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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 announced a third-quarter dividend of $.42 per share, marking a 5% increase from Q3 2020. This dividend will be paid on October 15, 2021, to shareholders of record by September 15, 2021. The company has a history of raising annual dividends for 50 consecutive years, making it a member of the S&P 500 Dividend Aristocrats. With an annual indicated dividend of $1.68 per share, the current yield stands at 3.5% based on a closing price of $48.40 per share.
Leggett & Platt reported record second-quarter sales of $1.27 billion, a 50% increase from the previous year. EBIT reached $172 million, up $149 million, while adjusted EBIT was $144 million, an increase of $94 million. EPS was $0.82, up $0.87 year-over-year. The company acquired Kayfoam, a specialty foam provider, strengthening its position in Europe. Full-year guidance was raised to $4.9–$5.1 billion in sales and $2.86–$3.06 EPS. Despite inflationary pressures, demand remains strong.
Leggett & Platt (NYSE: LEG) will release its second-quarter earnings on August 2, 2021, after market close. A conference call to discuss the results, annual guidance, and market conditions is scheduled for August 3 at 8:30 a.m. ET. This call will be accessible via their website. Leggett & Platt is a diversified manufacturer with 15 business units and 135 facilities across 17 countries. The company is a member of the S&P 500 and known for its bedding and automotive support products.
Leggett & Platt reported a strong first quarter of 2021 with sales reaching $1.151 billion, a 10% increase year-over-year. The EPS hit a record $.64, up $.31 from last year. The Board raised the second quarter dividend to $.42, marking the 50th consecutive year of dividend increases. The firm also increased its full-year guidance for sales to $4.8–$5.0 billion and EPS to $2.55–$2.75. Despite a negative cash flow of $11 million due to working capital investments, Leggett remains optimistic about its financial outlook.
Leggett & Platt (NYSE:LEG) will announce its first quarter earnings results on May 3, 2021, following market closure, with a conference call on May 4, 2021, at 8:30 a.m. ET. The call will cover earnings, annual guidance, and market conditions. Investors can access the earnings release and financial slides on their website post-announcement. Leggett & Platt is a diversified manufacturer with 15 business units globally, specializing in engineered products in bedding, automotive, and furniture markets, employing around 20,000 people across 135 facilities in 17 countries.
Leggett & Platt will present at the Raymond James virtual 42nd Annual Institutional Investors Conference on March 3, 2021, at 8:20 a.m. Eastern. CEO Karl G. Glassman will address the investment community, and the presentation will be available via webcast on Leggett's Investor Relations website. The company, known for its diversified manufacturing, focuses on innovative products that improve lives and provide strong returns for shareholders. With 15 business units and operations in 17 countries, Leggett is a leading U.S. manufacturer in various sectors, including bedding and automotive components.
Leggett & Platt reported a 4Q 2020 sales increase of 3% year-over-year to $1.182 billion, achieving a record EPS of $.76. However, total 2020 sales decreased by 10% to $4.28 billion, with an EPS of $1.82. The company declared a first quarter dividend of $.40 per share, payable on April 15, 2021. For 2021, sales are projected between $4.6 billion and $4.9 billion, with EPS guidance of $2.30 to $2.60, driven by improving consumer demand despite challenges.
Leggett & Platt (NYSE:LEG) will report its fourth quarter earnings on February 8, 2021, after market close. A conference call to discuss the results is scheduled for February 9, 2021, at 8:30 a.m. ET. The earnings release and financial slides will be available online shortly after the market closes. Leggett & Platt, a 138-year-old diversified manufacturer, operates 140 facilities across 18 countries, producing essential products for homes and automobiles, including bedding components and automotive seat systems.
Leggett & Platt reported a record third quarter EPS of $.77, up $.03 year-over-year, with an adjusted EPS of $.80, an increase of $.04. Sales totaled $1.208 billion, down 3% compared to 3Q19, primarily due to weak demand in Aerospace and Work Furniture. The company generated record operating cash flow of $261 million, an increase of $48 million from last year, driven by working capital improvements. A quarterly dividend of $.40 per share was declared, payable on January 15, 2021. The company holds $1.4 billion in liquidity and $245 million in cash, with total debt at $2 billion.
Leggett & Platt (NYSE:LEG) will release its third quarter earnings results on November 2, 2020, after market close, followed by a conference call on November 3, 2020, at 8:30 a.m. ET. Investors can access the call via the company’s website. With 137 years of experience, Leggett & Platt is a diversified manufacturer producing engineered products for various markets, including bedding components and automotive systems. The company operates 140 manufacturing facilities across 18 countries, focusing on innovation and shareholder returns.
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