Tempur Sealy International, Inc. (NYSE:TPX) Q3 2023 Earnings Conference Call November 2, 2023 8:00 AM ET

Company Participants

Aubrey Moore - VP, IR

Scott L. Thompson - Chairman, CEO & President

Bhaskar Rao - EVP & CFO

Conference Call Participants

Susan Maklari - Goldman Sachs Group

Peter Keith - Piper Sandler & Co.

Bobby Griffin - Raymond James & Associates

Jason Haas - Bank of America Merrill Lynch

Seth Basham - Wedbush Securities

Brad Thomas - KeyBanc Capital Markets

Atul Maheswari - UBS

Keith Hughes - Truist Securities

Laura Champine - Loop Capital Markets

Carla Casella - J.P. Morgan Chase & Co.

Unidentified Analyst - Bank of America

Operator

Good day and thank you for standing by. Welcome to the Tempur Sealy’s Third Quarter 2023 Earnings Conference Call. At this time all participants are in a listen-only mode. After the speaker’s presentation there will be a question-and-answer session. [Operator Instructions]. Please be advised that today’s conference is being recorded. I would now like to hand the conference over to your speaker today, Aubrey Moore, Vice President, Investor Relations. Please go ahead.

Aubrey Moore

Thank you, operator. Good morning, everyone and thank you for participating in today's call. Joining me today are Scott Thompson, Chairman, President and CEO; and Bhaskar Rao, Executive Vice President and Chief Financial Officer.

This call includes forward-looking statements that are subject to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve uncertainties, and actual results may differ materially due to a variety of factors that could adversely affect the company's business. These factors are discussed in the company's SEC filings, including its Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q. Any forward-looking statement speaks only as of the date on which it was made. The company undertakes no obligations to update any forward-looking statements. This morning's commentary will include non-GAAP financial information. Reconciliations of the non-GAAP financial information can be found in the accompanying press release, which is posted on the company's investor website at investor.tempursealy.com and filed with the SEC. Our comments will supplement the detailed information provided in the press release. And now with that introduction, it is my pleasure to turn the call over to Scott.

Scott L. Thompson

Thanks Aubrey. Good morning everyone and thank you for joining us on our 2023 third quarter earnings call. I will start by sharing some highlights for my third quarter performance and then Bhaskar will review our financial performance in more detail. After that I will provide an update on a proposed acquisition of Mattress Firm before opening up the call for Q&A. Today we are reporting the third best third quarter sales and ETF in the company's history. For the third quarter of 2023, we reported net sales of approximately 1.3 billion and adjusted EPS of $0.77. Our results are approximately consistent with the third quarter of last year despite a more challenging macroeconomic operating background.