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From Home Furnishing Business

Tempur Sealy Q1 Sales up Almost 80 Percent

Bedding major Tempur Sealy International (NYSE: TPX) more than doubled earnings per share in 2014's first quarter compared with the same period last year.

Total first-quarter 2014 net sales increased 79.9 percent to $701.9 million from $390.1 million in the first quarter of 2013. The net sales increase was due to a full quarter of Sealy net sales in the first quarter of 2014 of $363.2 million as compared with $46.7 million in the first quarter of 2013, which included the period of March 18, 2013 through March 31, 2013.

GAAP net income in the first quarter of 2014 was $27.4 million as compared with GAAP net income of $12.5 million for the first quarter of 2013. The company reported adjusted net income of $32.6 million for the first quarter of 2014 as compared with adjusted net income of $38.2 million for the first quarter of 2013.

"Overall our first quarter was in line with our expectations," said Mark Sarvary, CEO of Tempur Sealy International, Louisville, Ky. "The majority of our 2014 initiatives have just begun, and we remain confident that they will drive growth in 2014. We are also excited about our recently announced acquisitions of Sealy brand rights in Japan and in Continental Europe.  Both of these transactions represent significant future growth opportunities."

Looking at business segments, Tempur International net sales increased 7 percent to $125.7 million in the first quarter of 2014 from $117.5 million in the first quarter of 2013. Bedding net sales increased 6.6 percent to $95.2 million in the first quarter of 2014 from $89.3 million in the first quarter of 2013. Net sales of other products rose 8.2 percent to $30.5 million.

Sealy net sales increased to $363.2 million in the first quarter of 2014 from $46.7 million in the first quarter of 2013. Bedding net sales increased to $341.3 million in the first quarter of 2014 from $44.7 million in the first quarter of 2013. Net sales of other products increased to $21.9 million in the first quarter of 2014 from $2 million in the first quarter of 2013.  As previously stated, Sealy net sales for the first quarter of 2013 include a partial period.

The company currently expects the following for 2014:
* Net sales to range from $2.8 billion to $2.9 billion.
* Adjusted EBITDA to range from $415 million to $435 million.
* Adjusted EPS to range from $2.60 to $2.85 per diluted share, including depreciation and amortization of approximately $0.19 per share associated with the Sealy purchase price allocation.

Click here for the entire Tempur Sealy first-quarter release.







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