Leggett & Platt Lowers Guidance Again
Carthage, MO, Dec. 17, 2008--Leggett & Platt Inc. again lowered its year outlook Tuesday, reflecting "extremely low market demand."
The diversified manufacturer now expects adjusted earnings from continuing operations of 85 cents to $1 for the year and break-even to 15 cents a share for the fourth quarter.
Leggett & Platt also now expects fourth-quarter sales of $865 million, $75 million below its previous view and 17% lower than a year earlier.
The cuts continue a trend for Leggett & Platt, which last slashed its year guidance in October.
A month ago, Leggett & Platt's credit ratings were lowered as a result of an accelerating contraction in residential and automotive consumer spending, which comprise well over half of its revenue.
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