Tempur-Pedic International Inc. (TPX) Thursday reported first-quarter profit of $12.5 million or $0.20 per share, down from $56.2 million or $0.86 per share in the year-earlier quarter.
Adjusted earnings for the quarter was $38.2 million or $0.62 per share. On average, nine analysts polled by Thomson Reuters expected the company to earn $0.61 per share for the quarter. Analysts' estimates typically exclude special items.
Sales improved 1.5 percent to $390.1 million from $384.4 million last year. Analysts expected revenues of $347.27 million.
Cost of sales increased to $201.7 million from $178.4 million last year.
Looking ahead, the company currently projects full-year adjusted earnings at $2.75 per share, up from the previous guidance of $2.55 per share. Revenues guidance has been raised to $2.5 billion from $1.425, issued previously.
Street is currently looking for full-year earnings of $2.94 per share and revenues of $2.58 billion.
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