Carthage, Missouri-based manufacturer Leggett & Platt announced its Q4 and full year earnings on Monday. Sales in Q4 were US$854 million--some locations increasing by 6 percent due to inflation and higher trade sales at the steel mill.
For the full year, sales increased by 8 percent to US$3.64 billion which can be attributed to inflation and currency rate changes. The unit volume also increased by 3 percent due to a shift in the mix of sales at the company's steel mill. During 2011, the company generated US$329 million in cash from operations throughout the year. It was then used to fund multiple projects including US$231 million to fund dividends and capital requirement and US$205 million to purchase Leggett stock. Net debt to net capital was 29 percent at year end, below the conservative end of the company's 30-40 percent target range.
David S. Haffner, President and CEO of Leggett & Platt, commented: "We remain well poised for earnings growth when the economy expands. That has not yet occurred broadly; to the contrary, in our markets, aggregate demand was essentially flat in 2011. As a result, we continue to tightly manage costs, exit unprofitable businesses, and focus on other elements of our strategic imperatives."