Matress Firm Q3 Profit Rises, Results Beat View - Quick Facts

(RTTNews) - Bedding retailer Mattress Firm Holding Corp (MFRM) reported a surge in profit for the third quarter from last year on higher sales. Both revenue and adjusted earnings per share beat analysts' expectations.

For fiscal 2015, the company reaffirmed the midpoint of its financial outlook for sales, adjusted EBITDA and adjusted earnings per share.

The company's third-quarter net income was $23.87 million or $0.67 per share, up from $15.61 million or $0.45 per share a year ago.

Excluding items, adjusted earnings for the quarter rose to $0.82 per share from $0.70 per share in the comparable quarter last year. Analysts polled by Thomson Reuters estimated earnings of $0.81 per share. Analysts' estimates typically exclude special items.

Net sales for the quarter rose 50.7 percent to $699.51 million from $464.28 million in the prior year, reflecting comparable-store sales growth of 3.8 percent and incremental sales from new and acquired stores. Analysts expected revenues of $660.63 million for the quarter.

For fiscal 2015, the company now projects earnings of $1.88 to $1.94 per share, adjusted earnings of $2.33 to $2.42 per share and net sales of $2.53 billion to $2.55 billion.

Earlier, the company forecast full-year earnings of $2.03 to $2.15 per share, adjusted earnings of $2.30 to $2.45 per share and revenues of $2.53 billion to $2.55 billion.

Analysts expect earnings of $2.39 per share for the year on revenues of $2.55 billion.