Sealy Soars On Second Quarter Earnings Results

Sealy Corp. ZZ released its second quarter earnings results after the closing bell. The company reported a net loss of $0.4 million or breakeven per share, compared to a profit of $0.8 million or $0.02 per share, in the year-ago period. Adjusted net income for the quarter was $0.8 million or $0.01 per share, compared to $3.7 million or $0.03 per share in last year's second quarter. Wall Street analysts had anticipated that the company would report EPS of $0.00. Revenues for the quarter were up 10.6% to $321.3 million versus $290.5 million in last year's corresponding quarter. This came in well ahead of Wall Street consensus revenue estimates of $294.8 million. Sealy's gross margins fell 292 basis points to 38.9% in the quarter. In the after hours trading session, ZZ shares are up 8% to $2.50.