Tempur Sealy International, Inc. Files 10-Q for Period Ending March 31, 2024

Ticker: SGI · Form: 10-Q · Filed: 2024-05-09T00:00:00.000Z

Sentiment: neutral

Topics: 10-Q, Tempur Sealy, Financial Report, Quarterly Earnings, Household Furniture

TL;DR

<b>Tempur Sealy International, Inc. filed its 10-Q report for the quarter ending March 31, 2024.</b>

AI Summary

TEMPUR SEALY INTERNATIONAL, INC. (SGI) filed a Quarterly Report (10-Q) with the SEC on May 9, 2024. Filed 10-Q for the quarterly period ended March 31, 2024. Company name: TEMPUR SEALY INTERNATIONAL, INC. Standard Industrial Classification: HOUSEHOLD FURNITURE [2510]. Business address: 1000 TEMPUR WAY, LEXINGTON, KY 40511. Previous company name: TEMPUR PEDIC INTERNATIONAL INC.

Why It Matters

For investors and stakeholders tracking TEMPUR SEALY INTERNATIONAL, INC., this filing contains several important signals. This filing provides an update on the company's financial performance and operational status for the first quarter of 2024. Investors and analysts can use this report to assess the company's financial health, strategic direction, and potential risks.

Risk Assessment

Risk Level: medium — TEMPUR SEALY INTERNATIONAL, INC. shows moderate risk based on this filing. The filing is a standard quarterly report (10-Q), which typically contains routine financial information and disclosures. Specific risks are not detailed in the header information provided.

Analyst Insight

Review the full 10-Q filing for detailed financial statements, management discussion, and risk factors to understand the company's performance and outlook.

Key Numbers

2024-03-31 — Report Period End Date (Conformed period of report)
2024-05-09 — Filing Date (Filed as of date)
2510 — Standard Industrial Classification (SIC code for Household Furniture)

Key Players & Entities

TEMPUR SEALY INTERNATIONAL, INC. (company) — Filer name
TEMPUR PEDIC INTERNATIONAL INC (company) — Former company name
1000 TEMPUR WAY (company) — Business address street
LEXINGTON (company) — Business address city
KY (company) — Business address state
40511 (company) — Business address zip

FAQ

When did TEMPUR SEALY INTERNATIONAL, INC. file this 10-Q?

TEMPUR SEALY INTERNATIONAL, INC. filed this Quarterly Report (10-Q) with the SEC on May 9, 2024.

What is a 10-Q filing?

A 10-Q is a quarterly financial report with unaudited financials, management discussion, and interim business updates. This particular 10-Q was filed by TEMPUR SEALY INTERNATIONAL, INC. (SGI).

Where can I read the original 10-Q filing from TEMPUR SEALY INTERNATIONAL, INC.?

You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by TEMPUR SEALY INTERNATIONAL, INC..

What are the key takeaways from TEMPUR SEALY INTERNATIONAL, INC.'s 10-Q?

TEMPUR SEALY INTERNATIONAL, INC. filed this 10-Q on May 9, 2024. Key takeaways: Filed 10-Q for the quarterly period ended March 31, 2024.. Company name: TEMPUR SEALY INTERNATIONAL, INC.. Standard Industrial Classification: HOUSEHOLD FURNITURE [2510]..

Is TEMPUR SEALY INTERNATIONAL, INC. a risky investment based on this filing?

Based on this 10-Q, TEMPUR SEALY INTERNATIONAL, INC. presents a moderate-risk profile. The filing is a standard quarterly report (10-Q), which typically contains routine financial information and disclosures. Specific risks are not detailed in the header information provided.

What should investors do after reading TEMPUR SEALY INTERNATIONAL, INC.'s 10-Q?

Review the full 10-Q filing for detailed financial statements, management discussion, and risk factors to understand the company's performance and outlook. The overall sentiment from this filing is neutral.

How does TEMPUR SEALY INTERNATIONAL, INC. compare to its industry peers?

Tempur Sealy International operates in the household furniture industry, specifically focusing on bedding products.

Are there regulatory concerns for TEMPUR SEALY INTERNATIONAL, INC.?

The filing is made under the Securities Exchange Act of 1934, requiring public companies to submit regular financial reports.

Industry Context

Tempur Sealy International operates in the household furniture industry, specifically focusing on bedding products.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring public companies to submit regular financial reports.

What Investors Should Do

Analyze the detailed financial statements within the 10-Q for revenue, net income, and cash flow.
Review the Management's Discussion and Analysis section for insights into operational performance and strategic initiatives.
Examine the risk factors section for potential challenges and uncertainties facing the company.

