Leggett & Platt Third Quarter Earnings Fall

Carthage, MO, October 18, 2007--Leggett & Platt reported a 22% drop in third-quarter earnings on lower sales. The company cut the high end of its full-year forecast, citing weaker sales.

The company reported earnings of $65.7 million, or $0.37 a share, compared with $84 million, or $0.45 a share, a year earlier.

Analysts expected profit of $0.35 a share.

Per-share results were helped by a lower share count as Leggett bought back five million shares. The cost of goods sold also fell nearly 3% in the quarter from a year earlier.

Total sales fell 3% to $1.33 billion. Residential furnishings sales fell 7%, while commercial fixture sales fell 4%.

But sales of industrial materials rose slightly and sales of specialized products rose 13% in the quarter.

The company said it now expects full-year profit in the range of $1.29 to $1.37 a share, including $0.10 in restructuring costs, as yearly sales fall 3%.

In July, Leggett had forecast profit in the range of $1.28 to $1.44 a share, including the $0.10 a share in restructuring costs.

For the fourth quarter, the company expects earnings in the range of $0.18 to $0.26 a share, including $0.07 in restructuring costs.

Analysts on average currently expect profit of $1.33 a share for the year.