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Mar 31, 2024
Leggett & Platt Q1 2024 Earnings Report
Leggett & Platt's first quarter results were reported, a second quarter dividend of $0.05 was announced, and capital allocation priorities were updated.
Key Takeaways
Leggett & Platt reported first quarter sales of $1.1 billion, a 10% decrease compared to the first quarter of the previous year. EPS and adjusted EPS were $0.23, a decrease of $0.16 versus the first quarter of the previous year. The company's board declared a second quarter dividend of $0.05 per share and updated capital allocation priorities. The 2024 sales and EPS guidance remained unchanged.
First quarter sales were $1.1 billion, a 10% decrease versus first quarter last year.
EPS and adjusted EPS were $.23, a decrease of $.16 versus first quarter 2023.
The Board declared second quarter dividend of $.05 per share.
The company updated capital allocation priorities.
Revenue by Segment
Forward Guidance
Full year 2024 sales are expected to be $4.35–$4.65 billion and EPS is expected to be $.95–$1.25.
Positive Outlook
- Sales are expected to be $4.35–$4.65 billion.
- EPS is expected to be $.95–$1.25.
- Adjusted EPS is expected to be $1.05–$1.35.
- Earnings expectations include $.10 to $.15 per share gain from sales of real estate.
- 2024 EBIT margin is expected to be 6.0%–6.8%; adjusted EBIT margin is expected to be 6.4%–7.2%
Challenges Ahead
- Volume is expected to be down low to mid-single digits.
- Raw material-related price decreases and currency impact combined expected to reduce sales low single digits
- Earnings expectations include $.20 to $.25 per share negative impact from restructuring costs
- Decrease versus 2023 is primarily from lower expected volume in our Bedding Products and Furniture, Flooring & Textile Products segments
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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