Tempur Sealy shares slide 10% after earnings miss
Shares of mattress company Tempur Sealy International Inc. slid about 10% Thursday, after posting weaker-than-expected earnings for the fourth quarter. Lexington, Kentucky-based Tempur Sealy said it had net income of $49.7 million, or 91 cents a share, down from $52.9 million, or 94 cents a share, in the year-earlier period. Adjusted per-share earnings came to 79 cents, below the FactSet consensus of 82 cents. The company recorded a net income tax benefit of $23.8 million related to the tax revamp that was signed into law in December. Sales fell 16% to $648.2 million, also below the FactSet consensus of $679 million. Sales fell 22% in North America, after the company ended contracts with Mattress Firm Inc., which was acquired by South Africa's Steinhoff International Holdings N.V. in 2016. Shares have fallen 21% in the year to date, while the S&P 500 has gained 1.5%.
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