Stock Track | Tempur Sealy Tops Estimates with Solid Q3 Results, Surges in Pre-Market

Stock Track11-07

Tempur Sealy International Inc (NYSE: TPX), a leading bedding manufacturer, reported better-than-expected third-quarter results on Tuesday, sending its shares soaring over 6% in pre-market trading.

For the quarter ended September 30, 2024, TPX posted revenue of $1.3 billion, a 1.8% increase year-over-year and ahead of analysts' estimates of $1.288 billion. The company's adjusted earnings per share (EPS) came in at $0.82, beating consensus forecasts of $0.81.

TPX's revenue growth was driven by a strong 12.4% increase in its international segment, which offset a slight 0.8% decline in its North America business. Consolidated gross margin expanded to 45.4%, up from 44.9% a year ago, reflecting the company's efforts to improve operational efficiencies.

In light of the solid Q3 performance, TPX narrowed its full-year 2024 adjusted EPS guidance range to $2.45-$2.55, representing growth of around 4% at the midpoint compared to the prior year.

TPX's Chairman and CEO Scott Thompson highlighted the company's global market outperformance, led by double-digit international growth, as well as the benefits from operational efficiency initiatives and its diverse business platform.

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