LEXINGTON, Ky. — Tempur Sealy International, Inc. announced financial results for the third quarter ended September 30, 2021. The Company also issued updated financial guidance for the full year 2021 that reflects the improved business performance.
Tempur Sealy 3rd quarter 2021:
- Total net sales increased 20.0% to $1,358.3 million as compared to $1,132.3 million in the third quarter of 2020. On a constant currency basis(1), total net sales increased 19.2%, with an increase of 11.9% in the North American business segment and an increase of 71.6% in the International business segment.
- The gross margin was 42.5% as compared to 46.8% in the third quarter of 2020. Adjusted gross margin(1) was 46.9% in the third quarter of 2020. There were no adjustments to gross margin in the third quarter of 2021.
- Operating income increased 38.6% to $249.8 million as compared to $180.2 million in the third quarter of 2020. Operating income in the third quarter of 2020 included $45.2 million of amortization for aspirational plan stock-based compensation. Adjusted operating income(1) increased 11.0% to $252.1 million as compared to $227.2 million in the third quarter of 2020.
- Net income increased 46.1% to $177.4 million as compared to $121.4 million in the third quarter of 2020. Adjusted net income(1) increased 15.6% to $179.6 million as compared to $155.4 million in the third quarter of 2020.
- Earnings before interest, tax, depreciation, and amortization (“EBITDA”)(1) increased 5.5% to $295.2 million as compared to $279.9 million in the third quarter of 2020. Adjusted EBITDA(1) increased 6.6% to $297.6 million as compared to $279.3 million in the third quarter of 2020.
- Earnings per diluted share (“EPS”) increased 52.6% to $0.87 as compared to $0.57 in the third quarter of 2020. Adjusted EPS(1) increased 18.9% to $0.88 as compared to $0.74 in the third quarter of 2020.
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