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Sep 30, 2022
Leggett & Platt Q3 2022 Earnings Report
Leggett & Platt reported a decrease in sales and earnings for the third quarter of 2022, impacted by the global economic environment.
Key Takeaways
Leggett & Platt's third-quarter sales decreased by 2% to $1.29 billion compared to the previous year. EPS was reported at $0.52, a decrease of $0.19 compared to Q3 2021. The company's performance was negatively impacted by the global economic environment and slowing demand in several markets.
Third quarter sales were $1.29 billion, a 2% decrease compared to the third quarter of 2021.
Third quarter EBIT was $113 million, a decrease of $31 million compared to the third quarter of 2021.
Third quarter EPS was $0.52, a decrease of $0.19 compared to the third quarter of 2021.
Full year 2022 sales and EPS guidance unchanged from October 10 announcement: sales of $5.1–$5.2 billion; EPS of $2.30–$2.45
Revenue by Segment
Forward Guidance
Full year 2022 sales are expected to be $5.1–$5.2 billion, roughly flat to +2% versus 2021. EPS is expected to be $2.30–$2.45.
Positive Outlook
- Sales are expected to be $5.1–$5.2 billion, roughly flat to +2% versus 2021
- Raw material-related price increases, net of currency impact, expected to mostly offset volume declines
- Acquisitions, net of small divestitures, expected to add ~1% to sales
- EBIT margin should be 9.5% to 10.0%
- Operating cash flow $400–$450 million
Challenges Ahead
- Volume is expected to be down high single digits
- Volume is expected to be down mid-teens in Bedding Products Segment
- Volume is expected to be up low double digits in Specialized Products Segment
- Volume is expected to be down low single digits in Furniture, Flooring & Textile Products Segment
Historical Earnings Impact
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Avg. Return Before/After Earnings
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