Bedding maker Sealy Corp. (ZZ: Quote) Tuesday reported second-quarter net income of $1.7 million or $0.02 per share, compared to a loss of $0.4 million or breakeven per share last year.
Net income from continuing operations for the quarter improved to $2.8 million or $0.03 per share from $0.8 million or $0.01 per share in the prior year quarter.
On average, seven analysts polled by Thomson Reuters expected the company to post breakeven per share for the quarter. Analysts' estimates typically exclude one-time items.
Net sales for the quarter declined 2.9 percent to $312.0 million from $321.3 million last year. Analysts estimated sales of $311.85 million for the quarter.
Gross margins for the quarter advanced 1.8 percentage points to 40.7 percent.
Chief Executive Larry Rogers said, "Our increased gross margin and adjusted EBITDA performance for the quarter were driven by the successful rollout of our Next Generation Stearns & Foster line, and our strategic commitment to driving profitable sales."
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by RTT Staff Writer
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