Welcome to our dedicated page for Leggett & Platt news (Ticker: LEG), a resource for investors and traders seeking the latest updates and insights on Leggett & Platt stock.
Leggett & Platt, Inc. (NYSE: LEG) is a diversified American manufacturer known for designing and producing a wide range of engineered components and products. These products are integral in many homes and automobiles. Established over 140 years ago, the company operates through three primary segments: Bedding Products, Specialized Products, and Furniture, Flooring, and Textile Products.
Leggett & Platt's product portfolio is extensive, featuring items such as steel rods, drawn wires, foam chemicals and additives, innersprings, specialty foams, private label finished mattresses, mattress foundations, adjustable beds, industrial sewing and quilting machines, and machinery for producing innersprings. These products cater to an array of clients including industrial users, finished bedding manufacturers, bedding brands, and retailers.
The company's Bedding Products segment contributes significantly to its revenue, offering bedding components, specialty bedding foam, and private label finished mattresses. The Specialized Products segment is noted for its automotive seat support and lumbar systems, alongside other industrial components. Meanwhile, the Furniture, Flooring, and Textile Products segment includes components for home and work furniture, as well as flooring underlayment.
Despite the challenging market conditions, Leggett & Platt continues to evolve and adapt. Recent initiatives include a restructuring plan aimed at optimizing manufacturing and distribution efficiency, particularly within the Bedding Products and Furniture, Flooring, and Textile Products segments. This plan is expected to generate substantial annual EBIT benefits once fully implemented by late 2025.
Financially, Leggett & Platt reported a 9% decrease in third-quarter sales for 2023, with ongoing weak demand impacting certain segments. Nevertheless, the company remains focused on improving operational efficiency, cash management, and exploring new product opportunities. Additionally, it maintains a strong balance sheet and continues to provide value to shareholders through dividends and potential stock repurchases.
Leggett & Platt's commitment to innovation and customer engagement ensures it remains a key player in its industry. The company’s strategy includes integrating specialty foam and innerspring operations to enhance profitability and operational coherence across its business units. Looking ahead, Leggett & Platt aims to navigate macroeconomic challenges while capitalizing on market opportunities to sustain long-term growth and shareholder returns.
Leggett & Platt reported strong 1Q results with record sales of $1.32 billion, a 15% increase from 1Q21. EBIT reached $138 million, up $10 million, while EPS increased to $0.66, reflecting both revenue growth and improved cash flow. Organic sales grew 13%, despite a 4% volume decline due to demand softness in bedding markets. The company maintained its 2022 guidance with projected sales of $5.3–$5.6 billion and EPS of $2.70–$3.00. Challenges include supply chain constraints and inflationary pressures on costs.
Leggett & Platt (NYSE:LEG) will announce its first quarter earnings on May 2, 2022, after market closure. A conference call to discuss the results, along with annual guidance and market conditions, is scheduled for May 3, 2022, at 8:30 a.m. ET. Access to the call will be via webcast on their website. With 130 manufacturing facilities across 17 countries, Leggett & Platt is a leader in products such as bedding components and automotive systems, serving diverse markets.
Leggett & Platt has elected Angela Barbee to its Board of Directors, effective immediately. Ms. Barbee, 56, previously served as Senior Vice President – Technology and Global R&D at Weber, Inc., and has extensive experience in engineering and product development at Kohler Company and General Motors. Her educational background includes a bachelor's and master's degree in Mechanical Engineering. Executive Chairman Karl Glassman expressed confidence in her skills, emphasizing her international experience in innovation and management. This addition to the board may enhance Leggett's strategic direction.
Leggett & Platt has declared a first quarter dividend of $.42 per share, reflecting a 5% increase from the first quarter of 2021. This dividend will be payable on April 15, 2022, to shareholders recorded by March 15, 2022. With an annual indicated dividend of $1.68 per share, the yield stands at 4.4%. Notably, the company has consistently raised its annual dividends for 50 consecutive years, marking it as one of the prominent Dividend Kings in the market.
Leggett & Platt reported record sales of $1.333 billion for Q4 2021, up 13% YoY, despite challenges like supply chain issues and inflation. FY 2021 sales reached $5.073 billion, marking a 19% increase, with EPS hitting a record $2.94. CEO Mitch Dolloff mentioned the company's commitment to return value to shareholders, having increased dividends for 50 consecutive years. For 2022, the firm expects sales between $5.3–$5.6 billion and EPS of $2.70–$3.00. The company remains well-positioned for growth despite ongoing macroeconomic challenges.
Leggett & Platt (NYSE:LEG) will announce its fourth quarter earnings on February 7, 2022, after market close, followed by a conference call on February 8, 2022, at 8:30 a.m. ET. The company serves diverse markets with a range of engineered products, operating 130+ manufacturing facilities across 18 countries and employing around 20,000 individuals. Leggett & Platt is recognized as one of Fortune's World Most Admired Companies and is the leading U.S. manufacturer of various bedding and automotive components.
Leggett & Platt announced significant executive changes, with Karl Glassman retiring as CEO on December 31, 2021 to become Executive Chairman. Mitch Dolloff, currently President and COO, will assume the CEO and President roles starting January 1, 2022. Glassman praised Dolloff's leadership in transforming the Automotive and Bedding businesses, driving global growth. The company, 138 years old with a strong presence in the S&P 500 and notable for dividend reliability, operates with approximately 20,000 employees across 130 facilities worldwide.
Leggett & Platt has declared a fourth quarter dividend of $.42 per share, marking a 5% increase from Q4 2020. The dividend is set for payment on January 14, 2022, to shareholders recorded by December 15, 2021. This announcement highlights the company's commitment to returning value to shareholders, as it has raised its annual dividend for 50 consecutive years. With an annual indicated dividend yield of 3.8%, Leggett & Platt remains a strong performer among S&P 500 Dividend Aristocrats.
Leggett & Platt reported record Q3 sales of $1.32 billion, a 9% increase from the previous year. However, EBIT decreased by $6 million to $144 million, and EPS fell to $0.71, down $0.08 year-over-year. The company anticipates 2021 sales between $5.0–$5.1 billion and EPS of $2.86–$2.96. Challenges included a 6% drop in volume due to supply chain issues and inflation. Net debt stood at 2.41x trailing EBITDA, with operating cash flow at $50 million. A third-quarter dividend of $0.42 was declared.
Leggett & Platt (NYSE:LEG) will announce its third quarter earnings on November 1, 2021, after market close. Following this, a conference call is scheduled for November 2, 2021, at 8:30 a.m. ET to discuss earnings, annual guidance, and market conditions. Interested parties can access the call via Leggett & Platt’s Investor Relations website. The company, a member of the S&P 500 and known for its diverse engineered products, operates 135 manufacturing facilities across 18 countries with a workforce of 21,000.
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