The Joplin Globe, Joplin, MO

Business

July 26, 2013

Leggett and Platt reports second-quarter improvement

CARTHAGE, Mo. — Leggett & Platt on Thursday reported second-quarter earnings of $71.3 million, or 48 cents per share, on net sales of $958.8 million.

That compares to earnings of $64.9 million, or 45 cents per share, on sales of $934.6 million for its second quarter of 2012.

Earnings for the first six months of the company’s fiscal year came to $120.4 million, or 81 cents per share, on sales of more than $1.89 billion. That is an 11 percent increase in earnings compared to the $108.9 million, or 75 cents per share, reported for the same period a year ago, when sales were just under $1.88 billion.

David Haffner, chief executive officer, said in a statement that the improvements occurred “despite sluggish demand in certain of our end markets, which led us to reduce full year sales and earnings per share guidance.”

He added: "Since 2007, our primary long-term financial goal has been to consistently rank in the top third of the S&P 500 companies for total shareholder return as measured over rolling three-year periods. For the three-year period that began Jan. 1, 2011, we have so far (over the last 31 months) generated annual average total shareholder return of 19 percent, which currently places us in the top third of the S&P 500 companies.”

The company defines total shareholder return as the change in stock price with dividends being reinvested.

For all of 2013, Leggett & Platt officials said they now anticipate annual sales growth between 1 and 4 percent, a reduction over the previous forecast of 2 to 6 percent. Full year revenue is now projected at $3.75 to 3.85 billion, with earnings per share in the range of $1.55 to 1.70.

Stock buyback

During its second quarter, Leggett and Platt purchased 1.2 million shares of its stock, and issued 300,000 shares. For the first half of the year, the company issued 2.7 million shares, and repurchased 2.9 million shares.  

Approximately two-thirds of the stock issuance reflects employee stock option exercises in response to higher stock prices.

 

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