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From Home Furnishing Business
Leggett & Platt Announce Fourth Quarter and Full Year Results
February 8,
2024 by HFBusiness Staff in Business Strategy, Industry 
President and CEO of Leggett & Platt Mitch Dolloff commented, "2023 was another challenging year for residential end markets as our Bedding Products and Furniture, Flooring & Textile Products segments faced ongoing weak market demand. Encouragingly, our Specialized Products segment benefited from sustained demand strength as industrial end markets continue to recover post-pandemic.”
"On January 16, we announced a restructuring plan primarily impacting our Bedding Products segment. We are taking actions to create a more focused, agile organization with a portfolio of products and an operating footprint aligned with the markets we serve. Looking forward, these initiatives are expected to enable us to advance key product growth, improve profitability, and create enhanced value for our customers and shareholders.”
"Our 2024 guidance reflects continued soft residential end market demand. Our actions to improve operating efficiency across our businesses, drive cash flow, and execute our restructuring plan will allow us to navigate the challenging near-term environment and better position us for long-term success. We are focused on maintaining our investment grade credit rating and managing debt leverage while balancing continued investment in our business for future growth and our dividend track record."
FOURTH QUARTER HIGHLIGHTS
4Q sales of $1.1 billion, a 7% decrease vs 4Q22
4Q EPS of ($2.18); 4Q adjusted1 EPS of $.26, down $.13 vs 4Q22
2023 sales of $4.7 billion, an 8% decrease vs 2022
2023 EPS of ($1.00); 2023 adjusted1 EPS of $1.39, down $.88 vs 2022
2023 cash from operations of $497 million, a $56 million increase vs 2022
2024 dance: sales of $4.35–$4.65 billion, EPS of $.95–$1.25, and adjusted1 EPS of $1.05–$1.35
FULL YEAR RESULTS
2023 sales of $4.7 billion, an 8% decrease versus 2022.
Organic2 sales were down 10%
Volume down 6% from demand softness in residential end markets, partially offset by growth in automotive and industrial end markets
Raw material-related selling price decreases, including currency impact, reduced sales 4%
Acquisitions, net of small divestitures, added 2% to sales
2023 EBIT was a loss of $90 million, down $575 million from 2022, and adjusted1 EBIT was $334 million, a $151 million decrease.
EBIT decreased primarily from a $444 million non-cash long-lived asset impairment charge (primarily customer intangibles) related to prior year acquisitions in our Bedding Products segment
Adjusted1 EBIT decreased primarily from lower metal margin in our Steel Rod business and lower volume in our residential end markets
EBIT margin was (1.9%) and adjusted1 EBIT margin was 7.1%, down from 2022 EBIT margin of 9.4%
2023 earnings per share was a loss of $1.00, a $3.27 decrease versus 2022 EPS of $2.27. 2023 adjusted1 EPS was $1.39, down $.88 versus 2022 EPS.
To see the full report for the Fourth Quarter and Full Year Results visit the Leggett & Platt website.