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Sep 30, 2024
Leggett & Platt Q3 2024 Earnings Report
Leggett & Platt's third quarter results were reported, with sales declining and adjusted EPS decreasing slightly year-over-year. The company is focused on restructuring and strategic initiatives.
Key Takeaways
Leggett & Platt reported Q3 sales of $1.1 billion, a 6% decrease compared to Q3 2023. EPS was $0.33, with adjusted EPS at $0.32, a $0.04 decrease year-over-year. The company is focused on restructuring and improving efficiency, while facing demand headwinds and exploring the sale of its Aerospace business.
Q3 sales decreased by 6% to $1.1 billion compared to the previous year.
Adjusted EPS decreased by $0.04 to $0.32 compared to Q3 2023.
The company paid down $124 million of debt and improved adjusted EBIT margin sequentially.
Full year sales and adjusted EPS guidance was lowered due to weaker demand.
Revenue by Segment
Forward Guidance
Full year 2024 sales and EPS guidance lowered as demand is weaker than previously anticipated, particularly within our Specialized Products and Furniture, Flooring & Textile Products segments
Positive Outlook
- Lower amortization resulting from the 2023 long-lived asset impairment
- Restructuring benefit
- Operational efficiency improvements
- Pricing discipline
- Expect to predominantly use commercial paper to repay $300 million of 3.8%, 10-year notes maturing in November 2024
Challenges Ahead
- Lower expected volume in all three segments
- Pricing responses related to global steel cost differentials
- Modest metal margin compression
- Several expense items that were abnormally low in 2023 and are expected to normalize in 2024
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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