Tempur Pedic Beats; Shares Rise (TPX)

Tempur Pedic International TPX reports Q2 EPS $0.46 vs consensus of $0.42. Tempur Pedic International reports Q2 revenue $263.0 million vs consensus of $248.28 million. Revenues rose 42.1% year over year. The company issued inline guidance for FY 2010; they said EPS would come in at $185-2.00 and that revenues would come in at $1.06 to $1.10 billion. The Street consensus is for EPS of $1.86 on revenues of $1.06 billion. Operating profit margin was 20.5% as compared to 15.7% in the second quarter of 2009. The increase was driven by operating expense leverage and improved gross profit margin. During the second quarter of 2010, the company purchased 3.0 million shares of its common stock at an average price of $33.42 for a total cost of $100.0 million. During the first half of 2010, the Company purchased 6.7 million shares of its common stock at an average price of $29.91 for a total cost of $200.0 million. The company announced that the Board of Directors has authorized a new share repurchase program of up to an incremental $100.0 million. Shares of TPX are higher by 0.69% in the after-hours.