Sleep Number Q3 Results Beat Street

(RTTNews) - Shares of Sleep Number Corp. (SNBR) gained nearly 8% in extended trading session Wednesday after the company's third-quarter results trumped Wall Street estimates.

Third-quarter profit rose to $51.32 million or $1.79 per share from $28.1 million or $0.94 per share last year.

Net sales for the third quarter increased 12% to $531.2 million from $474.8 million last year.

Analysts polled by Thomson Reuters estimated earnings of $1.00 per share on revenues of 515.82 million.

CEO Shelly Ibach said, "For the third consecutive year, since transitioning to our smart beds, our Q3 results reflect double-digit demand growth. We again demonstrated the resilience of our vertical business model through our top and bottom-line performance and a trailing twelve months ROIC of nearly 21%."

Looking forward, the company expects to generate full-year 2020 earnings of about $4.00 per share. Analysts currently estimate earnings of $2.77 per share for the year.