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Dec 31, 2023
Tempur Sealy Q4 2023 Earnings Report
Tempur Sealy reported fourth quarter 2023 results with net sales of $1.2 billion, consistent with the prior year, and EPS of $0.43 and adjusted EPS of $0.53.
Key Takeaways
Tempur Sealy's fourth-quarter performance showed resilience amidst soft demand in the bedding category. Total net sales decreased slightly by 1.4% to $1,170.5 million, but consolidated gross margins expanded by 260 basis points to 43.8%. EPS decreased to $0.43, while adjusted EPS was $0.53. The company also increased its quarterly cash dividend by 18% to $0.13 per share.
Total net sales decreased 1.4% to $1,170.5 million compared to the fourth quarter of 2022.
EPS decreased 24.6% to $0.43, while adjusted EPS decreased 1.9% to $0.53.
Consolidated gross margin expanded 260 basis points to 43.8%.
The quarterly cash dividend was increased by 18% to $0.13 per share.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
For the full year 2024, the Company currently expects adjusted EPS between $2.60 to $2.90, representing a 15 percent increase from the prior year at the midpoint. This contemplates the Company's current sales outlook for low to mid single digit year-over-year growth. Full year 2024 industry units are expected to be consistent with 2023 levels.
Positive Outlook
- Targets growth in both adjusted earnings per share and sales.
- Recent distribution gains.
- Belief that category demand is stabilizing around the world from negative year-over-year industry units.
- Strong financial position.
- Resilient operating model.
Challenges Ahead
- Expect pressure on our profits in the first quarter of 2024.
- Adjusted EPS likely being between $0.45 and $0.50 in Q1 2024.
- Expect near-term category outlook.
- Expectations are based on information available at the time of this release.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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