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Dec 31, 2024
Leggett & Platt Q4 2024 Earnings Report
Leggett & Platt reported a decrease in sales and earnings for the fourth quarter of 2024, impacted by weak demand in residential end markets and softening in Automotive and Hydraulic Cylinders.
Key Takeaways
Leggett & Platt's fourth quarter 2024 results showed a 5% decrease in sales to $1.1 billion and a reported EPS of $0.10. Adjusted EPS was $0.21, down $0.05 from the prior year. The company continued to make progress on its restructuring plan, realizing $12 million in EBIT benefit for the quarter.
Fourth quarter sales decreased 5% to $1.1 billion compared to 4Q23.
Reported EPS for the fourth quarter was $0.10, while adjusted EPS was $0.21, a $0.05 decrease from adjusted 4Q23 EPS.
The company realized $12 million in EBIT benefit from its restructuring plan in the fourth quarter of 2024.
Sam Smith was appointed President of the Specialized Products segment, while also continuing to lead the Furniture, Flooring & Textile Products segment.
Revenue by Segment
Forward Guidance
For 2025, Leggett & Platt expects sales to be between $4.0 billion and $4.3 billion, a decrease of 2% to 9% versus 2024. Adjusted EPS is projected to be $1.00-$1.20.
Positive Outlook
- Anticipated $35-$40 million of incremental EBIT benefit from restructuring in 2025.
- Expected cash proceeds from real estate sales of $15-$40 million in 2025.
- Continued prioritization of debt reduction while funding organic growth.
- Adjusted EBIT margin expected to be 6.4%-6.8%.
- Minimal acquisitions and share repurchases.
Challenges Ahead
- Sales expected to be down 2% to 9% versus 2024.
- Volume expected to be down low to mid-single digits across all segments.
- Raw material-related price decreases and currency impact expected to reduce sales low single digits.
- EPS impact of $.16 to $.22 per share from restructuring costs.
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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