Tempur Sealy sees FY24 adjusted EPS $2.60-$2.90, consensus $2.80

Sees FY24 revenue up low to mid single digits, consensus $5.09B. Company chairman and CEO Scott Thompson commented, “We are pleased to issue 2024 guidance that targets growth in both adjusted earnings per share(1) and sales. Underpinning our guidance is recent distribution gains and a belief that category demand is stabilizing around the world from negative year-over-year industry units. We expect full year 2024 industry units to be consistent with 2023 levels. “With our strong financial position, resilient operating model and the recent investments made in our brands, products and expanded capacity, Tempur Sealy is positioned to grow adjusted earnings per share(1) and sales. As we grow into our new foam-pouring plant in the U.S. and given our near-term category outlook, we expect pressure on our profits in the first quarter of 2024 with adjusted EPS(1) likely being between $0.45 and $0.50 then returning to year-over-year growth in subsequent quarters.”