Press Release
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Leggett & Platt Reports 2Q Results
- 2Q sales grew 10%, to
$1.21 billion - 2Q EPS was
$.64 , an increase of$.01 vs 2Q18 - 2Q cash flow from operations was a strong
$172 million - 2019 guidance lowered: sales of
$4.7-$4.85 billion ; EPS of$2.30-$2.50 ; adjusted EPS of$2.40-$2.60
Diversified manufacturer
- Acquisitions added 16% to sales growth (ECS and other smaller acquisitions)
- Organic sales were down 6%:
- Volume down 6%, 3% from exited business
- Currency impact -2%
- Raw material-related selling price increases +2%
Second quarter EBIT was
- EBIT included
$12 million of amortization expense from the ECS acquisition - EBIT margin was 11.2%, up from 11.0% in the second quarter of 2018
Second quarter EPS was
Restructuring:
- There were no significant restructuring-related charges in the second quarter
- Full year restructuring-related charges are expected to be approximately
$17 million ($.10 /share) $6 million cash and$11 million non-cash
CEO Comments
President and CEO
"Second quarter EBIT increased a notable
"For the full year, sales growth will benefit significantly from the ECS acquisition. In addition, we continue to expect sales growth in Automotive, U.S. Spring, Aerospace, Hydraulic Cylinders, and
"Demand for our Bedding products remains strong and will benefit from the preliminary dumping duties on Chinese mattresses that were recently imposed by the
"We are pleased with the progress of the restructuring activity we initiated in the fourth quarter of 2018 in our
Debt and Cash Flow
- Debt was 3.45x trailing 12-month pro forma adjusted[1] EBITDA; we expect to be at our target level of debt to trailing 12-months adjusted EBITDA of approximately 2.5x by end of 2020
- At the end of the second quarter,
$866 million was available under the commercial paper program - Operating cash flow was
$172 million in the second quarter, an increase of$92 million versus second quarter last year
Dividends
Leggett & Platt's Board of Directors declared a$.40 second quarter dividend,two cents higher than last year
Stock Repurchases
- Consistent with our commitment to delever, we repurchased a de minimis number of shares surrendered for employee benefit plans
- Issued .2 million shares through employee benefit plans and option exercises
- Shares outstanding at the end of the second quarter were 131.4 million
2019 Guidance
- Full year 2019 sales and EPS guidance lowered
- Sales are expected to be
$4.7-$4.85 billion , an increase of 10-14% versus 2018 - Organic sales are expected to decline -1% to -5%, including -3% from exited business
- Acquisitions should add 15% to sales; including approximately
$600 million from ECS (commencing from theJanuary 16 th acquisition date) - EPS is expected to be
$2.30-$2.50 , including approximately$.10 per share of restructuring-related costs - Versus 2018, EPS reflects decreasing steel costs (including LIFO benefit), partially offset by lower organic sales and a higher tax rate
- Adjusted EPS is expected to be $2.40-$2.60
- ECS is expected to be neutral to EPS in 2019
- Based on this guidance range, EBIT margin should be 10.7-11.1%; adjusted EBIT margin should be
11.1-11.4% - Operating cash flow should approximate
$550 million - Prior Guidance:
- Sales:
$4.95-$5.1 billion - EPS:
$2.35-$2.55 ; adjusted EPS:$2.45-$2.65
LIFO
- In the second quarter of 2019, lower steel costs resulted in a LIFO benefit of
$10.4 million (pretax) - In the second quarter of 2018, increasing steel costs resulted in LIFO expense of
$12.8 million (pretax)
SEGMENT RESULTS – Second Quarter 2019 (versus 2Q 2018)
Residential Products –
- Total sales grew 38%; acquisitions added 39%
- Organic sales decreased 1%
- Volume was down 2%, with continued market share and content gains in U.S. Spring offset by declines in other businesses
- Raw material-related price increases, net of currency impact, added 1% to sales
- EBIT increased
$4 million , with earnings from the ECS acquisition (after$12 million of amortization expense) partially offset by lower volume
Industrial Products –
- Total sales decreased 9%, with lower steel rod and wire volume (-17%) partially offset by raw material-related selling price increases implemented in 2018 (8%)
- EBIT increased
$16 million , primarily from lower steel costs (including LIFO benefit)
Furniture Products –
- Total sales were down 11%
- Volume decreased 11%, from our decision to exit Fashion Bed and planned declines in
Home Furniture - Raw material-related selling price increases were offset by a negative currency impact
- EBIT increased
$5 million , primarily from improved pricing combined with lower raw material costs (including LIFO benefit) and lower fixed costs attributable to restructuring activity
Specialized Products –
- Total sales decreased 3%
- Currency impact, net of raw material-related price increases in Hydraulic Cylinders, decreased sales 3%
- Volume was flat, with growth in Aerospace offset by softer demand in the automotive market
- EBIT decreased
$10 million , primarily from lower volume in Automotive, negative currency impact, and new program ramp up costs in Aerospace
Slides and Conference Call
A set of slides containing summary financial information is available from the Investor Relations section of Leggett's website at www.leggett.com. Management will host a conference call at
Third quarter results will be released after the market closes on
FOR MORE INFORMATION: Visit Leggett's website at www.leggett.com.
