TEMPUR-PEDIC $82.30 (New York symbol TPX; TSINetwork Rating: Speculative) (800-878-8889; www.tempurpedic.com; Shares outstanding: 63.8 million; Market cap: $5.3 billion; No dividends paid) makes and distributes Swedish mattresses and neck pillows made from its Tempur material, which conforms to the body to provide support and help alleviate pressure points.
Tempur-Pedic now sells its products in over 80 countries.
In the three months ended December 31, 2011, Tempur-Pedic’s sales rose 25.3%, to $366.8 million from $292.7 million. North American sales rose 26%, and international sales gained 25%.
Earnings jumped 21.7%, to $56.3 million from $46.3 million a year earlier. The company bought back $365.9 million of its shares in 2011. Due to fewer shares outstanding, earnings per share rose 26.5%, to $0.86 from $0.68.
The higher sales pushed up earnings. The company has also done a good job of cutting its costs and streamlining production. That offset an increase in marketing spending.
Tempur-Pedic’s long-term prospects are bright. However, the shares have risen 52% since the start of this year and now trade at 21.2 times Tempur-Pedic’s forecast 2012 earnings of $3.88 a share.
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