quarter and beyond. The combination of our powerful omni-channel distribution platform and our innovative products delivered double-digit revenue and earnings growth,” said Tempur Sealy CEO Scott Thompson.
“Our North America operations had a stand-out quarter driven by our new Breeze line of mattresses and 78% growth in our direct to consumer channel. These results, combined with our future expected earnings growth outlook, support a return to our share repurchase program. We expect our leverage ratio to move to the lower end of our targeted range of 3 to 4 times debt to adjusted EBITDA in the near-term, while at the same time, subject to market conditions, we are targeting quarterly share repurchases of approximately $50 million."
Tempur Sealy shares were trading at $77.77 in Thursday’s pre-market session. The stock has a 52-week high of $78.59and a 52-week low of $38.90.
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Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.