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TEMPUR SEALY REPORTS THIRD QUARTER 2018 RESULTS
- Tempur-Pedic Mattress Units Grew 29% in North America
- Direct Sales Increased 29%, Net Sales Increased 2.5%


LEXINGTON, KY, November 1, 2018 - Tempur Sealy International, Inc. (NYSE: TPX) announced financial results for the third quarter ended September 30, 2018. The Company also updated its financial guidance for the full year 2018.

THIRD QUARTER 2018 FINANCIAL SUMMARY(1) 

Total net sales increased 2.5% to $729.5 million as compared to $711.5 million in the third quarter of 2017. On a constant currency basis(2), total net sales increased 3.4%, with an increase of 3.0% in the North America business segment and an increase of 4.9% in the International business segment.
Gross margin under U.S. generally accepted accounting principles ("GAAP") was 41.1% as compared to 43.1% in the third quarter of 2017. Gross margin in the third quarter of 2018 included $4.9 million of restructuring charges and $3.7 million of supply chain transition costs. Adjusted gross margin(2) was 42.3% as compared to 43.3% in the third quarter of 2017.
GAAP operating income decreased 12.9% to $84.7 million as compared to $97.3 million in the third quarter of 2017. Operating income in the third quarter of 2018 included $9.4 million of restructuring charges and $3.7 million of supply chain transition costs. Adjusted operating income(2) decreased 2.5% to $97.8 million as compared to $100.3 million in the third quarter of 2017.
GAAP net income decreased 5.2% to $42.3 million as compared to $44.6 million in the third quarter of 2017. Adjusted net income(2) increased 0.9% to $56.1 million as compared to $55.6 million in the third quarter of 2017.
Earnings before interest, tax, depreciation and amortization ("EBITDA")(2) decreased 1.5% to $112.7 million as compared to $114.4 million for the third quarter of 2017. Adjusted EBITDA(2) decreased 1.3% to $127.7 million as compared to $129.4 million in the third quarter of 2017.
GAAP earnings per diluted share ("EPS") decreased 4.9% to $0.77 as compared to $0.81 in the third quarter of 2017. Adjusted EPS(2) increased 1.0% to $1.02 as compared to $1.01 in the third quarter of 2017.

KEY HIGHLIGHTS
(in millions, except percentages and per common share amounts)
Three Months Ended
 
% Reported Change
 
% Constant Currency Change(2)
September 30, 2018
 
September 30, 2017
Net sales
$
729.5

 
$
711.5

 
2.5
 %
 
3.4
%
EBITDA (2)
112.7

 
114.4

 
(1.5
)%
 
1.4
%
Adjusted EBITDA (2)
127.7

 
129.4

 
(1.3
)%
 
1.2
%
EPS
0.77

 
0.81

 
(4.9
)%
 
%
Adjusted EPS (2)
1.02

 
1.01

 
1.0
 %
 
5.0
%


Tempur Sealy International, Inc. Chairman and CEO Scott Thompson commented, "Our recent Tempur-Pedic and Sealy Hybrid product introductions have been the best-received in the company’s history, and have gained significant share in the marketplace.  Tempur-Pedic mattress units accelerated during the quarter, with growth of 29% in North America.  In North America, we are currently rolling out our higher-end Tempur LuxeAdapt product, and in early 2019 our Breeze products will be launched, rounding out our completely new line of Tempur-Pedic mattresses. The team is confident that the combination of these innovative new products, our expanding direct to consumer business, and our ongoing productivity initiatives will continue to enhance our world wide competitive position."


  


(1) All amounts presented for 2017 reflect reclassifications to previously reported amounts to adjust for discontinued operations.
(2) This is a non-GAAP financial measure. Please refer to "Non-GAAP Financial Measures and Constant Currency Information" below.
1

The following information was filed by Tempur Sealy International, Inc. (TPX) on Thursday, November 1, 2018 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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