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What: Shares of mattress maker Tempur-Pedic (NYSE: TPX) were bouncing higher today, gaining as much as 17% in intraday trading after the company reported second-quarter earnings.

So what: It's a good thing Tempur-Pedic prepared investors for a lackluster quarter. Last month the company told investors that the second quarter wouldn't look so hot thanks to a lull in North American sales. But shareholders were able to celebrate a bit today, as results weren't pretty, though not as bad as Wall Street had expected. For the quarter, total revenue fell 4% from last year to $330 million, while earnings per share slumped from $0.76 last year to $0.45. Analysts, however, had estimated $0.38 in per-share profit for the quarter on $328 million in sales.

Now what: If there was a true highlight of the quarter, it was that international sales held up despite the slump in North America. While North American sales fell 8% year over year, international sales climbed 8%. Tough economic times probably have a lot to do with the lousy sales climate, but Tempur-Pedic management is pulling the levers it has available -- including cutting costs and unveiling "new initiatives" aimed at giving it an edge against competitors.

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