Tempur Sealy stock plummets on sales revision

Tempur Sealy (TPX) shareholders did not have a good night's rest.

Shares of the maker of Tempur-Pedic and Sealy mattresses were down more than 22% to $57.60 in morning trading Wednesday after the company lowered its outlook for third quarter and full-year results for 2016.

Analysts polled by S&P's Global Capital Intelligence project $834.5 million in revenue for the third quarter, a drop from the $880 million in revenue the company earned in the third quarter of 2015.

Analysts are estimating around $3.1 billion in revenue for the year, a drop from the roughly $3.15 billion in revenue the company pulled in last year.

"Third quarter net sales are below our prior expectations,"  Tempur Sealy CEO Scott Thompson said in a statement. "We currently expect net sales for the full year to be down 1 to 3 percent as compared to 2015."

The company reports its third quarter earnings on October 27.

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