Tempur-Pedic sales rise 19% in fourth quarter
Earnings flat because of debt retirement charge
By Furniture Today Staff -- Furniture Today, February 1, 2007
LEXINGTON, Ky. — Paced by its rapidly growing U.S. mattress operations, specialty bedding producer Tempur-Pedic reported double-digit sales gains for the fourth quarter and the 2006 calendar year.
The company, which manufactures visco-elastic foam mattresses, pillows and related products, said worldwide sales rose 19% to $256.6 million in the quarter ended Dec. 31. For the full year, sales jumped 12.9% to $945 million.
In the U.S., fourth-quarter sales were $115.8 million — 23.9% ahead of the final quarter of 2005. For the full year, U.S. sales totaled $455.7 million, a gain of 16.3% over 2005.
“Tempur-Pedic delivered a great year during what was a challenging environment for our industry,” said Thomas Bryant, chairman and CEO. “In the fourth quarter, our U.S. operations continued to demonstrate outstanding performance. We continued to grow market share and gained retail floor space.”
Fourth-quarter net income was essentially even with the same period in 2005, largely due to one-time charges stemming from early retirement of debt. The company had a profit of $30.45 million or 36 cents per share in the most recent quarter, compared with $30.36 million or 30 cents per share a year earlier.
For the full year, net income was $112.3 million or $1.28 per share, a 13.1% increase over $99.3 million or 97 cents per share in 2005.
Meanwhile, the company will have a grand opening today of its 800,000-square-foot plant in Albuquerque, N.M., which it says is the world’s largest mattress factory. The facility, built at a cost of more than $95 million, is designed to meet the company’s growing manufacturing needs for the western United States.
Bryan, New Mexico Gov. Bill Richardson, Congresswoman Heather Wilson and members of the Albuquerque business community are expected to attend the dedication ceremony this afternoon.
The company also announced it will donate beds to charities in the Albuquerque area, including Casa Esperanza, a facility that houses families of people undergoing cancer treatment at local hospitals, and Barrett House, which provides short-term shelter for homeless women and children.
Tempur-Pedic’s original U.S. plant opened in Duffield, Va., in September 2001 and was expanded in 2003. The company also expanded its Denmark plant in 2004 to meet demand for product in Europe and Asia.
-
Tempur-Pedic sales jump 19% in 4Q, 12.9% for year
Feb 18, 2007
VIEW ALL GALLERIES
