Tuesday, bedding products maker Sealy Corp. (ZZ) reported that its profit for the first quarter increased from the previous year quarter, primarily due to higher sales.
The company recorded net income of $5.7 million, compared to $4.3 million in the year-ago quarter. On a per share basis, however, earnings declined to $0.03 from $0.05 last year on higher diluted share count.
Net sales for the quarter increased 9.6% to $339.63 million from $309.98 million in the prior-year quarter.
Analysts polled by Thomson Reuters expected the company to earn $0.04 per share, on revenues of $330.15 million. Analysts' estimates typically exclude special items.
Income from operations for the first fiscal quarter increased 49.0%, or $11.5 million, to $34.8 million compared to the same period in the prior year. This increase was based on better gross profit margin performance.
The company's total U.S. net sales increased 4.9% to $246.4 million from the first quarter of fiscal 2009. International net sales increased $18.0 million, or 24.0%, from the first quarter of 2009 to $93.3 million.
Excluding the effects of currency fluctuation, international net sales increased 11.9% from the first quarter of 2009. This increase was primarily due to increased sales stemming from the success of new Stearns & Foster line, better execution of promotions and an improvement in retail demand in the Canadian market. Canadian unit volume for the quarter increased 32.5% from the comparable prior year quarter.
ZZ closed Tuesday's regular trading at $3.65 up $0.01 or 0.27% on a volume of 1.416 million shares on the NYSE. However, in the after hour trading the stock price decreased to $3.52 down $0.06 or 1.64%.
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