Leggett & Platt Reports 3Q Financial Results and Adjusts Full-Year Guidance

Leggett & Platt Incorporated, a diversified manufacturer, recently issued a press release on October 28, 2024, detailing its financial standings for the third quarter ending September 30, 2024. The company reported third-quarter sales of $1.1 billion, representing a 6% decrease compared to the same period last year. Earnings per share (EPS) for the quarter were reported at $0.33, with adjusted EPS at $0.32, reflecting a decline compared to the previous year.

The company provided a tempered outlook for the full year with an adjusted EPS guidance ranging from $1.00 to $1.10, a decrease from the earlier forecast of $1.10 to $1.25. Leggett & Platt attributed the adjustments to weaker demand conditions, particularly in its Specialized Products and Furniture, Flooring & Textile Products segments.

Despite the challenges faced during the quarter, Leggett & Platt emphasized its strategic initiatives to improve operational efficiency and strengthen its balance sheet. The company has been actively restructuring its operations to streamline its portfolio and enhance long-term shareholder value. As part of this strategy, Leggett & Platt is exploring the potential sale of its Aerospace business.

In terms of financial performance, the company reported 3Q EBIT of $78 million, down from the prior year. The gross profit stood at $200.6 million, reflecting a 6% decline. Additionally, the net debt of Leggett & Platt was reported to be at 3.78x trailing 12-month adjusted EBITDA.

Looking ahead, Leggett & Platt remains focused on maximizing the benefits from its restructuring efforts, anticipating an annualized EBIT benefit of $50-$60 million once fully implemented. The company expects to catalyze its operational performance and navigate through the current challenging macroeconomic environment.

Investors and stakeholders are eagerly awaiting further updates from Leggett & Platt, particularly following the adjustments made to its full-year guidance. The company’s proactive approach to repositioning itself for future growth opportunities will be closely monitored in the forthcoming periods.

For a more comprehensive review of Leggett & Platt’s financial results, including segment-specific breakdowns and guidance details, refer to the official press release on the company’s website.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Leggett & Platt’s 8K filing here.

Leggett & Platt Company Profile

Leggett & Platt, Incorporated designs, manufactures, and sells engineered components and products in the United States, Europe, China, Canada, Mexico, and internationally. It operates through three segments: Bedding Products; Specialized Products; and Furniture, Flooring & Textile Products. The company offers steel rods, drawn wires, specialty foam chemicals and additives, innersprings, specialty foam for use in bedding and furniture, private label finished mattresses, ready-to-assemble mattress foundations, static foundations, and adjustable beds, as well as machines for producing innersprings; industrial sewing and quilting machines; mattress-packaging; and glue-drying equipment for various industrial users of steel rod and wire, manufacturers of finished bedding, bedding brands and mattress retailers, E-commerce retailers, big box retailers, department stores, and home improvement centers.