COMPANY DESCRIPTION: At
FORWARD-LOOKING STATEMENTS: This press release contains "forward-looking statements," including, but not limited to, the 2019 sales and annualized sales of ECS; the acceleration of our Bedding businesses' sales; our ability to deleverage to a target level ratio of debt to trailing 12-months EBITDA of approximately 2.5 by year-end 2020; the Company's 2019 EPS, adjusted EPS, sales, sales growth, EBIT margin, adjusted EBIT margin, cash from operations, the amount of cash repatriated from offshore accounts, capital expenditures, dividends, dividend payout ratio, depreciation and amortization, net interest expense, tax rate and the amount of fully diluted shares; our ability to increase the dividend; and the amount and timing of 2019 restructuring-related charges related to the Fashion Bed and
CONTACT: Investor Relations, (417) 358-8131 or invest@leggett.com
1 Please refer to attached tables for non-GAAP reconciliations.
LEGGETT & PLATT |
|||||||||||||
RESULTS OF OPERATIONS |
SECOND QUARTER |
YEAR TO DATE |
|||||||||||
(In millions, except per share data) |
2019 |
2018 |
Change |
2019 |
2018 |
Change |
|||||||
Net sales |
$ 1,213.2 |
$ 1,102.5 |
10% |
$ 2,368.3 |
$ 2,131.3 |
11% |
|||||||
Cost of goods sold |
943.5 |
871.5 |
1,865.6 |
1,682.9 |
|||||||||
Gross profit |
269.7 |
231.0 |
17% |
502.7 |
448.4 |
12% |
|||||||
Selling & administrative expenses |
118.3 |
107.8 |
10% |
236.9 |
212.5 |
11% |
|||||||
Amortization |
16.9 |
5.1 |
31.0 |
10.1 |
|||||||||
Other expense (income), net |
(1.5) |
(3.0) |
0.6 |
(2.7) |
|||||||||
Earnings before interest and taxes |
136.0 |
121.1 |
12% |
234.2 |
228.5 |
2% |
|||||||
Net interest expense |
21.9 |
13.6 |
41.9 |
25.6 |
|||||||||
Earnings before income taxes |
114.1 |
107.5 |
192.3 |
202.9 |
|||||||||
Income taxes |
27.8 |
22.4 |
44.9 |
39.9 |
|||||||||
Net earnings |
86.3 |
85.1 |
147.4 |
163.0 |
|||||||||
Less net income from non-controlling interest |
(0.1) |
(0.1) |
- |
(0.1) |
|||||||||
Net earnings attributable to L&P |
$ 86.2 |
$ 85.0 |
1% |
$ 147.4 |
$ 162.9 |
(10%) |
|||||||
Earnings per diluted share |
|||||||||||||
Net earnings per diluted share |
$0.64 |
$0.63 |
2% |
$1.09 |
$1.20 |
(9%) |
|||||||
Shares outstanding |
|||||||||||||
Common stock (at end of period) |
131.4 |
130.1 |
1.0% |
131.4 |
130.1 |
||||||||
Basic (average for period) |
134.7 |
134.1 |
134.5 |
134.7 |
|||||||||
Diluted (average for period) |
135.2 |
135.0 |
0.1% |
135.1 |
135.7 |
||||||||
CASH FLOW |
SECOND QUARTER |
YEAR TO DATE |
|||||||||||
(In millions) |
2019 |
2018 |
Change |
2019 |
2018 |
Change |
|||||||
Net earnings |
$ 86.3 |
$ 85.1 |
$ 147.4 |
$ 163.0 |
|||||||||
Depreciation and amortization |
50.0 |
33.8 |
96.3 |
67.2 |
|||||||||
Working capital decrease (increase) |
17.0 |
(55.5) |
