CARTHAGE, Mo. —
Leggett & Platt Inc. recently reported first-quarter earnings of $44 million, or 30 cents per share, on sales of $947 million.
That compares with earnings of $45 million, or 30 cents per share, on sales of $895.8 million for the same period one year earlier.
The quarter ended March 31.
President and CEO David Haffner said in a statement: “We are pleased with first-quarter results. Aggregate unit volume increased, compared to a reasonably strong first quarter last year, and contributed to improved operating results. In addition, we are realizing the expected benefits from the restructuring activities initiated in late 2011, and continue to anticipate meaningful, full-year margin improvement.”
Haffner said Leggett & Platt’s acquisition of Western Pneumatic Tube, which was completed in January, “is exceeding our expectations for strong performance. In the first half of this year, we are recognizing $6 million of charges from an acquisition-related fair value adjustment to inventory; these charges will cease after the second quarter. As a result, Western’s earnings should improve as the year progresses.”
He also said the company continues to assess its overall performance by comparing its “total shareholder return” with that of peer companies on a three-year basis.
“We have so far (over the past 28 months) generated total shareholder return of 12 percent per year on average, in line with the total shareholder return of the S&P 500 index,” Haffner said. “Our target is to achieve TSR in the top one-third of the S&P 500 companies over the long-term.”
LEGGETT & PLATT said it anticipates 2012 sales of $3.65 billion to $3.85 billion and earnings of $1.25 to $1.45 per share.