Tempur Sealy Int'l beats by $0.16, beats on revs; raises EBITDA outlook (81.86)
- Reports Q3 (Sep) earnings of $1.30 per share, excluding non-recurring items, $0.16 better than the S&P Capital IQ Consensus of $1.14; revenues rose 12.5% year/year to $821 mln vs the $797.24 mln S&P Capital IQ Consensus. On a constant currency basis, total net sales increased 13.4%, with an increase of 14.6% in the North America business segment and an increase of 8.0% in the International business segment.
- The Company raised its financial guidance for 2019. For the full year 2019, the Company currently expects adjusted EBITDA to range from $485 million to $500 million, raising the mid-point by $28 million. This increase of the mid-point is driven by the above-expectations performance of the North America business during the third quarter and the more favorable outlook in timing for the Company's launch and channel fill with Mattress Firm, partially offset by the increases to variable compensation. At the mid-point, this would represent growth of 16% versus the reported full year 2018 adjusted EBITDA