Canaccord Genuity Morning Coffee on Tempur Pedic (TPX); Not Tempuring its Expectations
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Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
Rating Summary:
12 Buy, 9 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
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Canaccord Genuity Morning Coffee on Tempur Pedic (NYSE: TPX); Not tempuring its expectations.
Canaccord analyst says, "The mattress and pillow company said it expects to earn $0.67-0.68 per share on revenue of $325 million –well-above the $0.58 and $290.5 million analysts had forecast. CEO Mark Sarvary suggested that the company's sales, which suffered during the economic downturn, have picked up more than anticipated after Tempur-Pedic expanded its product lines and marketing efforts. The company has also undertaken initiatives to improve its productivity, which is helping the bottom line. As such, Tempur-Pedic is also increasing its financial guidance for 2011. The company expects to earn $2.80- 2.95 per share for the year on revenue of $1.31-1.36 billion. That also beats analyst expectations for earnings of $2.72 per share on sales of $1.26 billion. KeyBanc Capital Markets hiked their target following the updated guidance, and waxed that Tempur- Pedic "remains one of the most compelling growth stories in our coverage and one of our top picks for 2011." Tempur-Pedic is scheduled to report its quarterly earnings results on April 21."
Canaccord analyst says, "The mattress and pillow company said it expects to earn $0.67-0.68 per share on revenue of $325 million –well-above the $0.58 and $290.5 million analysts had forecast. CEO Mark Sarvary suggested that the company's sales, which suffered during the economic downturn, have picked up more than anticipated after Tempur-Pedic expanded its product lines and marketing efforts. The company has also undertaken initiatives to improve its productivity, which is helping the bottom line. As such, Tempur-Pedic is also increasing its financial guidance for 2011. The company expects to earn $2.80- 2.95 per share for the year on revenue of $1.31-1.36 billion. That also beats analyst expectations for earnings of $2.72 per share on sales of $1.26 billion. KeyBanc Capital Markets hiked their target following the updated guidance, and waxed that Tempur- Pedic "remains one of the most compelling growth stories in our coverage and one of our top picks for 2011." Tempur-Pedic is scheduled to report its quarterly earnings results on April 21."
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