Diversified manufacturer Leggett & Platt reported third quarter sales of $1.01 billion, an increase of 6 percent versus third quarter 2016. Organic sales grew 6 percent from continued strength in Automotive, Adjustable Bed, and several other businesses, along with raw material-related price inflation and currency impact. Acquisitions added 2 percent to sales but were offset by divestitures.
Third quarter earnings from Continuing Operations were $.61 per share, a $.06 EPS decrease versus third quarter last year. The earnings benefit from sales growth was offset primarily by higher raw material costs.
In the company’s Residential Products segment, total sales increased $24 million, or 6 percent. Same location sales improved 2 percent, and acquisitions contributed 4 percent to sales growth. Volume was flat, with growth in most businesses offset by a 2 percent sales decrease from lower pass-through sales of adjustable beds.
In the company’s Industrial Products segment, total sales decreased $10 million, or 7 percent, due to divestitures completed in 2016 and a 3 percent reduction in same location sales. Volume declines were partially offset by steel-related price increases.
In the company’s Furniture Products segment, total sales increased $22 million, or 8 percent. Same location sales increased 7 percent, primarily from growth in Adjustable Bed.
In the company’s Specialized Products segment, total sales increased $9 million, or 4 percent. Same location sales were up 9 percent, primarily from volume gains in Automotive and a favorable currency impact.