NEW YORK (Thomson Financial) - Tempur-Pedic International Inc. late Thursday
said first-quarter net income fell 49% to $13.5 million, or 18 cents a share,
from $29.8 million, or 35 cents a share, a year earlier.
The mean estimate of analysts surveyed by Thomson Financial called for a
profit of 19 cents a share.
Revenue for the March-ended period fell 7% to $247.2 million from $266
million, beating the mean estimate of $242.6 million. The company attributed the
weakness to declines in both domestic and international sales.
The Lexington, Ky.-based bedding products company lowered its 2008 outlook
to $1.20 to $1.45 earnings a share on sales of $1.01 billion to $1.07 billion.
Wall Street is looking for 2008 earnings of $1.27 on sales of $1.06 billion.
Shares of Tempur-Pedic closed the regular session at $10.51, down 2%.
Michelle Rama
mr/gm
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