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TEMPUR + SEALY TEMPUR SEALY REPORTS RECORD FIRST QUARTER RESULTS -Net Sales Increased 27 % , Direct Channel Net Sales Increased 62 % -EPS Increased 121 % to $ 0.62 , Adjusted EPS Increased 88 % to $ 0.64 -Raises 2021 EPS Guidance Range to $ 2.50 to $ 2.70 LEXINGTON , KY , April 29 , 2021 - Tempur Sealy International , Inc. ( NYSE : TPX ) announced financial results for the first quarter ended March 31 , 2021. The Company also raised its financial guidance for the full year 2021 . • • • • FIRST QUARTER 2021 FINANCIAL SUMMARY Total net sales increased 26.9 % to $ 1,043.8 million as compared to $ 822.4 million in the first quarter of 2020. On a constant currency basis ( 1 ) , total net sales increased 25.1 % , with an increase of 27.3 % in the North America business segment and an increase of 13.8 % in the International business segment . Gross margin was 44.0 % as compared to 43.4 % in the first quarter of 2020 . Operating income increased 78.9 % to $ 188.4 million as compared to $ 105.3 million in the first quarter of 2020 . Adjusted operating income ( ¹ ) was $ 120.8 million in the first quarter of 2020. There were no adjustments to operating income in the first quarter of 2021 . Net income increased 118.6 % to $ 130.5 million as compared to $ 59.7 million in the first quarter of 2020. Adjusted net income ( ¹ ) increased 85.7 % to $ 134.6 million as compared to $ 72.5 million in the first quarter of 2020 . Earnings before interest , tax , depreciation and amortization ( " EBITDA " ) ( ¹ ) increased 71.1 % to $ 230.1 million as compared to $ 134.5 million in the first quarter of 2020. Adjusted EBITDA per credit facility ( ¹ ) increased 52.3 % to $ 230.3 million as compared to $ 151.2 million in the first quarter of 2020 . Earnings per diluted share ( " EPS " ) increased 121.4 % to $ 0.62 as compared to $ 0.28 in the first quarter of 2020 . Adjusted EPS ( ¹ ) increased 88.2 % to $ 0.64 as compared to $ 0.34 in the first quarter of 2020 . Net cash provided by operating activities increased to a record $ 86.3 million as compared to $ 15.0 million in the first quarter of 2020 . KEY HIGHLIGHTS Three Months Ended ( in millions , except percentages and per common share amounts ) March 31 , 2021 March 31 , 2020 % Reported Change % Constant Currency Change ( 1 ) Net sales $ 1,043.8 $ 822.4 26.9 % 25.1 % Net income $ 130.5 $ 59.7 118.6 % 113.9 % EBITDA ( ¹ ) $ 230.1 $ 134.5 71.1 % 68.2 % Adjusted EBITDA per credit facility ( ¹ ) EPS $ 230.3 $ 151.2 52.3 % 49.7 % $ 0.62 $ 0.28 121.4 % 117.9 % Adjusted EPS ( 1 ) $ 0.64 $ 0.34 88.2 % 85.3 % Company Chairman and CEO Scott Thompson commented , " Our strategic initiatives generated record first quarter results , which included triple - digit EPS growth year - over - year . Our strong results reflect our strong competitive position , our ongoing market share gains , and a healthy industry backdrop . We achieved 27 % sales growth , driven by strength across all of our brands , channels and geographies despite a constrained supply chain and pandemic - related lockdowns in key European markets . Based on this momentum and the improving retail environment , we are raising our full - year 2021 guidance . " ( 1 ) This is a non - GAAP financial measure . Please refer to " Non - GAAP Financial Measures and Constant Currency Information " below . 1