UPDATE 1-Tempur-Pedic results beat on international growth

* Q2 EPS $0.45 vs est $0.38

* Q2 rev down 4 pct to $329.5 mln vs est $327.2 mln

* Raises FY12 EPS to $2.80 vs est $2.66

* Shares up 12 percent after market

July 24 (Reuters) - Tempur-Pedic International Inc's quarterly results beat Wall Street expectations, helped by growth in its international business, prompting the mattress maker to raise its full-year profit outlook.

The company now expects to earn $2.80 per share for the full year, above analysts' expectations of $2.66 per share, according to Thomson Reuters I/B/E/S. It had previously forecast earnings of $2.70 per share.

The outlook raise comes a month after the pioneer in the specialty beds market slashed its full-year forecast as it lost market share to fast-moving rivals.

Shares of Tempur-Pedic, which revolutionized the specialty beds market with foam-based technology originally developed by NASA, were up 12 percent at $30.20 in trading after the bell.

Tempur-Pedic said it is taking initiatives to strengthen its competitive position. It opened its first namesake retail store in Boston last week.

Tempur-Pedic, which competes with Sealy Corp and Select Comfort Corp, said net income for the second quarter fell to $29.1 million, or 45 cents per share, from $53.1 million, or 76 cents per share, a year earlier.

Revenue dropped 4 percent to $329.5 million.

However, international sales rose 8 percent to $102.8 million, contributing about 31 percent to the company's revenue.

Analysts on average had expected earnings of 38 cents per share, on revenue of $327.2 million.

Shares of the Lexington, Kentucky-based company, which lost a third of its value in June, closed at $27.11 on Tuesday on the New York Stock Exchange.