Tempur Sealy updates 2024 outlook, reports Q3 results; Mattress Firm deal progressing

SOMNIGROUP INTERNATIONAL INC.

Q3 2024 net sales $1.30B (+1.8% YoY), GAAP EPS $0.73, adjusted EPS $0.82.
2024 guidance: Sales slightly below prior year, adj. EBITDA ~$915M midpoint, adj. EPS $2.45-$2.55.
Mattress Firm acquisition ($4.0B) expected to close late 2024 or early 2025, subject to regulatory approvals.
TTM 9/30/24 adj. EBITDA $906.8M (+3.3%); net leverage target within 2.0-3.0x post-deal.
Capital allocation: $3.7B returned to shareholders since 2018 via dividends and buybacks.

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