RTTNews | Feb 11, 2021 10:41AM EST

10:40 Thursday, February 11, 2021 (RTTNews.com) - Shares of Tempur Sealy International Inc. (TPX), a distributor of bedding products, are climbing almost 11 percent or $3.22 in Thursday's morning trade at $32.60. The company's shares hit a new 52-week high of $34.10 after its fourth-quarter results beat analysts' estimates and its board initiated a quarterly dividend as well as increased the share repurchase authorization.

Thursday, Tempur Sealy said its fourth-quarter net income surged to $144.7 million or $0.67 per share from $46.2 million or $0.21 per share in the year-ago period. Adjusted earnings were $0.67 per share, compared to $0.34 per share last year. Net sales grew to $1.06 billion from $871.3 million last year. Analysts polled by Thomson Reuters had a consensus estimate for earnings of $0.52 per share for the quarter on revenues of $988.04 million.

For fiscal 2021, the company currently expects net sales growth between 15 and 20 percent, resulting in earnings per share between $2.30 to $2.50. The Street expects earnings of $1.99 per share for the year on revenues of $3.91 billion.

Tempur Sealy also said its board of directors has initiated a cash dividend on its common stock and declared a dividend of $0.07 per share for the first quarter. In addition, the board has increased the existing authorization under the company's share repurchase program by over $200 million to a total of $400 million.

Tempur Sealy has traded in a range of $5.50 to $34.10 in the past 52 weeks.

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