(75.8) |
(133.4) |
|||||||||
Impairments |
1.4 |
0.0 |
4.3 |
0.2 |
|||||||||
Other operating activity |
17.6 |
17.1 |
31.5 |
27.6 |
|||||||||
Net Cash from Operating Activity |
$ 172.3 |
$ 80.5 |
114% |
$ 203.7 |
$ 124.6 |
63% |
|||||||
Additions to PP&E |
(38.7) |
(40.9) |
(70.5) |
(81.2) |
(13%) |
||||||||
Purchase of companies, net of cash |
- |
(4.4) |
(1,244.3) |
(90.2) |
|||||||||
Proceeds from business and asset sales |
1.8 |
0.3 |
2.0 |
1.9 |
|||||||||
Dividends paid |
(49.8) |
(47.3) |
(99.4) |
(94.8) |
|||||||||
Repurchase of common stock, net |
(0.3) |
(52.4) |
(2.3) |
(107.3) |
|||||||||
Additions (payments) to debt, net |
(48.4) |
46.2 |
1,240.9 |
190.0 |
|||||||||
Other |
(10.5) |
(30.2) |
(8.5) |
(22.7) |
|||||||||
Increase (Decr.) in Cash & Equiv. |
$ 26.4 |
$ (48.2) |
$ 21.6 |
$ (79.7) |
|||||||||
FINANCIAL POSITION |
30-Jun |
||||||||||||
(In millions) |
2019 |
2018 |
Change |
||||||||||
Cash and equivalents |
$ 289.7 |
$ 446.4 |
|||||||||||
Receivables |
700.3 |
649.8 |
|||||||||||
Inventories |
656.7 |
634.2 |
|||||||||||
Other current assets |
56.3 |
52.4 |
|||||||||||
Total current assets |
1,703.0 |
1,782.8 |
(4%) |
||||||||||
Net fixed assets |
817.9 |
709.3 |
|||||||||||
Operating lease right-of-use assets |
169.8 |
— |
|||||||||||
Goodwill and other assets |
2,311.3 |
1,151.9 |
|||||||||||
TOTAL ASSETS |
$ 5,002.0 |
$ 3,644.0 |
37% |
||||||||||
Trade accounts payable |
$ 452.9 |
$ 450.6 |
|||||||||||
Current debt maturities |
51.3 |
153.7 |
|||||||||||
Current operating lease liabilities |
38.5 |
— |
|||||||||||
Other current liabilities |
357.6 |
332.6 |
|||||||||||
Total current liabilities |
900.3 |
936.9 |
(4%) |
||||||||||
Long-term debt |
2,363.5 |
1,298.0 |
82% |
||||||||||
Operating lease liabilities |
131.4 |
— |
|||||||||||
Deferred taxes and other liabilities |
368.0 |
280.5 |
|||||||||||
Equity |
1,238.8 |
1,128.6 |
10% |
||||||||||
Total Capitalization |
4,101.7 |
2,707.1 |
52% |
||||||||||
TOTAL LIABILITIES & EQUITY |
$ 5,002.0 |
$ 3,644.0 |
37% |
||||||||||
LEGGETT & PLATT |
|||||||||||||
SEGMENT RESULTS1 |
SECOND QUARTER |
YEAR TO DATE |
|||||||||||
(In millions) |
2019 |
2018 |
Change |
2019 |
2018 |
Change |
|||||||
Residential Products |
|||||||||||||
External Sales |
$ 606.7 |
$ 438.8 |
38.3% |
$ 1,143.1 |
$ 836.9 |
36.6% |
|||||||
Total Sales (External + Inter-segment) |
610.3 |
443.5 |
37.6% |
1,149.5 |
846.2 |
35.8% |
|||||||
EBIT |
44.4 |
40.0 |
11% |
76.3 |
75.0 |
2% |
|||||||
EBIT Margin |
7.3% |
9.0% |
(170) bps |
2 |
6.6% |
8.9% |
(230) bps |
2 |
|||||
Restructuring-related charges |
— |
— |
0.1 |
— |
|||||||||
ECS transaction costs |
— |
— |
0.9 |
— |
|||||||||
Adjusted EBIT |
44.4 |
40.0 |
11% |
77.3 |
75.0 |
3% |
|||||||
Adjusted EBIT Margin |
7.3% |
9.0% |
(170) bps |
6.7% |
8.9% |
