Tempur Sealy International Inc (NYSE:TPX) facing the hard times


Dallas, Texas 07/29/2013 (Financialstrend) – Tempur Sealy International Inc (NYSE: TPX) which has been dominating high brand mattress market is now facing the hard times as its rivals like Select Comfort Corp (SCSS.O), Serta Inc and Simmons Bedding Co. increased performance. In the recently released second quarter results the company grounded 4.9% in sales to $215.5 million, where the sales was forecasted to be between $2.43 billion and $2.45 billion, the company expected its profit to be between $2.25 and $2.40 per share which was cut down from $2.75 forecast earlier Tempur actually made a net loss of $1.6 million, or 3 cents per share from $29.1 million, or 46 cents per share profit reported a year ago, analysts at Thomson Reuters estimated profit to be $2.75 per share

Earlier the company announced its investment of $13.3 million for improvements at its manufacturing operation and facility development in Scott County, Virginia. This project expected to provide 42 new jobs. Pete Barr, Vice President of Tempur said “we appreciate State of Virginia and Scott County for their support for us in the past 12 years and we look forward to expand our operations, economic incentives will help us to expand in Scott County, Virginia, increase new equipments and new jobs”.

The share of Tempur Sealy International Inc (NYSE: TPX) was bearish by 11.70% on Friday to close down for the day with $35.05 per share. The company had recorded the trading day low price of $36.70 and high price of $39.10 on Friday. For the last twelve months of trading, the low price of the stock is at $24.02 and high price of the stock is at $51.02 per share. Currently there are 60.35 million shares of the company outstanding in the market and 102% institutional ownership. The trading volume of the company on Friday was 5.89 million shares and the trading volume over the past 30 days of the company was 1.12 million shares per day. The total market value of the company is 2.24 billion.