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Dec 31, 2023
Leggett & Platt Q4 2023 Earnings Report
Leggett & Platt's Q4 2023 performance was impacted by weak residential end market demand and metal margin compression, resulting in a sales decrease and a net loss, although the Specialized Products segment showed sustained demand strength.
Key Takeaways
Leggett & Platt reported Q4 2023 sales of $1.1 billion, a 7% decrease compared to Q4 2022. The company experienced a net loss of $297.4 million, or ($2.18) per share, while adjusted EPS was $.26. Weakness in residential end markets, particularly in the Bedding Products and Furniture, Flooring & Textile Products segments, contributed to the decline. However, the Specialized Products segment benefited from sustained demand strength.
Q4 sales decreased by 7% to $1.1 billion, driven by organic sales decline.
Reported EPS was ($2.18), while adjusted EPS was $.26, down from $.39 in Q4 2022.
EBIT was a loss of $367 million, and adjusted EBIT was $66 million, a $25 million decrease.
The company's restructuring plan aims to create a more focused organization and improve profitability.
Revenue by Segment
Forward Guidance
Leggett & Platt expects sales of $4.35–$4.65 billion, EPS of $.95–$1.25, and adjusted EPS of $1.05–$1.35 for 2024.
Positive Outlook
- Actions to improve operating efficiency across businesses
- Drive cash flow
- Execute restructuring plan
- Maintaining investment grade credit rating
- Managing debt leverage
Challenges Ahead
- Continued soft residential end market demand
- Lower expected volume in Bedding Products
- Lower expected volume in Furniture, Flooring & Textile Products segments
- Pricing responses related to global steel cost differentials
- Modest metal margin compression
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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