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Tempur Sealy International, Inc. (NYSE: TPX) has declared a second quarter cash dividend of $0.13 per share payable on May 30, 2024, to shareholders of record as of May 16, 2024.
Tempur Sealy reported first quarter 2024 net sales of $1.2 billion, consistent with the prior year. The company saw strong consolidated gross margins increase to 43.1%. EPS was $0.43 with adjusted EPS of $0.50. Record first quarter cash flow from operations reached $130 million. Total net sales decreased 1.5% to $1,189.4 million compared to the first quarter of 2023. North America business segment sales decreased by 2.0%, while International sales remained consistent. Gross margin improved to 43.1%. Operating income decreased by 8.2%, and net income decreased by 10.6%. Adjusted net income decreased by 3.4%. EPS decreased by 10.4%, and adjusted EPS decreased by 5.7%. Leverage ratio improved to 2.85 times. Financial guidance for 2024 includes an adjusted EPS range of $2.60 to $2.90, reflecting a 15% increase from the prior year.
