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Apr. 27, 2015, 9:05 AM
- Proxy firms are lining up for and against Tempur Sealy (TPX -0.2%) in its boardroom battle with H Partners.
- ISS, Glass Lewis, and Proxy Mosaic all recommend a vote against CEO Mark Sarvary, Chairman Andrew McLane, and Christopher Masto.
- Tempur Sealy did nab the support of Egan Jones for its nominees.
- H Partners disclosed a ~10% stake in Tempur Sealy in February and has been pressing hard for a swap of directors ever since.
- The Tempur Sealy annual meeting is scheduled for May 8.
- UPDATED: A SEC filing from Tempur Sealy indicates Egan Jones is expected to change its recommendation.
- SEC Form 14A
Apr. 22, 2015, 8:22 AM
- Wedbush Securities sees bullish trends in the mattress and bedding sector.
- The investment firm doles out Outperform ratings to both Mattress Firm (NASDAQ:MFRM) and Tempur-Pedic (NYSE:TPX).
- A monthly read of bedding sales by the International Sleep Products Association showed strong growth rates in February and March.
- Previously: Select Comfort seen running to new heights
Apr. 6, 2015, 6:59 AM
- Tempur Sealy (NYSE:TPX) releases its investor slide show.
- Says it believes, "H Partners has outlined no constructive steps to enhance the Company’s strategy, capital structure or operating plans, but rather advocates high-risk, value-destroying leadership changes."
- Previously: Tempur Sealy and H Partners continue to duel over board election (Apr. 2)
Apr. 2, 2015, 8:35 AM
- H Partners issues a recommendation to shareholders of Tempur Sealy (NYSE:TPX) to vote against the directors put up for re-election by the company.
- The activist investment firm calls out the underperformance of Tempur Sealy over the last three years under the direction of the current CEO and board.
- The Tempur-Sealy annual meeting is set for May 8.
Mar. 23, 2015, 8:17 AM
- H Partners dials up the heat on Tempur Sealy (NYSE:TPX) in a new letter to shareholders.
- The investment firm urges a no-vote on the board election of the company's CEO, Chairman of the Board, and Chairman of the Nominating and Corporate Governance Committee due to the under-performance at the bedding seller.
- Tempur Sealy's annual meeting is scheduled for May 8.
Mar. 16, 2015, 8:00 AM
- Tempur Sealy (NYSE:TPX) issues a strong letter to shareholders ahead of the company's annual meeting and board election.
- The meeting could see activist investors push for a board seat.
- The company says it's firmly on a path to deliver 6% net sales growth between 2015 to 2018 and widen operating margins by 50 bps.
- EPS of $4.00 is expected in 2016.
- Shareholders meet on May 8.
- Previously: Activist investor dials up pressure on Tempur Sealy (Feb. 17 2015)
- SEC Form 14A
Feb. 17, 2015, 9:05 AM
- Tempur Sealy (NYSE:TPX) is on the hot seat with activist investor H Partners Management.
- The hedge funds is calling for a CEO firing and wants a seat on the board as well to help guide the company in finding a replacement for Mark Sarvary.
- H Partners holds a 10% position in TPX.
- SEC Form 13G
- TPX trades 10.3% below its 52-week high.
Feb. 6, 2015, 9:12 AM
Feb. 5, 2015, 4:28 PM
- Tempur Sealy (NYSE:TPX): Q4 EPS of $0.86 beats by $0.01.
- Revenue of $745.5M (+9.9% Y/Y) beats by $5.84M.
- Shares -6.9%.
Oct. 30, 2014, 5:48 PM
Oct. 30, 2014, 4:36 PM
- Tempur Sealy (NYSE:TPX): Q3 EPS of $0.88 misses by $0.01.
- Revenue of $827.4M (+12.5% Y/Y) beats by $30.46M.
- Shares -9.73%.
Aug. 11, 2014, 10:29 AM
Jul. 24, 2014, 6:01 PM
- Tempur Sealy International (TPX) Q2 results: Net Sales: $715.0M (+8.2%), Retail: $658.2M (+9.3%), Direct: $30.6M (+1.0%), Bedding: $657.4M (+9.8%); Gross Profit: $268.3M (+5.3%); Operating Income: $50.3M (+14.3%).
- Gross margin declined 2.9% yoy to 37.5% due to increased investments in new products and related marketing. CEO Mark Sarvary expects significant margin improvement in 2H.
- 2014 Guidance: net sales: $2.925B - 2.975B; adjusted EBITDA: $410M - 430M; adjusted EPS: $2.60 - 2.85.
- Shares now down 5.1% after hours.
Jul. 24, 2014, 4:26 PM
- Tempur Sealy (NYSE:TPX): Q2 EPS of $0.39 misses by $0.02.
- Revenue of $715M (+8.2% Y/Y) beats by $11.7M.
- Shares -3.4%.
May 2, 2014, 9:47 AM
- Shares of Tempur Sealy International (TPX +6.9%) race higher in early trading after the company beats estimates on both lines with its Q1 results.
- Synergies from Tempur's acquisition of Sealy are starting to be realized.
- Also of note, Wedbush upgraded the stock to an Outperform rating this morning.
May 1, 2014, 4:14 PM
- Tempur Sealy (TPX): Q1 EPS of $0.53 beats by $0.02.
- Revenue of $701.9M (+79.9% Y/Y) beats by $18.18M.
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