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TEMPUR SEALY REPORTS THIRD QUARTER 2019 RESULTS
- Net Sales Increased 12.5%, Direct Channel Net Sales Increased 62%
- Margins Expanded, Net Income and EPS Up Over 70%
-Financial Guidance Raised

LEXINGTON, KY, October 31, 2019 - Tempur Sealy International, Inc. (NYSE: TPX) announced financial results for the third quarter ended September 30, 2019. The Company also raised its financial guidance for the full year 2019.

THIRD QUARTER 2019 FINANCIAL SUMMARY

Total net sales increased 12.5% to $821.0 million as compared to $729.5 million in the third quarter of 2018. On a constant currency basis(1), total net sales increased 13.4%, with an increase of 14.6% in the North America business segment and an increase of 8.0% in the International business segment.
Gross margin was 43.9% as compared to 41.1% in the third quarter of 2018.
Operating income increased 42.4% to $120.6 million as compared to $84.7 million in the third quarter of 2018. Adjusted operating income(1) was $97.8 million in the third quarter of 2018. There were no adjustments to operating income in the third quarter of 2019.
Net income increased 73.3% to $73.3 million as compared to $42.3 million in the third quarter of 2018. Adjusted net income(1) increased 29.2% to $72.5 million as compared to $56.1 million in the third quarter of 2018.
Earnings before interest, tax, depreciation and amortization ("EBITDA")(1) increased 33.7% to $150.7 million as compared to $112.7 million for the third quarter of 2018. Adjusted EBITDA(1) increased 17.4% to $149.9 million as compared to $127.7 million in the third quarter of 2018.
Earnings per diluted share ("EPS") increased 70.1% to $1.31 as compared to $0.77 in the third quarter of 2018. Adjusted EPS(1) increased 27.5% to $1.30 as compared to $1.02 in the third quarter of 2018.

KEY HIGHLIGHTS
(in millions, except percentages and per common share amounts)
Three Months Ended
 
% Reported Change
 
% Constant Currency Change(1)
September 30, 2019
 
September 30, 2018
Net sales
$
821.0

 
$
729.5

 
12.5
%
 
13.4
%
Net income
73.3

 
42.3

 
73.3
%
 
75.4
%
EBITDA (1)
150.7

 
112.7

 
33.7
%
 
34.9
%
Adjusted EBITDA (1)
149.9

 
127.7

 
17.4
%
 
18.5
%
EPS
1.31

 
0.77

 
70.1
%
 
72.7
%
Adjusted EPS (1)
1.30

 
1.02

 
27.5
%
 
29.4
%


Tempur Sealy International, Inc. Chairman and CEO Scott Thompson commented, “We are pleased to report double-digit growth in sales of both Tempur-Pedic and Sealy products, with robust sales growth across geographies, brands and price points. It is clear that our investments in innovative products, reliable manufacturing and direct distribution are allowing us to win in the marketplace.  In fact, during the third quarter we recognized the highest gross profit in the company’s history, greater than what was generated previously across a larger presence. Our double-digit growth in operating income and adjusted EBITDA allows us to continue investing in our plants, products and people, while repurchasing our stock and strengthening our balance sheet by reducing our financial leverage.”




(1) 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, October 31, 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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