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Leggett & Platt Cuts Forecasts
December 16,
2008 by in UnCategorized
By Home Furnishings Business in economic news on December 17, 2008
Leggett & Platt, Carthage, Mo., announced Tuesday that it expects a loss of 3 cents to 18 cents per share in its fourth quarter due to slow demand. The company had previously said it would earn between 15 cents and 30 cents in the quarter that ends this month, according to published reports. Sales are expected to come in at around $865 million, down 17 percent from the fourth quarter of 2008.
The company, which makes mattress components, carpet cushion and other products, said the lower estimate reflects restructuring costs and other items, as well as extremely low market demand.
Leggett & Platt officials also cut its full-year forecast for earnings per share to between 55 cents and 70 cents per share from 75 cents to 95 cents.