Key Dates

2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
2024-05-09: Filing Date — Date the 10-Q report was officially filed with the SEC.

Year-Over-Year Comparison

This is the 10-Q filing for the first quarter of 2024. A comparison to the previous quarter's 10-Q or last year's Q1 filing would require access to those documents.

Filing Stats: 4,566 words · 18 min read · ~15 pages · Grade level 8.8 · Accepted 2024-05-09 07:00:55

Key Financial Figures

$0.01 — ange on which registered Common Stock, $0.01 par value TPX New York Stock Exchange

Filing Documents

tpx-20240331.htm (10-Q) — 1125KB
tpx-20240331exhibit311.htm (EX-31.1) — 12KB
tpx-20240331exhibit312.htm (EX-31.2) — 11KB
tpx-20240331exhibit321.htm (EX-32.1) — 8KB
0001206264-24-000096.txt ( ) — 5435KB
tpx-20240331.xsd (EX-101.SCH) — 32KB
tpx-20240331_cal.xml (EX-101.CAL) — 56KB
tpx-20240331_def.xml (EX-101.DEF) — 140KB
tpx-20240331_lab.xml (EX-101.LAB) — 451KB
tpx-20240331_pre.xml (EX-101.PRE) — 314KB
tpx-20240331_htm.xml (XML) — 767KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION ITEM 1.

Financial Statements

Financial Statements Condensed Consolidated Statements of Income 4 Condensed Consolidated Statements of Comprehensive Income 5 Condensed Consolidated Balance Sheets 6 Condensed Consolidated Statements of Stockholders' Equity (Deficit) 7 Condensed Consolidated Statements of Cash Flows 8 Notes to Condensed Consolidated Financial Statements 9 ITEM 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 18 ITEM 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 28 ITEM 4.

Controls and Procedures

Controls and Procedures 28

OTHER INFORMATION

PART II. OTHER INFORMATION ITEM 1.

Legal Proceedings

Legal Proceedings 28 ITEM 1A.

Risk Factors

Risk Factors 28 ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds 29 ITEM 3. Defaults upon Senior Securities 29 ITEM 4. Mine Safety Disclosures 29 ITEM 5. Other Information 29 ITEM 6. Exhibits 30

Signatures

Signatures 31 Table of Contents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS TEMPUR SEALY INTERNATIONAL, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF INCOME ($ in millions, except per common share amounts) (unaudited) Three Months Ended March 31, 2024 2023 Net sales $ 1,189.4 $ 1,208.1 Cost of sales 676.8 708.2 Gross profit 512.6 499.9 Selling and marketing expenses 265.0 256.7 General, administrative and other expenses 121.0 104.5 Equity income in earnings of unconsolidated affiliates ( 4.9 ) ( 4.6 ) Operating income 131.5 143.3 Other expense, net: Interest expense, net 34.3 32.8 Other (income) expense, net ( 0.3 ) 0.1 Total other expense, net 34.0 32.9 Income before income taxes 97.5 110.4 Income tax provision ( 20.7 ) ( 24.5 ) Net income before non-controlling interest 76.8 85.9 Less: Net income attributable to non-controlling interest 0.5 0.6 Net income attributable to Tempur Sealy International, Inc. $ 76.3 $ 85.3 Earnings per common share: Basic $ 0.44 $ 0.50 Diluted $ 0.43 $ 0.48 Weighted average common shares outstanding: Basic 173.6 172.0 Diluted 178.0 176.8 See accompanying Notes to Condensed Consolidated Financial Statements. 4 Table of Contents TEMPUR SEALY INTERNATIONAL, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME ($ in millions) (unaudited) Three Months Ended March 31, 2024 2023 Net income before non-controlling interest $ 76.8 $ 85.9 Other comprehensive (loss) income, net of tax: Foreign currency translation adjustments ( 15.5 ) 14.9 Pension benefits loss, net of tax ( 0.3 ) — Other comprehensive (loss) income, net of tax ( 15.8 ) 14.9 Comprehensive income 61.0 100.8 Less: Comprehensive income attributable to non-controlling interest 0.5 0.6 Comprehensive income attributable to Tempur Sealy International, Inc. $ 60.5 $ 100.2 See accompanying Notes to Condensed Consolidated Financial Statements . 5 Table of Contents TEMPUR SEALY INTERNATIONAL, INC. AND SUBSIDIARIES CONDENSED CONSOLID