Lexington, Kentucky -- Tempur Sealy’s Q3 2016 net sales are below the firm’s expectations, chairman and ceo Scott Thompson announced this week.
“We currently expect net sales for the full year to be down 1% to 3% compared to 2015. For the full year 2016, the company currently expects an adjusted EBITDA (earnings before interest, tax, depreciation and amortisation) to range from $ 500m to $ 525m."
He added: "While our net sales are below expectations, our operational initiatives are going well and are continuing to drive considerable margin expansion.
“The net impact of the revenue shortfall and our continued margin expansion is that we felt it was appropriate to lower the midpoint of our adjusted EBITDA guidance by 5%. The midpoint of this updated guidance implies an increase in adjusted EBITDA of approximately 12% and approximately 20% growth in adjusted earnings per share compared to 2015."
The company will report third quarter results on October 27, 2016.