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Tempur Sealy International Inc's (NYSE: TPX) third-quarter results beat expectations, but the company cut its outlook to below Wall Street views.
The Lexington, Kentucky-based mattress maker's shares slipped more than 12 percent in Thursday's extended session, trading recently at $51.50 a share.
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Tempur Sealy forecast 2014 adjusted earnings of $2.60 to $2.70 a share, on sales of $2.97 billion to $3 billion, versus the consensus expectation of $2.73 a share on sales of $2.95 billion.
Previously, the company predicted 2014 earnings of $2.60 to $2.85 a share on sales of $2.93 billion to $2.98 billion.
Regarding the recent period, Chief Executive Mark A. Sarvary said both Sealy and Tempur International sales grew well.
"But their margins were below plan and constrained our overall profitability," Sarvary added.
Third-quarter net earnings fell to $37.1 million, or $0.60 cents a share, from $40.2 million, or 65 cents a share, a year earlier. Adjusted earnings equaled $0.88 cents a share.
Sales rose 12 percent to $827.4 million, from $735.5 million a year earlier.
Wall Street expected adjusted earnings of $0.89 cents a share on sales of $796.94 million.
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.