LEXINGTON, Ky. - Tempur Sealy (NYSE:TPX) International, Inc. (NYSE: TPX) reported better-than-expected third quarter results and narrowed its full-year earnings guidance, sending shares up 4.2% in early trading.
The mattress maker posted adjusted earnings per share of $0.82, topping analyst estimates of $0.81. Revenue rose 1.8% YoY to $1.3 billion, slightly ahead of the $1.29 billion consensus forecast.
Tempur Sealy's international segment was a bright spot, with sales jumping 12.4% YoY to $284.7 million. This helped offset a 0.8% decline in North America revenue to $1.02 billion.
"We are pleased with our performance in the third quarter. Our global market outperformance, led by double-digit growth in our international segment, resulted in consolidated sales growth year-over-year despite the global bedding industry continuing to perform significantly below historical trends," said Scott Thompson, Tempur Sealy Chairman and CEO.
The company narrowed its full-year 2024 adjusted EPS guidance to $2.45-$2.55, compared to the previous range of $2.30-$2.60. The midpoint of $2.50 is in line with analyst expectations of $2.52.
Tempur Sealy generated robust operating cash flow of $257 million in Q3. The company ended the quarter with a leverage ratio of 2.41 times, down from 2.89 times a year ago.
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