TEMPUR SEALY $75.57 (New York symbol TPX; TSINetwork Rating: Speculative) (800-878-8889; www.tempursealy.com; Shares outstanding: 62.2 million; Market cap: $4.6 billion; No dividends paid) completed its $1.3- billion purchase of rival Sealy in 2013. This was a major acquisition for Tempur Sealy (formerly Tempur- Pedic), but it let the company diversify into traditional spring-coil beds.
In the three months ended September 30, 2015, Tempur Sealy’s earnings rose 27.6%, to $69.9 million, or $1.11 a share, from $54.8 million, or $0.88 a share, a year earlier. Excluding the effect of a higher U.S. dollar, earnings per share jumped 36.4%.
Sales gained 6.4%, to $880.0 million from $827.4 million. North American sales (82% of the total) rose 7.5%, while international sales (18%) fell 2.3%.
Expectations outstrip profit growth
Activist investor H Partners Management, which holds 10% of Tempur Sealy’s shares, won the support of enough investors at the company’s May 8, 2015, annual meeting to force changes in its management and board of directors. H Partners believes Tempur Sealy has performed poorly compared to other mattress makers since the Sealy acquisition.
The company recently named Scott L. Thompson as its new CEO and chairman. Thompson led carrental agency Dollar Thrifty Automotive until Hertz Global Holdings acquired it in 2012. Tempur Sealy’s long-term prospects are sound, and its new chief executive should bring a fresh perspective. However, the stock trades at a high 19.6 times the company’s forecast 2016 earnings of $3.86 a share.
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