Leggett & Platt reports earnings increase in Q3

Tuesday, 03 November 2020 20:03:21 (GMT+3)   |   San Diego

Diversified wire product manufacturer Leggett & Platt reported quarterly third quarter earnings per share (EPS) of $0.77, a $0.03 increase versus third quarter 2019. Third quarter adjusted EPS was a quarterly record of $0.80, an increase of $0.04 versus 2019 third quarter adjusted EPS, primarily from higher EBIT.

Third quarter EBIT was $147 million, up $3 million or 2 percent from third quarter last year, and adjusted EBIT was $153 million, a $5 million or 3 percent increase. Third quarter sales were $1.208 billion, a 3 percent decrease versus third quarter last year.

In a statement, the company said volume was down 3 percent, as strong demand in residential end markets was more than offset by weakness in Aerospace and Work Furniture. Additionally, raw material-related selling price decreases were offset by a currency benefit.

Chairman and CEO Karl Glassman commented, "Following steep declines in the second quarter, we returned to year-over-year sales growth this past quarter in ECS, US and European Spring, Home Furniture, Fabric Converting and Geo Components. These businesses continued to benefit from a consumer spending focus on home products. Automotive sales were roughly flat with the prior year. Challenges remain in Aerospace and Work Furniture with weak demand in these end markets expected to continue. Bedding sales were negatively impacted by extraordinary COVID-related supply chain and labor constraints in third quarter and evolving government restrictions on plant operations. We are diligently working to increase production while managing supply challenges with nonwoven fabrics and chemicals and labor shortages so that we can better meet the growing levels of bedding market demand.”

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