Carthage, Missouri -based diversified manufacturer Leggett and Platt announced Thursday that Q1 2011 sales rose 10 percent over Q1 2010 to $896 million although net earnings remained relatively unchanged over the same period a year ago at $45 million (net earnings in Q1 2010 were $45.1 million).
President and CEO David S. Haffner commented, "We are very encouraged to see higher market demand and sales growth during the first quarter. That growth enhanced earnings, but was offset by higher raw material costs, as previously anticipated. We implemented price increases during the quarter in response to cost inflation; as a result, we expect improved margins in subsequent quarters."
For Leggett and Platt's Industrial Materials sector, which includes steel wire and welded steel tubing, total sales increased to $33 million or 19 percent year-over-year as volume grew 7 percent inflation added 12 percent to sales.