Daily News
From Home Furnishing Business
Leggett & Platt Release Third Quarter Financial Results
October 30,
2023 by HFBusiness Staff in Business Strategy, Industry 
Third Quarter Highlights for Leggett & Platt
3Q sales of $1.18 billion, a 9% decrease vs 3Q22
3Q EPS of $.39, a decrease of $.13 vs 3Q22; 3Q adjusted1 EPS of $.36, down $.16 vs 3Q22
3Q cash from operations of $144 million, a $78 million increase vs 3Q22
2023 guidance lowered: sales of $4.7–$4.75 billion; EPS of $1.45–$1.55, adjusted1 EPS of $1.35–$1.45
Leggett & Platt President and CEO Mitch Dolloff commented, "I would like to thank our employees for their tremendous efforts in what was another challenging quarter. Ongoing weak demand impacted our Bedding Products and Furniture, Flooring, & Textile Products segments but was partially offset by continued demand strength in our Specialized Products segment.
"We are lowering our full year guidance to reflect continued volatility in the macroeconomic environment, continued low consumer demand in residential end markets, and the modest impact we have experienced so far from the UAW strike on several North American automakers.”
“The UAW strike had minimal impact on our Automotive business in the third quarter. So far in the fourth quarter, the sales impact has been approximately $5 million, which may not be indicative of future impacts. Due to uncertainties around the duration and severity of the strike, our updated full year guidance does not include impacts beyond what we have experienced so far.”
Dolloff concluded, "We are focused on anticipating and adapting to market changes, improving operating efficiency, driving strong cash management, and engaging with our customers on new product opportunities. We are evaluating opportunities across our businesses, including further integration of our specialty foam and innerspring operations, that are expected to support improved profitability, a strong balance sheet, and continued shareholder returns."
A set of slides containing summary financial information is available from the Investor Relations section of Leggett's website at www.leggett.com. Management will host a conference call at 7:30 a.m. Central (8:30 a.m. Eastern) on Tuesday, October 31. The webcast can be accessed from Leggett's website. The dial-in number is (201) 689-8341; there is no passcode.