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Leggett & Platt Posts 2Q Sales Increase

By Home Furnishings Business in Financial Reports on July 23, 2010 Carthage, Mo.-based Leggett & Platt (NYSE: LEG) reported second quarter sales of $874 million, a 15 percent increase $757.4 million posted in the same quarter last year.

Net earnings from continuing operations for the quarter were $101.1 million, compared to $22.4 million during the comparable quarter last year.

"We are encouraged to see continued sales growth," said David S. Haffner, president and CEO. "This quarter's 15 percent growth, and the associated higher capacity utilization, led to meaningful earnings improvement."

During the second quarter, the company repurchased 2.3 million shares of stock at an average price of $23.17 per share, and issued 1 million shares. During the first half of 2010, the company repurchased 4.2 million shares and issued 2 million shares; as a result, shares outstanding decreased to 146.6 million which is 16 percent, or 28 million shares, lower than it was three years ago.

The company's residential furnishings division posted sales of $457.4 million, a 8.8 percent increase from $420.3 million posted in the second quarter of 2009.

Leggett & Platt's complete earnings release is online.


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