Tempur Sealy Q2 sales slip 2.8%; maintains FY24 adjusted EPS guidance $2.45–$2.65

SOMNIGROUP INTERNATIONAL INC.

2024-Q2 EPS reported $1.02 revenue$2,423,000,000

Q2 net sales $1,233.6M (-2.8% YoY); adjusted EPS $0.63 (+8.6% YoY); net income $106.1M (+14.8%).
FY24 outlook: adjusted EPS $2.45–$2.65; adjusted EBITDA ~$940M midpoint; record advertising ~$475M; sales flat YoY.
Pending Mattress Firm acquisition: $4B total ($2.7B cash + $1.3B stock); expected close late 2024/early 2025; FTC litigation pending.
International expansion: Dreams UK represents 75% of intl direct sales; plan to open 60+ stores annually; TEMPUR in 90+ countries.
Capital allocation: consistent dividend growth; $3.7B allocated since 2018; target leverage 2.0–3.0x after Mattress Firm.

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