On February 1, Carthage, Missouri, US-based Leggett & Platt (Leggett), a leading producer of drawn steel wire and bed springs in addition to other manufacturing products, issued its financial results for the fourth quarter of 2010 and the whole year, stating that the company is pleased with the results amid signs of economic recovery.
Leggett achieved a net profit of $31.4 million in the fourth quarter of 2010, compared to $35.2 million in the same quarter of the previous year, decreasing 11 percent. In the given period, Leggett's net sales rose by four percent year on year, reaching $802 million.
Leggett recorded a net profit of $176.6 million in 2010, compared to $111.8 million in 2009, increasing 58 percent. In the given year, Leggett's net sales rose 10 percent year on year, reaching $3.36 billion.
Leggett anticipates full year 2010 sales of approximately $3.2-3.4 billion and earnings per share of $1.10-1.30.
Leggett anticipates 2011 sales of approximately $3.4-3.6 billion, reflecting the company's belief that the economy will continue to improve modestly. Based upon this sales expectation, and considering other uncertainties including inflation and steel costs, Leggett projects 2011 earnings per share of $1.20-1.40, which compares with $1.15 in 2010.