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Sealy Corp Posts Slight Q2 Profit, Revenues Beat Handily
Sealy Corp Posts Slight Q2 Profit,  Revenues Beat Handily
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Sealy Corp Posts Slight Q2 Profit, Revenues Beat Handily
Sealy Corporation (NYSE:ZZ) reported Q2 EPS of $0.01 today, just ahead of the consensus estimate that the company would break even. Revenues for the quarter grew 10.6% year-over-year to $321.3 million, well above the consensus estimate for $294.8 million.Larry Rogers, Sealy’s President and Chief Executive Officer stated, "We were pleased with our operational and financial performance in the second quarter, which allowed the company to deliver double digit sales growth over the prior year, as well as sequential growth in gross margin, income from operations and Adjusted EBITDA. We accomplished these results even as we saw conditions for the industry become more challenging than expected. We also began to reap some benefits associated with our recent strategic investments, which included $12.7 million of incremental costs associated with the launch of our Next Generation Posturepedic product line and our new national advertising campaign. The Next Generation Posturepedic launch is proceeding well ahead of plan, as we exceeded our goal of shipping the line to at least 60% of our retail partners by Memorial Day."Sealy is trading up 3.60% to $2.59 per share in after-hours trading.
Channel: Voxant Newsroom
Category: Business
Video Length: 0
Date Found: June 28, 2011
Date Produced: June 28, 2011
View Count: 0
 
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