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Jun 30, 2022
Leggett & Platt Q2 2022 Earnings Report
Leggett & Platt reported record quarterly sales and solid earnings, navigating a dynamic operating environment.
Key Takeaways
Leggett & Platt reported record second-quarter sales of $1.33 billion, a 5% increase year-over-year. EPS was reported at $0.70. The company lowered its full-year guidance due to macroeconomic uncertainties.
2Q sales were a quarterly record $1.33 billion, a 5% increase vs 2Q21.
2Q EBIT of $143 million, down $29 million vs 2Q21 and down $1 million vs 2Q21 adjusted EBIT.
2Q EPS of $.70, a decrease of $.12 vs 2Q21 and an increase of $.04 vs 2Q21 adjusted EPS.
2022 guidance lowered: sales of $5.2–$5.4 billion; EPS of $2.65–$2.80
Revenue by Segment
Forward Guidance
The company is lowering full-year guidance to reflect macroeconomic uncertainties including impacts of inflation, tightening monetary policy, and softening consumer demand continuing through the back half of the year.
Positive Outlook
- Sales are expected to be $5.2–$5.4 billion, +2% to +6% versus 2021
- Volume is expected to be down low-to-mid single digits
- Up low double digits in Specialized Products Segment
- Roughly flat in Furniture, Flooring & Textile Products Segment
- Raw material-related price increases, net of currency impact, expected to add sales growth
Challenges Ahead
- Macroeconomic uncertainties including impacts of inflation
- Tightening monetary policy
- Softening consumer demand continuing through the back half of the year
- Volume is expected to be down low-to-mid single digits
Historical Earnings Impact
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Avg. Return Before/After Earnings
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