(220) bps |
|||||||
Depreciation and amortization |
26.0 |
11.7 |
49.2 |
23.0 |
|||||||||
Adjusted EBITDA |
70.4 |
51.7 |
36% |
126.5 |
98.0 |
29% |
|||||||
Adjusted EBITDA Margin |
11.5% |
11.7% |
(20) bps |
11.0% |
11.6% |
(60) bps |
|||||||
Industrial Products |
|||||||||||||
External Sales |
$ 80.4 |
$ 96.4 |
(16.6%) |
$ 169.5 |
$ 178.4 |
(5.0%) |
|||||||
Total Sales (External + Inter-segment) |
156.0 |
170.5 |
(8.5%) |
324.0 |
322.9 |
0.3% |
|||||||
EBIT |
29.2 |
13.4 |
118% |
53.3 |
22.4 |
138% |
|||||||
EBIT Margin |
18.7% |
7.9% |
1080 bps |
16.5% |
6.9% |
960 bps |
|||||||
Depreciation and amortization |
2.8 |
2.5 |
5.4 |
5.1 |
|||||||||
EBITDA |
32.0 |
15.9 |
101% |
58.7 |
27.5 |
113% |
|||||||
EBITDA Margin |
20.5% |
9.3% |
1120 bps |
18.1% |
8.5% |
960 bps |
|||||||
Furniture Products |
|||||||||||||
External Sales |
$ 259.1 |
$ 291.4 |
(11.1%) |
$ 525.8 |
$ 572.7 |
(8.2%) |
|||||||
Total Sales (External + Inter-segment) |
261.3 |
295.0 |
(11.4%) |
531.0 |
579.2 |
(8.3%) |
|||||||
EBIT |
20.9 |
16.3 |
28% |
27.3 |
34.3 |
(20%) |
|||||||
EBIT Margin |
8.0% |
5.5% |
250 bps |
5.1% |
5.9% |
(80) bps |
|||||||
Restructuring-related charges |
— |
— |
6.2 |
— |
|||||||||
Adjusted EBIT |
20.9 |
16.3 |
28% |
33.5 |
34.3 |
(2%) |
|||||||
Adjusted EBIT Margin |
8.0% |
5.5% |
250 bps |
6.3% |
5.9% |
40 bps |
|||||||
Depreciation and amortization |
4.0 |
4.4 |
8.0 |
8.7 |
|||||||||
Adjusted EBITDA |
24.9 |
20.7 |
20% |
41.5 |
43.0 |
(3%) |
|||||||
Adjusted EBITDA Margin |
9.5% |
7.0% |
250 bps |
7.8% |
7.4% |
40 bps |
|||||||
Specialized Products |
|||||||||||||
External Sales |
$ 267.0 |
$ 275.9 |
(3.2%) |
$ 529.9 |
$ 543.3 |
(2.5%) |
|||||||
Total Sales (External + Inter-segment) |
267.7 |
276.5 |
(3.2%) |
531.5 |
544.6 |
(2.4%) |
|||||||
EBIT |
41.5 |
51.9 |
(20%) |
77.2 |
98.0 |
(21%) |
|||||||
EBIT Margin |
15.5% |
18.8% |
(330) bps |
14.5% |
18.0% |
(350) bps |
|||||||
Depreciation and amortization |
10.4 |
9.8 |
20.6 |
18.9 |
|||||||||
EBITDA |
51.9 |
61.7 |
(16%) |
97.8 |
116.9 |
(16%) |
|||||||
EBITDA Margin |
19.4% |
22.3% |
(290) bps |
18.4% |
21.5% |
(310) bps |
|||||||
Total Company |
|||||||||||||
External Sales |
$ 1,213.2 |
$ 1,102.5 |
10.0% |
$ 2,368.3 |
$ 2,131.3 |
11.1% |
|||||||
EBIT - segments |
136.0 |
121.6 |
12% |
234.1 |
229.7 |
2% |
|||||||
Intersegment eliminations and other |
— |
(0.5) |
0.1 |
(1.2) |
|||||||||
EBIT |
136.0 |
121.1 |
12% |
234.2 |
228.5 |
2% |
|||||||
EBIT Margin |
11.2% |
11.0% |
20 bps |
9.9% |
10.7% |
(80) bps |
|||||||
Restructuring-related charges 3 |
— |
— |
6.3 |
— |
|||||||||
ECS transaction costs 3 |
— |
— |
0.9 |
— |
|||||||||
Adjusted EBIT 3 |
136.0 |
121.1 |
12% |
241.4 |
228.5 |
6% |
|||||||
Adjusted EBIT Margin |
11.2% |
11.0% |
20 bps |
10.2% |
10.7% |
(50) bps |
|||||||
