WASHINGTON (dpa-AFX) - Bedding manufacturer Select Comfort Corp. (SCSS) reported first-quarter net income of $22.4 million or $0.39 per share, up from $16.6 million or $0.30 per share in the same period last year.
Excluding a $5.6 million one-time charge associated with the CEO transition, adjusted earnings for the latest quarter was $26.1 million or $0.45 per share.
On average, 9 analysts polled by Thomson Reuters expected the company to earn $0.40 per share for the quarter. Analysts' estimates typically exclude one-time items.
Net sales for the latest quarter rose 36 percent to $262.4 million from $193.1 million in the year-ago period, helped by a 34 percent growth in company-controlled comparable sales. Seven analysts had a consensus revenue estimate of $233.73 million.
Looking forward to full year 2012, Select Comfort reaffirmed its GAAP earnings per share range to be between $1.32 to $1.40, a 23-31 percent increase from the previous year.
For the full year 2012, the company expects a 29-36 percent increase in non-GAAP earnings per share from the prior year guiding the range between $1.38-$1.46. Analysts expect Select Comfort to earn $1.38 per share in the period.
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