Reuters: Global Markets: Sealy posts surprise 1st-quarter profit; shares up

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Sealy posts surprise 1st-quarter profit; shares up Mar 27th 2012, 20:57 Tue Mar 27, 2012 4:57pm EDT (Reuters) - Sealy Corp (ZZ.N) posted a surprise first-quarter profit, as strong demand for its new line of higher-priced mattresses partially offset a drop in sales volumes in the middle and lower price points, sending its shares up 16 percent after the bell. "Our positive sales, gross margin and adjusted EBITDA performance for the quarter were driven by the success of our Next Generation Stearns & Foster line, which began shipping in Q4, 2011," Chief Executive Officer Larry Rogers said in a statement. Net income rose to $1.2 million, or 1 cent a share, from a loss of $902,000, or 1 cent a share, a year ago. Analysts were expecting the company to post a loss of 2 cents a share, according to Thomson Reuters I/B/E/S. Net sales at the Trinity, North Carolina-based company rose 2 percent to $312.3 million, sailing past expectations of $301.8 million. Shares of the company were up at $2.06 in extended trade. They closed at $1.88 on Tuesday on the New York Stock Exchange. (Reporting by Sagarika Jaisinghani in Bangalore; Editing by Anil D'Silva) Link this Share this Digg this Email Reprints

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