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Sealy fourth-quarter profit drops to 18 cents a share

SAN FRANCISCO (MarketWatch) — Sealy Corp. said late Thursday its fourth-quarter net income decreased 20% to $17.1 million, or 18 cents a share, from $21.5 million, or 22 cents a share, the previous year, due in part to the “difficult” consumer spending environment and rising commodity cost pressures. Earnings per share for the latest quarter include a 3-cent income tax benefit from the release of $2.5 million of valuation allowances for Mexican deferred tax assets, offset by a 3-cent write-down charge related to customer bankruptcies. On average, analysts polled by Thomson Financial expected earnings of 14 cents a share. Analysts estimates usually exclude unusual items. The Trinity, N.C.-based bedding products manufacturer said net sales for the quarter ended Dec. 2 increased 12% to $441.3 million from $395.3 million a year ago. Thursday, shares closed down 21 cents, or 2.2%, at $9.32.
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Original post by Forextvblog

This entry was posted on Thursday, January 31st, 2008 at 5:29 pm and is filed under Daily Forex Analysis. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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