Tempur-Pedic Profits Up 45.6%
Furniture Today Staff -- Furniture Today, May 4, 2011
LEXINGTON, Ky. - Aided by a 36% increase in North American mattress sales, bedding producer Tempur-Pedic said first-quarter profits jumped 45.6%.
The specialty bedding manufacturer said net income for the quarter ended March 31 totaled $48.3 million, or 68 cents per share. That compares with income of $33.1 million, or 44 cents per share, in last year's first quarter.
Worldwide sales jumped 28.3% to $325.8 million.
In North America, mattress sales totaled $159.4 million, a jump of 35.8% from the first quarter of 2010.
Gross margin for the quarter was 52.3%, an increase of 3.1 percentage points from last year's first quarter. The company said improved manufacturing efficiencies and a favorable product mix were largely responsible for the margin improvement.
Tempur-Pedic also re-affirmed its sales and earnings guidance for the year. Sales are projected at $1.31 billion to $1.36 billion, while earnings pre share are projected to be $2.80 to $2.95.
Tempur-Pedic | |||
Quarter ended 3/31 | 2011 | 2010 | Change |
Sales | 325,838,000 | 253,889,000 | 28.3% |
Operating income | 75,280,000 | 52,290,000 | 44.0% |
Net income | 48,260,000 | 33,148,000 | 45.6% |
Earnings per share | 0.68 | 0.44 | 54.5% |
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