Leggett & Platt 3Q Earnings Off
Carthage, MO, October 20, 2005--Leggett & Platt posted third-quarter net income of $54 million, or 28 cents a share, compared with $80.2 million, or $0.41 a share, a year earlier.
The company said earnings include $0.08 per share for non-recurring costs for restructuring charges and higher workers compensation costs, meeting analysts' expectations of $0.36 per share, excluding items, according to Reuters Estimates.
Quarterly revenues grew 1 percent to $1.35 billion, due to acquisitions that contributed nearly $12 million in sales, the company said in a statement.
The company said that unit volumes and same location sales were flat, with consumers "not buying at the rates typically seen," due to higher gas and utility costs and less discretionary income. Leggett said it had already increased prices in certain product lines and would consider others.
Leggett said that it now anticipates fourth quarter earnings per share to range between $0.14 and $0.24 and full-year 2005 earnings between $1.20 and $1.30 per share, down from its previous full-year guidance of between $1.35 and $1.45. The company said it was lowering its forecast based on restructuring-related costs and the impact of petrochemical shortages.
Analysts, on average, were expecting fourth quarter earnings per share of $0.28, excluding items, and fiscal 2005 earnings per share, excluding items, of $1.38.
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