Tempur Sealy Files Q3 2024 10-Q
Ticker: SGI · Form: 10-Q · Filed: 2024-11-07T00:00:00.000Z
Sentiment: neutral
Topics: 10-Q, financials, quarterly-report
TL;DR
Tempur Sealy's Q3 2024 10-Q is in. Check financials.
AI Summary
Tempur Sealy International, Inc. filed its 10-Q for the period ending September 30, 2024. The filing details financial performance and operational updates for the third quarter of 2024. Key financial data and business segment information are presented, reflecting the company's ongoing activities in the household furniture sector.
Why It Matters
This filing provides investors with the latest financial performance data for Tempur Sealy, crucial for understanding the company's health and future prospects in the competitive mattress and bedding market.
Risk Assessment
Risk Level: medium — As a publicly traded company in the consumer goods sector, Tempur Sealy faces inherent market, economic, and competitive risks that are detailed in its SEC filings.
Key Numbers
- 2024-09-30 — Period End Date (The report covers financial data up to this date.)
- 2024-07-01 — Q3 Start Date (Beginning of the third quarter reporting period.)
- 2023-07-01 — Prior Year Q3 Start Date (For comparative analysis with the current year's Q3.)
- 2024-01-01 — Year-to-Date Start Date (Beginning of the fiscal year for year-to-date figures.)
- 2023-01-01 — Prior Year-to-Date Start Date (For comparative analysis of year-to-date performance.)
Key Players & Entities
- TEMPUR SEALY INTERNATIONAL, INC. (company) — Filer
- 20240930 (date) — Period of Report
- 20241107 (date) — Filing Date
- LEXINGTON, KY (location) — Business Address
FAQ
What is the reporting period for this 10-Q filing?
The reporting period for this 10-Q filing is September 30, 2024.
When was this 10-Q filed with the SEC?
This 10-Q was filed on November 7, 2024.
What is the company's primary industry classification?
The company's Standard Industrial Classification is HOUSEHOLD FURNITURE [2510].
What is the company's principal executive office location?
The company's principal executive office is located at 1000 TEMPUR WAY, LEXINGTON, KY 40511.
What fiscal year end does the company observe?
The company's fiscal year ends on December 31.
Filing Stats: 4,574 words · 18 min read · ~15 pages · Grade level 8.5 · Accepted 2024-11-07 16:28:10
Key Financial Figures
- $0.01 — ange on which registered Common Stock, $0.01 par value TPX New York Stock Exchange
Filing Documents
- tpx-20240930.htm (10-Q) — 1594KB
- tpx-20240930exhibit311.htm (EX-31.1) — 12KB
- tpx-20240930exhibit312.htm (EX-31.2) — 11KB
- tpx-20240930exhibit321.htm (EX-32.1) — 8KB
- 0001206264-24-000168.txt ( ) — 6762KB
- tpx-20240930.xsd (EX-101.SCH) — 32KB
- tpx-20240930_cal.xml (EX-101.CAL) — 58KB
- tpx-20240930_def.xml (EX-101.DEF) — 148KB
- tpx-20240930_lab.xml (EX-101.LAB) — 479KB
- tpx-20240930_pre.xml (EX-101.PRE) — 329KB
- tpx-20240930_htm.xml (XML) — 1124KB
FINANCIAL INFORMATION
PART I. FINANCIAL INFORMATION ITEM 1.
Financial Statements
Financial Statements Condensed Consolidated Statements of Income 4 Condensed Consolidated Statements of Comprehensive Income 5 Condensed Consolidated Balance Sheets 6 Condensed Consolidated Statements of Stockholders' Equity 7 Condensed Consolidated Statements of Cash Flows 9 Notes to Condensed Consolidated Financial Statements 10 ITEM 2.
Management's Discussion and Analysis of Financial Condition and Results of Operations
Management's Discussion and Analysis of Financial Condition and Results of Operations 20 ITEM 3.
Quantitative and Qualitative Disclosures About Market Risk
Quantitative and Qualitative Disclosures About Market Risk 36 ITEM 4.
Controls and Procedures
Controls and Procedures 36
OTHER INFORMATION
PART II. OTHER INFORMATION ITEM 1.
Legal Proceedings
Legal Proceedings 36 ITEM 1A.
Risk Factors
Risk Factors 37 ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds 37 ITEM 3. Defaults upon Senior Securities 37 ITEM 4. Mine Safety Disclosures 37 ITEM 5. Other Information 37 ITEM 6. Exhibits 38
Signatures
Signatures 39 Table of Contents
FINANCIAL INFORMATION
PART I. FINANCIAL INFORMATION
FINANCIAL STATEMENTS
ITEM 1. FINANCIAL STATEMENTS TEMPUR SEALY INTERNATIONAL, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF INCOME ($ in millions, except per common share amounts) (unaudited) Three Months Ended Nine Months Ended September 30, September 30, 2024 2023 2024 2023 Net sales $ 1,300.0 $ 1,277.1 $ 3,723.0 $ 3,754.9 Cost of sales 710.1 703.4 2,066.3 2,139.0 Gross profit 589.9 573.7 1,656.7 1,615.9 Selling and marketing expenses 272.0 272.9 813.2 799.8 General, administrative and other expenses 118.6 122.2 347.4 344.2 Equity income in earnings of unconsolidated affiliates ( 2.5 ) ( 4.6 ) ( 10.5 ) ( 13.4 ) Operating income 201.8 183.2 506.6 485.3 Other expense, net: Interest expense, net 30.8 32.6 98.5 99.0 Other expense (income), net 0.4 ( 0.1 ) ( 0.5 ) ( 0.2 ) Total other expense, net 31.2 32.5 98.0 98.8 Income before income taxes 170.6 150.7 408.6 386.5 Income tax provision ( 40.8 ) ( 36.8 ) ( 95.5 ) ( 93.5 ) Net income before non-controlling interest 129.8 113.9 313.1 293.0 Less: Net (loss) income attributable to non-controlling interest ( 0.2 ) 0.6 0.7 2.0 Net income attributable to Tempur Sealy International, Inc. $ 130.0 $ 113.3 $ 312.4 $ 291.0 Earnings per common share: Basic $ 0.75 $ 0.66 $ 1.80 $ 1.69 Diluted $ 0.73 $ 0.64 $ 1.75 $ 1.64 Weighted average common shares outstanding: Basic 173.7 172.2 173.6 172.1 Diluted 178.2 177.6 178.1 177.0 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 Nine Months Ended September 30, September 30, 2024 2023 2024 2023 Net income before non-controlling interest $ 129.8 $ 113.9 $ 313.1 $ 293.0 Other comprehensive income (loss), net of tax: Foreign currency translation adjustments 37.0 ( 31.5 ) 14.0 0.6 Pension benefits loss — — ( 0.3 ) — Other comprehensive income (loss), net