Tempur-Pedic races to 4Q gains of 25.7% in sales, 21.7% in earnings
Larry Thomas -- Furniture Today, January 25, 2012
LEXINGTON, Ky. — Specialty bedding producer Tempur-Pedic continued its torrid growth in the fourth quarter, reporting record sales and earnings that were more than 20% ahead of last year's fourth quarter.
The company, which specializes in visco-elastic foam mattresses and pillows, said mattress sales jumped 33% internationally and 24% in North America, its largest market.
The numbers for the full year were even more impressive, with sales 28.3% ahead of 2010 and profits 39.7% above the previous year.
"In 2011, we delivered strong financial performance, strengthened our competitiveness and implemented a range of strategic growth initiatives, said Mark Sarvary, CEO. "Over the next year, we plan to increase our rate of investment in areas that will drive growth including a major new product launch, increased advertising and expanded distribution."
Fourth-quarter sales totaled $366.8 million, up 25.3% from $292.7 million in last year's fourth quarter.
Net income was $56.3 million or 84 cents per share. That was a 21.7% increase from last year's fourth quarter, when net income was $46.3 million or 66 cents per share.
For the calendar year, sales were $1.42 billion, up from $1.105 billion in 2010.
Full-year profits totaled $219.6 million or $3.18 per share. That compares with $157.1 million or $1.16 per share in 2010.
In addition to the strong sales and earnings increases, Sarvary noted that gross margin was 52.4% for 2011, compared with 50.2% the previous year.
Operating margin was 24% in 2011, compared with 22.2% for 2010.
The company is projecting 2012 sales of $1.6 billion to $1.65 billion. Earnings are projected to be $3.80 to $3.95 per share.
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