SNBR - Sleep Number stock sinks postmarket on earnings miss amid semiconductor supply issues
Sleep Number (NASDAQ:SNBR) stock sank 12.6% postmarket after the firm reported Q4 results that widely missed Street estimates. Q4 net sales fell 13% to $492M as a late Dec. receipt of semiconductor components from a large global supplier constrained delivered net sales by over $125M (about 2 1/2 weeks of deliveries). “Q4 proved to be the most challenging as we received semiconductor components too late in Dec. to fulfill planned deliveries. Global electronics supplies remain constrained in the near-term,” said CEO Shelly Ibach. SNBR expects 2022 EPS to increase 10-15% vs. 2021, or $6.78-7.08. This is well below consensus estimate of $7.31. The outlook assumes continued global electronics supply constraints with the greatest impact expected in Q1. SNBR expects Q1 EPS of $0.30-0.40, much lower than consensus estimate of $2.07. The company anticipates 2022 capex of $70M-80M.
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Sleep Number stock sinks postmarket on earnings miss amid semiconductor supply issues