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TEMPUR SEALY REPORTS SOLID SECOND QUARTER 2019 RESULTS
- Net Sales Increased 10%, Direct Channel Net Sales Increased 55%
- Margins Expanded, Net Income, EBITDA and EPS Up Significantly Versus Second Quarter 2018

LEXINGTON, KY, July 25, 2019 - Tempur Sealy International, Inc. (NYSE: TPX) announced financial results for the second quarter ended June 30, 2019. The Company also raised its financial guidance for the full year 2019 and announced an acceleration of its share repurchase program.

SECOND QUARTER 2019 FINANCIAL SUMMARY(1) 

Total net sales increased 9.5% to $722.8 million as compared to $659.9 million in the second quarter of 2018. On a constant currency basis(2), total net sales increased 10.8%, with an increase of 11.8% in the North America business segment and an increase of 6.9% in the International business segment.
Gross margin under U.S. generally accepted accounting principles ("GAAP") was 43.4% as compared to 41.3% in the second quarter of 2018.
GAAP operating income increased 39.7% to $81.0 million as compared to $58.0 million in the second quarter of 2018. Adjusted operating income(2) increased 32.2% to $83.8 million as compared to $63.4 million in the second quarter of 2018.
GAAP net income increased 82.5% to $41.6 million as compared to $22.8 million in the second quarter of 2018. Adjusted net income(2) increased 41.1% to $44.3 million as compared to $31.4 million in the second quarter of 2018.
Earnings before interest, tax, depreciation and amortization ("EBITDA")(2) increased 32.0% to $109.0 million as compared to $82.6 million for the second quarter of 2018. Adjusted EBITDA(2) increased 21.0% to $113.0 million as compared to $93.4 million in the second quarter of 2018.
GAAP earnings per diluted share ("EPS") increased 76.2% to $0.74 as compared to $0.42 in the second quarter of 2018. Adjusted EPS(2) increased 38.6% to $0.79 as compared to $0.57 in the second quarter of 2018.

KEY HIGHLIGHTS
(in millions, except percentages and per common share amounts)
Three Months Ended
 
% Reported Change
 
% Constant Currency Change(2)
June 30, 2019
 
June 30, 2018
Net sales
$
722.8

 
$
659.9

 
9.5
%
 
10.8
%
Net income
41.6

 
22.8

 
82.5
%
 
81.6
%
EBITDA (2)
109.0

 
82.6

 
32.0
%
 
32.0
%
Adjusted EBITDA (2)
113.0

 
93.4

 
21.0
%
 
21.0
%
EPS
0.74

 
0.42

 
76.2
%
 
76.2
%
Adjusted EPS (2)
0.79

 
0.57

 
38.6
%
 
38.6
%


Tempur Sealy International, Inc. Chairman and CEO Scott Thompson commented, “Our strong momentum from the first quarter continued into the second quarter and beyond.  The combination of our powerful omni-channel distribution platform and our innovative products delivered double-digit revenue and earnings growth. Our North America operations had a stand-out quarter driven by our new Breeze line of mattresses and 78% growth in our direct to consumer channel. These results, combined with our future expected earnings growth outlook, support a return to our share repurchase program. We expect our leverage ratio to move to the lower end of our targeted range of 3 to 4 times debt to adjusted EBITDA in the near-term, while at the same time, subject to market conditions, we are targeting quarterly share repurchases of approximately $50 million.”



(1) All amounts presented for 2018 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, July 25, 2019 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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