Leggett & Platt reported today fourth quarter 2017 sales of $984 million, a 9 percent increase versus fourth quarter last year. Volume grew 5 percent and raw material-related price increases and currency impact added 4 percent to sales growth, the company said in a statement. Fourth quarter earnings per share from continuing operations was $0.27.
For the full-year 2017, sales grew 5 percent to $3.94 billion. Volume grew 4 percent and raw material-related price increases and currency impact added 2 percent. Acquisitions also contributed 2 percent to sales growth but were more than offset by divestitures, the company said. Full-year 2017 earnings per share for continuing operations was $2.14.
President and CEO Karl G. Glassman commented, "We are pleased to have delivered 9 percent sales growth in the fourth quarter and 5 percent sales growth for the full year. This growth came primarily from new programs and added content in Automotive and market share gains in Adjustable Bed. Several other businesses, including European Spring, Geo Components, Work Furniture, and Aerospace also contributed to sales growth during the year. Weak demand in our US Spring business was largely offset by increased content as we continue to place higher value components in more of the mattresses that our customers produce.
"Looking forward, we expect stronger sales growth in 2018 from volume increases in Automotive, Bedding, Adjustable Bed, Work Furniture, Aerospace, and Geo Components. With the anticipated higher sales, we expect improved EBIT margins and increased EPS in the coming year.