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Feb. 22, 2022, 6:51 a.m. EST

Tempur Sealy stock slumps toward 9-month low after profit, sales miss expectations as costs jumped

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By Tomi Kilgore

Shares of Tempur Sealy International Inc. /zigman2/quotes/207239091/composite TPX +0.35% sank 3.5% toward a nine-month low in premarket trading Tuesday, after the mattress maker reported fourth-quarter profit that missed expectations, as a cost of sales growth outpaced sales growth to send gross margin lower. Net income rose to $175.8 million, or 88 cents a share, from $144.7 million, or 67 cents a share, but missed the FactSet consensus for earnings per share of 96 cents. Sales grew 28.6% to $1.36 billion, but was below the FactSet consensus of $1.45 billion. Cost of sales increased 32.1% to $755.1 million as gross margin declined to 44.5% from 45.9%. For 2022, the company expects EPS of $3.65 to $3.85 and sales growth of between 15% and 20%, while the FactSet consensus for EPS was $3.76 and for sales of $5.60 billion implies 13.5% growth. Separately, the company said it raised its quarterly dividend to 10 cents a share from 9 cents, with the new dividend payable March 22 to shareholders of record on March 8. The stock has dropped 15.1% over the past three months through Friday, while the S&P 500 /zigman2/quotes/210599714/realtime SPX +0.23% has shed 7.1%.

/zigman2/quotes/207239091/composite
US : U.S.: NYSE
$ 28.94
+0.10 +0.35%
Volume: 1.39M
Aug. 18, 2022 4:00p
P/E Ratio
9.80
Dividend Yield
1.38%
Market Cap
$4.97 billion
Rev. per Employee
$430,700
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/zigman2/quotes/210599714/realtime
US : S&P US
4,283.74
+9.70 +0.23%
Volume: 2.22B
Aug. 18, 2022 5:48p
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