Tempur Sealy Reports Record Fourth Quarter And Full Year 2016 Results

LEXINGTON, Ky., Feb. 16, 2017

KEY HIGHLIGHTS

	Three Months Ended December 31,														Year Ended December 31,
(in millions, except percentages and per common share amounts)	2016				2015 ARIVA.DE Börsen-Geflüster Kurse Tempur Sealy International 50,52 $ 0,00%				% Change			% Change Constant  Currency(1)			2016				2015				% Change			% Change Constant Currency(1)
Net sales	$	769.5			$	767.3			0.3	%		1.7	%		$	3,127.3			$	3,151.2			(0.8)	%		0.7	%
Net income (loss)	63.4				(11.3)				661.1	%		671.7	%		202.1				73.5				175.0	%		184.4	%
EPS	1.12				(0.18)				722.2	%		733.3	%		3.38				1.17				188.9	%		199.1	%
Adjusted EPS(1)	1.18				0.99				19.2	%		21.2	%		4.05				3.19				27.0	%		30.7	%
EBITDA(1)	130.1				115.1				13.0	%		14.6	%		510.8				388.9				31.3	%		34.1	%
Adjusted EBITDA(1)	137.9				132.7				3.9	%		5.3	%		521.6				455.8				14.4	%		16.8	%

FOURTH QUARTER 2016 FINANCIAL SUMMARY

• Total net sales increased 0.3% to $769.5 million from $767.3 million in the fourth quarter of 2015. On a constant currency basis⁽¹⁾, total net sales increased 1.7%, with an increase of 1.9% in the North America business segment and an increase of 0.9% in the International business segment.
• Gross margin under U.S. generally accepted accounting principles ("GAAP") was 41.5% as compared to 40.8% in the fourth quarter of 2015.
• GAAP net income was $63.4 million as compared to a net loss of $(11.3) million for the fourth quarter of 2015. In the fourth quarter of 2015, the Company recorded a $60.7 million tax charge related to its Danish tax matter. Adjusted net income⁽¹⁾ increased 6.1% to $66.5 million as compared to adjusted net income of $62.7 million in the fourth quarter of 2015.
• Earnings before interest, tax, depreciation and amortization ("EBITDA")⁽¹⁾ increased 13.0% to $130.1 million as compared to $115.1 million for the fourth quarter of 2015. Adjusted EBITDA⁽¹⁾ increased 3.9% to a record $137.9 million as compared to adjusted EBITDA⁽¹⁾ of $132.7 million in the fourth quarter of 2015.
• GAAP operating income increased 17.1% to $107.5 million, or 14.0% of net sales, as compared to $91.8 million, or 12.0% of net sales, in the fourth quarter of 2015. Operating income in the fourth quarter of 2016 included $8.3 million of restructuring costs and $3.8 million of benefit related to performance-based stock compensation. Operating income in the fourth quarter of 2015 included $19.4 million of restructuring costs, executive management transition, integration and other costs. Adjusted operating income⁽¹⁾ was $112.0 million, or 14.6% of net sales, as compared to adjusted operating income of $111.2 million, or 14.5% of net sales, in the fourth quarter of 2015.
• GAAP earnings per diluted share ("EPS") was $1.12 as compared to a loss of $(0.18) in the fourth quarter of 2015. Adjusted EPS⁽¹⁾ increased 19.2% to $1.18, as compared to adjusted EPS of $0.99 in the fourth quarter of 2015.
• During the fourth quarter of 2016, the Company repurchased 3.5 million shares of its common stock for a total cost of $215.3 million. As of December 31, 2016, the Company had approximately $67 million available under its existing share repurchase authorization.
• The Company ended the fourth quarter of 2016 with consolidated funded debt less qualified cash⁽¹⁾ of $1.9 billion. In addition, leverage based on the ratio of consolidated funded debt less qualified cash to adjusted EBITDA⁽¹⁾ was 3.60 times, with no significant off balance sheet liability.

Tempur Sealy International, Inc. Chairman and CEO Scott Thompson commented, "Overall the worldwide markets for our products are solid and the Team remains focused on our long-term initiatives. Our fourth quarter adjusted EPS growth of 19% is evidence of the strength of Company's Brands, and business model, even against a relatively muted bedding industry." 

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