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From Home Furnishing Business
Tempur Sealy Lowers 2016 Sales, Earnings Guidance
September 28,
2016 by Jane Chero in Financial Reports, Industry 
Bedding major Tempur Sealy International (TPX) said it now expects a sales decline of 1% to 3% in the 2016 calendar year following a weaker-than-expected third quarter.
The mattress producer, which is scheduled to make a presentation today at the annual Deutsch Bank Leveraged Financial Conference, didn’t provide specific sales guidance for the third quarter, but said sales are running below expectations.
The third quarter ends Friday, and the company will release complete financial results on Oct. 27.
"While our net sales are below expectations, our operational initiatives are going well and are continuing to drive considerable margin expansion,” said Scott Thompson, Chairman and CEO.
Thompson said adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) is now projected at $500 million to $525 million for the calendar year. That’s below a July estimate of $525 million to $550 million.