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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.
Tempur Sealy
Tempur Sealy
Tempur Sealy Revenue by Segment
Tempur Sealy Revenue by Geographic Location
Revenue by Segment
North America Revenue
CapyFin.comInternational Revenue
CapyFin.comRevenue by Geographic Location
North America Revenue
CapyFin.comInternational Revenue
CapyFin.com 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.
- Expectations are subject to changing conditions, many of which are outside the Company's control.
Revenue & Expenses
Visualization of income flow from segment revenue to net income