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From Home Furnishing Business
Leggett & Platt Report 2022 Fourth Quarter and Year End Results
February 7,
2023 by HFBusiness Staff in Business Strategy, Industry 
President and CEO Mitch Dolloff commented, "Leggett & Platt's diverse portfolio of businesses, strong cash discipline, and the ingenuity and agility of our employees helped deliver solid results in 2022 despite weak demand in residential end markets.”
Leggett & Platt reported 2022 sales were a record $5.15 billion, which was an increase of 1% vs. 2021. However, their 2022 4Q sales were $1.2 billion, a 10% decrease vs. 4Q21.
Dolloff continued, “As we moved through the year, the dynamic macroeconomic and geopolitical environment pressured our markets and affected our results. We anticipate 2023 to be a challenging year driven by continued economic uncertainty.”
2022 earnings per share (EPS) was $2.27, a decrease of $.67 vs. 2021 EPS and a decrease of $.51 vs. 2021 adjusted EPS. 2022 4Q EPS was $.39, a decrease of $.38 vs. 4Q 2021.
Dolloff stated, "We are focused on improving the things that we can control and continuing to mitigate the impacts of market challenges on our business.”
“We are working with our customers on new product opportunities, continuing our focus on improving operating efficiency, and driving strong cash management. Our financial strength gives us confidence in our ability to successfully navigate challenging markets while investing in long-term opportunities.”
2022 cash flow from operations was $441 million, a 63% increase vs. 2021.
"Finally, I would like to thank our dedicated employees for continually making Leggett & Platt a better company. Your collaboration, dedication, and commitment to our values helped us navigate the many recent challenges and obstacles and will help us to capitalize on opportunities in the future," concluded Dolloff.
2023 Guidance: Sales of $4.8 - $5.2 billion and EPS of $1.50 - $1.90.