Daily News
From Home Furnishing Business
Leggett & Platt Reports Second Quarter Financial Results
August 1,
2023 by HFBusiness Staff in Business Strategy, Industry 
President and CEO Mitch Dolloff commented, "Second quarter earnings were in line with expectations on lower than anticipated sales. We saw sustained strength in the Specialized Products segment results although weak consumer demand continued to affect results in the Bedding Products and Furniture, Flooring & Textile Products segments.”
"We are lowering our full year guidance to reflect continued volatility in the macroeconomic environment and low visibility in several of our end markets.”
“Our previous guidance anticipated a modest improvement in residential end markets in the second half of the year. We are encouraged by the continued recovery in our industrial businesses but have yet to see an upward trajectory in residential end markets.”
"We are maintaining our emphasis on improving areas within our control and proactively addressing the effects of the macroeconomic impacts on our business.”
Dolloff concluded, :Our employees are doing an excellent job engaging with our customers on new product opportunities and driving operational efficiency and strong cash management. Our focused execution and enduring fundamentals position Leggett for long-term success."
~ 2Q sales of $1.22 billion, an 8% decrease vs 2Q22
~ 2Q EPS of $.40, a decrease of $.30 vs 2Q22; 2Q adjusted1 EPS of $.38, down $.32 vs 2Q22
~ 2Q cash from operations of $111 million, a $21 million increase vs 2Q22
~ 2023 guidance lowered: sales of $4.75–$4.95 billion; EPS of $1.50–$1.70, adjusted1 EPS of $1.45–$1.65
A set of slides containing summary financial information is available from the Investor Relations section of Leggett's website at www.leggett.com.