Tempur-Pedic Has Record 1st Quarter

April 20, 2011  by in UnCategorized   

By Home Furnishings Business in Financial Reports on April 21, 2011

Bedding manufacturer Tempur-Pedic (NYSE: TPX) reported first-quarter 2011 sales of $325.8 million, a 28 percent increase over the prior-year period.

Net income for the period jumped 45.9 percent income to $48.3 million. Those figures are records for the period, which ended March 31.

Lexington, Ky.-based Tempur-Pedic's net sales in the North American segment increased 37 percent, while international segment net sales increased 11 percent.

During the first quarter of 2011, the Tempur-Pedic purchased 1.32 million shares of its common stock at an average price of $47.35 for a total cost of $62.5 million. As of March 31, the company had $137.5 million available under its existing share repurchase authorization.

Tempur-Pedic also confirmed its full year 2011 guidance for net sales and earnings per share. It currently expects net sales for 2011 to range from $1.31 billion to $1.36 billion. It currently expects EPS for 2011 to range from $2.80 to $2.95 per diluted share.