Tempur Sealy Reports First Quarter Results By Investing.com

– First Quarter 2024 Net Sales of $1.2 Billion, Consistent with Prior Year
– Strong Consolidated Gross Margins up 1.7% to 43.1%
– EPS of $0.43 and Adjusted EPS⁽¹⁾ of $0.50
– Record First Quarter Cash Flow from Operations of   $130 Million

LEXINGTON, Ky., May 7, 2024 /PRNewswire/ —  Tempur Sealy International, Inc. (NYSE: TPX) announced financial results for the first  quarter ended  March  31, 2024 and reaffirmed financial guidance for the full year 2024.

FIRST QUARTER 2024 FINANCIAL SUMMARY

• Total net sales decreased 1.5% to $1,189.4 million as compared to $1,208.1 million in the first quarter of 2023, with a decrease of 2.0% in the North America business segment and consistent sales in the International business segment. On a constant currency basis⁽¹⁾, total net sales decreased 2.1%, with a decrease of 2.3% in the North America business segment and a decrease of 1.6% in the International business segment.
• Gross margin was 43.1% as compared to 41.4% in the first quarter of 2023. Adjusted gross margin⁽¹⁾ was 43.4% as compared to 41.8% in the first quarter of 2023.
• Operating income decreased 8.2% to $131.5 million as compared to $143.3 million in the first quarter of 2023. Adjusted operating income⁽¹⁾ decreased 2.6% to $149.4 million as compared to $153.4 million in the first quarter of 2023.
• Net income decreased 10.6% to $76.3 million as compared to $85.3 million in the first quarter of 2023. Adjusted net income⁽¹⁾ decreased 3.4% to $89.7 million as compared to $92.9 million in the first quarter of 2023.
• Earnings per diluted share (“EPS”) decreased 10.4% to $0.43 as compared to $0.48 in the first quarter of 2023. Adjusted EPS⁽¹⁾ decreased 5.7% to $0.50 as compared to $0.53 in the first quarter of 2023.
• Leverage based on the ratio of consolidated indebtedness less netted cash⁽¹⁾ to adjusted EBITDA⁽¹⁾ was 2.85 times as compared to 3.24 times in the trailing twelve months ended March 31, 2023.