Tempur Sealy (NYSE: TPX) reported Q2 EPS of $0.79, $0.23 better than the analyst estimate of $0.56. Revenue for the quarter came in at $1.17 billion versus the consensus estimate of $1.14 billion.

Tempur Sealy Chairman and CEO Scott Thompson commented, "I am pleased to report that our Board of Directors have declared a nearly 30% increase to our quarterly dividend while still maintaining a conservative payout ratio. This significant increase demonstrates the confidence we have in our outlook, which includes the impact of the acquisition of Dreams as well as our expanded direct to consumer and OEM businesses, all of which have diversified our sales and significantly improved our operating cash flow. With this backdrop, the Board of Directors decided to increase the quarterly dividend, aligning the dividend rate closer to the Company's previously announced target of 15 percent of annual EPS. Going forward, we expect the Board of Directors to evaluate our quarterly dividend strategy on an annual basis."

GUIDANCE:

Tempur Sealy sees FY2021 EPS of $3.10-$3.25, versus the consensus of $2.75.

For earnings history and earnings-related data on Tempur Sealy (TPX) click here.