Diversified manufacturer that conceives designs and produces a broad variety of engineered components, Leggett & Platt reported second quarter earnings.
Leggett & Platt reported earnings of $.41 per diluted share, in line with guidance issued on April 21. Per share earnings increased 5.1 percent, or $.02, compared to the $.39 attained in the second quarter of the prior year.
Sales of $1.31 billion were $32 million, or 2.5 percent, higher than in the second quarter 2004. Same location sales increased 1.9 percent versus the same quarter last year, and acquisitions contributed $7 million (net of divestitures) toward the quarter's sales growth. For the quarter, inflation more than offset a slight decline in unit volume.
2Q 2005: Record Results Felix E. Wright, Chairman and CEO said, "Sales and EPS were the highest we've ever attained for the second quarter of any year. Earnings were withintheir guidance, but sales were slightly below the range they originally forecasted.
Net margin posted both sequential and year-over-year improvement. Several of the markets exhibited strength, but some showed a bit of demand weakness. They continue to see growth in upholstered furniture components and aluminum die cast components.
Domestic bedding components volume declined year-over-year, but improved sequentially, and showed less decline (versus the prior year) than they saw in the first quarter. They expect to see significant promotional activity by bedding retailers during the third quarter.
marketing@alchempro.com