Depreciation and amortization - segments |
43.2 |
28.4 |
83.2 |
55.7 |
|||||||||
Depreciation and amortization - unallocated 4 |
6.8 |
5.4 |
13.1 |
11.4 |
|||||||||
Adjusted EBITDA 3 |
186.0 |
154.9 |
20% |
337.7 |
295.6 |
14% |
|||||||
Adjusted EBITDA Margin |
15.3% |
14.0% |
130 bps |
14.3% |
13.9% |
40 bps |
|||||||
LAST SIX QUARTERS |
2018 |
2019 |
|||||||||||
Selected Figures |
1Q |
2Q |
3Q |
4Q |
1Q |
2Q |
|||||||
Net Sales ($ million) |
1,029 |
1,102 |
1,092 |
1,047 |
1,155 |
1,213 |
|||||||
Sales Growth (vs. prior year) |
7% |
11% |
8% |
6% |
12% |
10% |
|||||||
Volume Growth (same locations vs. prior year) |
1% |
6% |
3% |
—% |
(3%) |
(6%) |
|||||||
Adjusted EBIT 3 |
107 |
121 |
124 |
120 |
105 |
136 |
|||||||
Cash from Operations ($ million) |
44 |
81 |
127 |
189 |
31 |
172 |
|||||||
Adjusted EBITDA (trailing twelve months) 3 |
588 |
589 |
598 |
609 |
620 |
651 |
|||||||
(Long-term debt + current maturities) / Adj. EBITDA 3,5 |
2.4 |
2.5 |
2.3 |
1.9 |
4.0 |
3.7 |
|||||||
Organic Sales (vs. prior year) |
1Q |
2Q |
3Q |
4Q |
1Q |
2Q |
|||||||
Residential Products |
1% |
7% |
3% |
5% |
3% |
(1%) |
|||||||
Industrial Products |
13% |
23% |
28% |
22% |
10% |
(9%) |
|||||||
Furniture Products |
3% |
9% |
4% |
(1%) |
(5%) |
(11%) |
|||||||
Specialized Products |
11% |
11% |
3% |
—% |
(5%) |
(3%) |
|||||||
Overall |
6% |
10% |
6% |
3% |
(1%) |
(6%) |
|||||||
1Segment margins calculated on Total Sales. Overall company margin calculated on External Sales. |
|||||||||||||
2bps = basis points; a unit of measure equal to 1/100thof 1%. |
|||||||||||||
3Refer to next page for non-GAAP reconciliations. |
|||||||||||||
4Consists primarily of depreciation of non-operating assets and amortization of debt issuance costs. |
|||||||||||||
5EBITDA based on trailing twelve months. |
|||||||||||||
LEGGETT & PLATT |
|||||||||||||
RECONCILIATION OF REPORTED (GAAP) TO ADJUSTED (Non-GAAP) FINANCIAL MEASURES 11 |
|||||||||||||
2018 |
2019 |
||||||||||||
Non-GAAP adjustments 6 |
1Q |
2Q |
3Q |
4Q |
1Q |
2Q |
|||||||
Restructuring-related charges |
- |
- |
- |
16.3 |
6.3 |
- |
|||||||
Note impairment |
- |
- |
- |
15.9 |
- |
- |
|||||||
ECS transaction costs |
- |
- |
- |
6.9 |
0.9 |
- |
|||||||
Non-GAAP adjustments (pretax) 7 |
- |
- |
- |
39.1 |
7.2 |
- |
|||||||
Income tax impact |
- |
- |
- |
(7.5) |
(1.8) |
- |
|||||||
Tax Cuts and Jobs Act impact |
- |
- |
(1.8) |
- |
- |
- |
|||||||
Non-GAAP adjustments (after tax) |
- |
- |
(1.8) |
31.6 |
5.4 |
- |
|||||||
Diluted shares outstanding |
136.3 |
135.0 |
134.7 |
134.7 |
135.0 |
135.2 |
|||||||
EPS impact of non-GAAP adjustments |
- |
- |
(0.01) |
0.23 |
0.04 |
- |
|||||||
2018 |
2019 |
||||||||||||
Adjusted EBIT, EBITDA, Margin, and EPS 6 |
1Q |
2Q |
3Q |
4Q |
1Q |
2Q |
|||||||
Net sales |
1,029 |
1,102 |
1,092 |
1,047 |
