Tempur-Pedic (symbol TPX on New York), reported higher revenue and earnings in the latest quarter. Tempur-Pedic manufactures and distributes mattresses and pillows made from its proprietary Tempur pressure-relieving material.
In the three months ended December 31, 2010, Tempur-Pedic’s earnings rose 59.0%, to $46.3 million from $29.1 million a year earlier. The company bought back $250 million of its shares in 2010. Due to fewer shares outstanding, earnings per share jumped 74.4%, to $0.68 from $0.39. The latest earnings were higher than the consensus estimate of $0.57 a share.
Tempur-Pedic’s sales increased 19.6%, to $292.7 million from $244.8 million a year earlier. The higher earnings were mainly due to higher North American sales of Tempur-Pedic’s mattresses, which rose 32%, and pillows, which increased 31%. International sales fell 1%. However, if you disregard the negative impact of exchange rates, international sales would have risen 4%. Tempur-Pedic also increased its advertising spending in 2010, and enhanced its web site.
The stock market investment’s latest results were also helped by strong sales of its mid-level Cloud Supreme line and the entry-level Cloud line. The company has also completed a partial roll out of its high-end Cloud Luxe mattress.
A basic Tempur-Pedic bed costs $699 to $2,199, compared to $3,399 to $6,499 for a bed in the Tempur-HD collection.
Tempur-Pedic expects net sales for 2011 to range from $1.23 billion to $1.28 billion, and earnings per share between $2.60 and $2.75. The company also announced that it will buy back up to $200 million of additional shares in 2011.
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