Tempur Sealy International Inc TPX reported a first-quarter FY23 sales decline of 2.5% year-on-year to $1.208 billion, almost in line with the consensus of $1.210 billion.
- The bedding products firm registered an adjusted EPS of $0.53, beating the analyst consensus of $0.51.
- On a constant currency basis, total net sales decreased by 0.5%, with a decrease of 1.2% in the North American business segment and an increase of 1.7% in the International business segment.
- The gross margin for the quarter contracted 80 basis points to 41.4%, and the gross profit declined 4.4% Y/Y to $499.5 million.
- The operating margin was 14.8%, and operating income for the quarter dropped 24% to $143.3 million.
- The Lexington, Kentucky-based company held $91 million in cash and equivalents as of March 31, 2023.
- Acquisition Of Mattress Firm: Tempur Sealy also agreed to acquire Mattress Firm Group in a cash and stock transaction valued at approximately $4 billion. The transaction is expected to close in the second half of 2024.
- Dividend: Tempur has declared a second-quarter cash dividend on its common stock of $0.11 per share. The dividend is payable on June 6, 2023.
- Outlook: Tempur reiterated its FY23 outlook. The company sees adjusted FY23 EPS of $2.60 - $2.80, versus the consensus of $2.67.
- The company's sales outlook is for mid-single-digit year-over-year growth.
Price Action: TPX shares are trading higher by 5.45% at $39.67 on the last check Tuesday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
Date | ticker | name | Actual EPS | EPS Surprise | Actual Rev | Rev Surprise |
---|
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in