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Tempur Sealy announced that its board of directors has declared a first quarter cash dividend on its common stock of 11c per share. The dividend is payable on March 9 to shareholders of record as of February 23.
Sees FY23 revenue up mid single digits, consensus $5.02B. For the full year 2023, the company currently expects adjusted EPS between $2.60 to $2.80. This contemplates the company's current sales outlook for mid single digit year-over-year growth. Company chairman and CEO Scott Thompson commented, "We are pleased to issue 2023 guidance that targets growth on both the top and bottom line. This contemplates Tempur Sealy's continued outperformance across the bedding industry worldwide driven by our key product, brand, and omni-channel initiatives. Our strong competitive position continues to provide us growth opportunities."
Reports Q4 revenue $1.19B, consensus $1.22B. Company chairman and CEO Scott Thompson commented, "Our fourth quarter and full year results are the second best sales and adjusted net income results for like periods in the Company's history. Although the robust market we experienced in 2021 represented a challenging comparison for 2022, we outperformed the global bedding market, expanding our leading position in the global industry. We continued to invest in industry-leading product innovation and advertising spend, expand our manufacturing capacity, drive omni-channel expansion worldwide, and execute on our balanced capital allocation strategy. As we enter 2023, we expect success across our brand, product, and omnichannel initiatives to deliver growth on both the top and bottom line as the industry experiences a stable but subdued demand environment."
Truist analyst Keith Hughes raised the firm's price target on Tempur Sealy to $46 from $32 and keeps a Buy rating on the shares. The analyst is citing "very encouraging commentary" coming from the recent mattress industry trade show suggesting a bottoming of demand and less pricing pressure than anticipated. The firm is also raising its FY23 EPS view by 18c to $2.64.
KeyBanc analyst Bradley Thomas raised the firm's price target on Tempur Sealy to $48 from $35 and keeps an Overweight rating on the shares after speaking with many current and former executives from retailers, manufacturers, and suppliers within the mattress industry. The firm cites positive market share opportunities in 2023.
In a regulatory filing, Tempur Sealy disclosed that its CFO Bhaskar Rao sold 50K shares of common stock on January 27th in a total transaction size of $2.0M.
UBS analyst Atul Maheswari keeps a Buy rating and $42 price target on Tempur Sealy while noting that investors should not "sleep on this" stock. The bedding category remained sluggish in Q4, but while the management cut its FY22 outlook when it reported Q3 results in November, trends were more stable in November-December period relative to October, the analyst tells investors in a research note. The firm adds that Tempur Sealy brands largely maintained or gained share at retail floors and also believes that Q3 was likely the low water mark level for the category with respect to unit declines.
Raymond James analyst Bobby Griffin raised the firm's price target on Tempur Sealy to $45 from $35 and keeps a Strong Buy rating on the shares ahead of the Q4 earnings report. Tempur Sealy continues to perform well on a relative basis versus its peers, the analyst tells investors in a research note, adding that while industry trends remain negative, there is some evidence that demand is stabilizing. Even with the current macro environment, 2022 could mark the low point in earnings for Tempur Sealy.
