TPX - Bedding Products Company Tempur Sealy Shares Down On Q3 Earnings: Here's Details | Benzinga
Tempur Sealy International Inc (NYSE: TPX) shares are trading lower by around 7% after it reported weaker-than-expected Q3 FY23 results.
Sales declined 0.5% Y/Y to $1.277 billion, missing the consensus of $1.309 billion.
On a constant currency basis, total net sales decreased by 1.7%, with a decrease of 3.5% in the North American business segment and an increase of 6.7% in the International business segment.
Adjusted gross margin expanded to 45.9% from 42.5% a year ago, and the gross profit rose to $585.6 million from $545.1 million the prior year.
This was led by improved operations and supply contracts and the impact of consumer-specific strategies.
Adjusted operating margin was ...