Tempur Sealy International Inc. reported net income of $177.4 million in the third quarter of fiscal 2021, which ended Sept. 30. It was a 46.1% increase, compared with the third quarter of fiscal 2020. Adjusted earnings per share were $0.88 for the quarter, an 18.9% increase over the third quarter of 2020.
Net sales increased 20% to $1.35 billion, compared with $1.13 billion in the third quarter of fiscal 2020.
The Lexington, Kentucky-based manufacturer and retailer raised its financial guidance for the full year. It currently expects net sales growth to exceed 35%, compared with 2020, and full-year adjusted EPS between $3.20 and $3.30.
“Our strong third-quarter sales performance was driven by growth across all brands, products, channels and segments,” said Scott Thompson, Tempur Sealy chair, chief executive officer and president. “Our broad-based performance is especially notable given the strong prior-year comparative period and our inability to fully meet market demand in the quarter due to supply chain constraints. We continue to see opportunity to further grow our business and extend our lead in the design, manufacture and distribution of bedding products over the long term. Our key building blocks to future growth include the meaningful expansion of our total global capabilities and our balanced capital allocation philosophy. In 2022 and beyond, we expect to leverage these building blocks to deliver double-digit sales and EPS growth.”