Tempur Sealy International, Inc. (NYSE:TPX) Q2 2024 Earnings Conference Call August 6, 2024 8:00 AM ET

Company Participants

Aubrey Moore - IR
Scott Thompson - Chairman, President and CEO
Bhaskar Rao - EVP and CFO

Conference Call Participants

Susan Maklari - Goldman Sachs
Rafe Jadrosich - Bank of America
Bobby Griffin - Raymond James
Michael Lasser - UBS
Peter Keith - Piper Sandler
Keith Hughes - Truist
Brad Thomas - KeyBanc Capital Markets
Seth Basham - Wedbush Securities
Phillip Blee - William Blair
Laura Champine - Loop Capital
Jonathan Matuszewski - Jefferies
William Reuter - Bank of America

Operator

Good day, everyone, and welcome to the Tempur Sealy Second Quarter 2024 Earnings Call. [Operator Instructions] Please note this call is being recorded.

It is now my pleasure to turn the conference over to Aubrey Moore with Investor Relations. Please go ahead.

Aubrey Moore

Good morning, everyone, and thank you for participating in today's call. Joining me today are Scott Thompson, Chairman, President and CEO; 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 is made. The Company undertakes no obligation to update any forward-looking statements.

This morning's commentary will also include non-GAAP financial information. Reconciliations of this 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 with that introduction, it is my pleasure to turn the call over to Scott.

Scott Thompson

Thank you, Aubrey. Good morning, everyone, and thank you for joining us on our second quarter 2024 earnings call.

I'll begin with some highlights from the quarter and then turn the call over to Bhaskar to review our financial performance in more detail. After that, I'll open up the call for Q&A. In the second quarter, net sales were approximately $1.2 billion and adjusted EBITDA was $231 million, an improvement of 6% versus the second quarter of 2023. Our adjusted EPS grew a solid 9% to $0.63, while also improving our leverage ratio. We're pleased to see our global market outperformance mitigate the impact of softer-than-anticipated industry volumes.