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Mar 31, 2023
Leggett & Platt Q1 2023 Earnings Report
Leggett & Platt's first quarter results were reported, showing sales and EBIT decreases compared to the previous year, but exceeding expectations due to lower expenses.
Key Takeaways
Leggett & Platt reported first quarter sales of $1.21 billion, an 8% decrease compared to Q1 2022. EPS was $.39, a decrease of $.27 compared to Q1 2022. The company's EBIT was $89 million, down $48 million from the previous year. Despite the decreases, the results were above expectations due to several expenses being lower than anticipated.
First quarter sales were $1.21 billion, an 8% decrease compared to the first quarter last year.
First quarter EBIT was $89 million, down $48 million or 35% from the first quarter of 2022.
First quarter EPS was $.39, a $.27 decrease versus the first quarter of 2022.
Full year 2023 sales and EPS guidance unchanged.
Revenue by Segment
Forward Guidance
Full year 2023 sales are expected to be $4.8–$5.2 billion, and EPS is expected to be $1.50–$1.90.
Positive Outlook
- Sales are expected to be $4.8–$5.2 billion, -7% to +1% versus 2022
- Volume at the midpoint expected to be down low single digits in Bedding Products Segment
- Volume at the midpoint expected to be up high single digits in Specialized Products Segment
- Volume at the midpoint expected to be down low single digits in Furniture, Flooring & Textile Products Segment
- Acquisitions completed in 2022 expected to add ~3% to sales
Challenges Ahead
- Raw material-related price decreases and currency impact combined expected to reduce sales mid-single digits
- Metal margins down mid-teens
- Lower volume in some businesses
- Moderate pricing pressure from deflation
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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