NEW YORK — Shares of Tempur Sealy plunged in morning trading after the mattress maker cut its fiscal outlook on weak third-quarter sales.

The stock fell almost 23 percent in morning trading.

Lexington, Kentucky-based Tempur Sealy International Inc. now expects sales to fall between 1 percent and 3 percent in 2016. It previously said it expected a sales boost in the low single digits.

The company will report third-quarter financial results on Oct. 27.

The stock fell $16.90, or 22.7 percent, to $57.55 in morning trading. Its shares are down almost 19 percent over the past year.