Tempur Sealy Intl 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.
"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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