Diversified wire product manufacturer Leggett & Platt reported third quarter 2019 sales of $1.24 billion, a 14 percent increase versus third quarter last year. The company said acquisitions added 16 percent to sales growth. Third quarter EBIT was $144 million, up $20 million or 16 percent from third quarter last year, and adjusted EBIT was $148 million, a $24 million increase.
President and CEO Karl G. Glassman commented, “Sales grew 14 percent in the third quarter, primarily from the ECS acquisition. Sales were stronger in Automotive, US Spring, and Work Furniture but this improvement was more than offset by planned lower volume from business exited in Fashion Bed and Home Furniture and weak trade demand in the Industrial Products segment.”
Glassman further commented, “Earlier this month, the US Department of Commerce announced final dumping duties on mattresses imported from China that range from 57 percent to 1,732 percent. Notably, approximately 90 percent of Chinese mattresses are now subject to antidumping duties in excess of 160 percent. We expect the US International Trade Commission to make a final determination in this matter no later than the first week of December. In our US bedding businesses, we continue to see strong demand. US Spring sales dollars were up 6 percent. Finished mattress units were up 28 percent in the third quarter, including ECS's year-over-year growth.”