Tempur Sealy International Inc. (NYSE: TPX)
Shares of Tempur Sealy increased by almost 3% on Thursday after the company posted better than expected revenue. The company posted revenue that beat the analyst estimate for the first time in five quarters.
The company reported earnings per share that failed to meet the consensus estimate but that did not prevent its stock from surging. Tempur Sealy shares have dropped 29% since the year began.
TPX Earnings & Outlook
Tempur Sealy reported $0.42 earnings per share compared to $0.62 earnings per share in the year-ago period. The earnings per share of $0.42 was below the consensus estimate of $0.48.
The company reported a decrease in revenue by 10% to $648.0 million from $722.1 million in the same period last year. However, the revenue of $648.0 million beat the consensus forecast of $ 634.3 million. The current consensus estimate for the second quarter is $0.68 earnings per share.
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Tempur Sealy International, Inc., CEO Comments
“Over the last twelve months, the team has made considerable progress towards resetting the foundation of our Company. We have enhanced our relationships with a diversified base of retail partners, we have expanded our owned store footprint and online presence, we are in the process of meaningfully enhancing our product portfolio, and we continue to be laser-focused on shareholder value,” said Scott Thompson the Chief Executive Officer at the company.
“Our flexible operating model and productivity initiatives were on full display in the first quarter, as we maintained our gross margins despite planned sales declines after the termination with our largest account last year and cost pressures from commodities. With a new suite of bedding products and an intense focus on execution, Tempur Sealy is well positioned to increase earnings and create long-term shareholder value,” Mr. Thompson added.
