- Net Sales in North America Declined, Excluding Mattress Firm Increased 10% 
- Direct Sales in North America Increased 137%, Driven by Web Sales Increase of 190%

LEXINGTON, KY, July 27, 2017 - Tempur Sealy International, Inc. (NYSE: TPX) today announced financial results for the second quarter ended June 30, 2017. The Company also updated its financial guidance for the full year 2017.


Total net sales decreased 18.0% to $659.3 million from $804.4 million in the second quarter of 2016. On a constant currency basis(1), total net sales decreased 17.2%, with a decrease of 21.0% in the North America business segment and an increase of 1.6% in the International business segment.
Gross margin was 40.7% as compared to 41.9% in the second quarter of 2016.
Operating income decreased 43.5% to $56.6 million as compared to $100.2 million in the second quarter of 2016.
Net income under U.S. generally accepted accounting principles ("GAAP") increased 15.0% to $24.5 million as compared to $21.3 million in the second quarter of 2016. GAAP net income decreased 56.0% to $24.5 million as compared to adjusted net income(1) of $55.7 million in the second quarter of 2016. The Company had no adjustments to GAAP net income in the second quarter of 2017. The Company incurred a $47.2 million loss on extinguishment of debt in the second quarter of 2016 in connection with financing activities in 2016.
Earnings before interest, tax, depreciation and amortization ("EBITDA")(1) decreased 30.6% to $85.8 million as compared to $123.7 million for the second quarter of 2016. EBITDA(1) decreased 31.2% as compared to adjusted EBITDA(1) of $124.7 million in the second quarter of 2016. The Company had no adjustments to EBITDA in the second quarter of 2017.
GAAP earnings per diluted share ("EPS") increased 28.6% to $0.45 as compared to $0.35 in the second quarter of 2016. GAAP EPS decreased 51.1% to $0.45 as compared to adjusted EPS(1) of $0.92 in the second quarter of 2016.
The Company ended the second quarter of 2017 with total debt and consolidated funded debt less qualified cash(1) of $1.9 billion. Leverage based on the ratio of consolidated funded debt less qualified cash to adjusted EBITDA(1) was 3.74 times for the trailing twelve months ended June 30, 2017.

(in millions, except percentages and per common share amounts)
Three Months Ended
% Change
% Change Constant Currency (1)
June 30, 2017
June 30, 2016
Net sales


Net income




Adjusted EPS (1)





Tempur Sealy International, Inc. Chairman and CEO Scott Thompson commented, "We are pleased with our sales and EBITDA performance, despite the loss of our largest customer, and, we are encouraged that our business trends accelerated throughout the quarter. While worldwide industry trends continue to be a bit sluggish, we have outperformed our expectations and are raising the midpoint of our 2017 financial guidance."

(1) This is a non-GAAP financial measure. Please refer to "Non-GAAP Financial Measures and Constant Currency Information" below.

The following information was filed by Tempur Sealy International, Inc. (TPX) on Thursday, July 27, 2017 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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