Leggett and Platt joins chorus with record sales

Leggett and Platt joins chorus with record sales

Leggett and Platt (L& P) reported 2005 first quarter earnings of $.37 per diluted share, up 16% year on year. Contributing to the earnings increase were higher sales, solid performance at the steel rod mill, and improved operating efficiency. Total sales rose 9.6% year on year ($114 million) to reach $1.3 billion during the first three months of 2005. "We're pleased with our first quarter results, and believe we're off to a good start for the year,” commented L & P CEO Felix E. Wright. L & P is a Fortune 500, global, multi-industry, diversified manufacturer and the largest wire rod consumer in the US. They also own and operate a rod mill called Sterling Steel to supply wire rod solely for their in house consumption. L & P operates the mill only during nights and weekends, when the energy cost is significantly lower than peak hours.