Tempur Sealy International Inc.’s stock TPX, +1.18% tumbled 7.4% early Thursday, after the mattress company’s third-quarter earnings fell short of expectations and it lowered its guidance, hurt by a weak U.S. bedding market. Lexington, Ky.-based Tempur Sealy had net income of $113.3 million, or 64 cents a share, for the quarter, down from $132.7 million, or 75 cents a share, in the year-earlier period. Adjusted per-share earnings came to 77 cents, below the 81 cent FactSet consensus.
“We realized robust third quarter operating cash flows and expanding gross margins while our sales and earnings were solid against a challenged operating environment,” Chief Executive Scott Thompson said in a statement. “We believe the company outperformed the broader bedding market. This outperformance and double-digit growth in international sales partially mitigated a challenged U.S. bedding market, which was softer than anticipated.” The company is now expecting full-year adjusted EPS of $2.
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