(Reuters) - Specialty mattress maker Tempur-Pedic International Inc's
Shares of the company were up at $45.25 in extended trading, after closing at $38.35 on the New York Stock Exchange on Thursday.
Tempur-Pedic has struggled to compete with rivals such as Select Comfort Corp
In response, the company acquired Sealy Corp
Rival Select Comfort posted fourth-quarter earnings on Thursday that missed Wall Street estimates, hurt by a 21 percent jump in sales and marketing costs.
Shares of Select Comfort fell 19 percent in extended trading, after closing at $28.20 on the Nasdaq on Thursday.
Tempur-Pedic's net income fell to $23.5 million, or 39 cents per share, in the fourth quarter, from $56.3 million, or 84 cents per share, a year earlier.
Excluding items, the company earned 60 cents per share. Net sales fell 7 percent to $341.1 million.
Analysts expected earnings of 55 cents per share, on revenue of $339 million, according to Thomson Reuters I/B/E/S.
Tempur-Pedic's shares, which touched a year high of $87.43 last April, have shed more than half of their value in the last ten months.
(Reporting by Siddharth Cavale and Juhi Arora in Bangalore; Editing by Supriya Kurane)
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