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Sep 30, 2023
Leggett & Platt Q3 2023 Earnings Report
Leggett & Platt's Q3 2023 performance was impacted by weak demand, especially in the Bedding Products and Furniture, Flooring, & Textile Products segments, but was partially offset by continued demand strength in the Specialized Products segment. The company lowered its full-year guidance due to macroeconomic volatility and low consumer demand.
Key Takeaways
Leggett & Platt reported Q3 sales of $1.18 billion, a 9% decrease compared to Q3 2022. EPS was $.39, down from $.52 in the same period last year, while adjusted EPS was $.36, a decrease of $.16. The company lowered its full-year guidance due to continued volatility and weak demand.
Q3 sales decreased by 9% to $1.18 billion compared to the previous year.
EPS decreased to $.39, and adjusted EPS decreased to $.36.
Cash from operations increased to $144 million, a $78 million increase year-over-year.
Full-year guidance lowered to sales of $4.7–$4.75 billion and adjusted EPS of $1.35–$1.45.
Revenue by Segment
Forward Guidance
Full year 2023 sales and EPS guidance lowered. Guidance does not include impacts from the UAW strike beyond what we have experienced so far due to uncertainties around the duration and severity of the strike.
Positive Outlook
- Sales are expected to be $4.7–$4.75 billion, -8% to -9% versus 2022
- Volume at the midpoint expected to be down mid-single digits
- Acquisitions completed in 2022 expected to add ~2% to sales
- EPS is expected to be $1.45–$1.55
- Adjusted EPS is expected to be $1.35–$1.45
Challenges Ahead
- Volume is expected to be down high single digits in Bedding Products Segment
- Volume is expected to be down low double digits in Furniture, Flooring & Textile Products Segment
- Raw material-related price decreases and currency impact combined expected to reduce sales mid-single digits
- Decrease in EPS is primarily from lower expected volume in our Furniture, Flooring & Textile Products and Bedding 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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