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Tempur-Pedic CEO pleased with Q3 results globally
21 Oct '11
4 min read
The Company announced the Board of Directors has expanded the Company's existing repurchase program by $80.0 million for a total authorization of up to $280.0 million. Reflecting share repurchases made during the third quarter, the Company currently has $200.0 million remaining under this authorization. Stock repurchases under this program may be made through open market transactions, negotiated purchases or otherwise, at times and in such amounts as management and a committee of the Board deem appropriate.
The timing and actual number of shares repurchased will depend on a variety of factors including price, financing and regulatory requirements and other market conditions. Repurchases may also be made under a Rule 10b5-1 plan, which would permit shares to be repurchased when the Company might otherwise be precluded from doing so under insider trading laws. This share repurchase program may be limited, suspended or terminated at any time without prior notice.
Updated Financial Guidance
The Company updated financial guidance for the full year 2011. The Company currently expects net sales for 2011 to range from $1.405 billion to $1.425 billion and EPS for 2011 to range from $3.12 to $3.17 per diluted share. The Company noted its expectations are based on information available at the time of this release, and are subject to changing conditions, many of which are outside the Company's control. The Company noted its EPS guidance does not assume any benefit from a potential further reduction in shares outstanding related to its share repurchase program.
Tempur-Pedic International Inc. manufactures and distributes mattresses and pillows made from its proprietary TEMPUR pressure-relieving material.
The timing and actual number of shares repurchased will depend on a variety of factors including price, financing and regulatory requirements and other market conditions. Repurchases may also be made under a Rule 10b5-1 plan, which would permit shares to be repurchased when the Company might otherwise be precluded from doing so under insider trading laws. This share repurchase program may be limited, suspended or terminated at any time without prior notice.
Updated Financial Guidance
The Company updated financial guidance for the full year 2011. The Company currently expects net sales for 2011 to range from $1.405 billion to $1.425 billion and EPS for 2011 to range from $3.12 to $3.17 per diluted share. The Company noted its expectations are based on information available at the time of this release, and are subject to changing conditions, many of which are outside the Company's control. The Company noted its EPS guidance does not assume any benefit from a potential further reduction in shares outstanding related to its share repurchase program.
Tempur-Pedic International Inc. manufactures and distributes mattresses and pillows made from its proprietary TEMPUR pressure-relieving material.
Tempur-Pedic International Inc
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