1,155 |
1,213 |
|||||||
EBIT (earnings before interest and taxes) |
107.4 |
121.1 |
124.4 |
84.0 |
98.2 |
136.0 |
|||||||
Non-GAAP adjustments (pretax and excluding interest) 8 |
- |
- |
- |
36.0 |
7.2 |
- |
|||||||
Adjusted EBIT ($ millions) |
107.4 |
121.1 |
124.4 |
120.0 |
105.4 |
136.0 |
|||||||
EBIT margin |
10.4% |
11.0% |
11.4% |
8.0% |
8.5% |
11.2% |
|||||||
Adjusted EBIT margin |
10.4% |
11.0% |
11.4% |
11.5% |
9.1% |
11.2% |
|||||||
EBIT |
107.4 |
121.1 |
124.4 |
84.0 |
98.2 |
136.0 |
|||||||
Depreciation and Amortization |
33.4 |
33.8 |
33.8 |
35.1 |
46.3 |
50.0 |
|||||||
EBITDA |
140.8 |
154.9 |
158.2 |
119.1 |
144.5 |
186.0 |
|||||||
Non-GAAP adjustments (pretax and excluding interest) 8 |
- |
- |
- |
36.0 |
7.2 |
- |
|||||||
Adjusted EBITDA ($ millions) |
140.8 |
154.9 |
158.2 |
155.1 |
151.7 |
186.0 |
|||||||
EBITDA margin |
13.7% |
14.1% |
14.5% |
11.4% |
12.5% |
15.3% |
|||||||
Adjusted EBITDA margin |
13.7% |
14.1% |
14.5% |
14.8% |
13.1% |
15.3% |
|||||||
Diluted EPS |
0.57 |
0.63 |
0.67 |
0.39 |
0.45 |
0.64 |
|||||||
EPS impact of non-GAAP adjustments |
- |
- |
(0.01) |
0.23 |
0.04 |
- |
|||||||
Adjusted EPS ($) |
0.57 |
0.63 |
0.66 |
0.62 |
0.49 |
0.64 |
|||||||
2018 |
2019 |
||||||||||||
Total Debt to Adjusted EBITDA 9 |
1Q |
2Q |
3Q |
4Q |
1Q |
2Q |
|||||||
Total Debt |
1,393 |
1,452 |
1,357 |
1,169 |
2,461 |
2,415 |
|||||||
Adjusted EBITDA, trailing 12 months |
588 |
589 |
598 |
609 |
620 |
651 |
|||||||
Total Debt / Leggett Reported 12-month Adjusted EBITDA |
2.4 |
2.5 |
2.3 |
1.9 |
4.0 |
3.7 |
|||||||
Total Debt / Leggett and ECS 12-month Pro Forma Adjusted EBITDA 10 |
3.56 |
3.45 |
|||||||||||
6Management and investors use these measures as supplemental information to assess operational performance. |
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7The non-GAAP adjustments affected various line items on the income statement. Details by quarter: 4Q 2018: $4.4 million COGS, $19.6 million SG&A, |
|||||||||||||
84Q 2018 excludes $3.2 million of financing-related charges recognized in interest expense. |
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9Management and investors use this ratio as supplemental information to assess ability to pay off debt. These ratios are calculated differently than the Company's credit |
|||||||||||||
10The Leggett and ECS pro forma adjusted EBITDA for the 12 months ended March 31, 2019 and June 30, 2019 is presented in the table below. Because the increase in |
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ECS pre-acquisition adjusted EBITDA from: |
4/1/18 – 1/16/19 |
7/1/18 – 1/16/19 |
|||||||||||
Net earnings |
12 |
6 |
|||||||||||
Interest expense |
33 |
22 |
|||||||||||
Taxes |
6 |
4 |
|||||||||||
EBIT |
51 |
32 |
|||||||||||
Depreciation and Amortization |
14 |
10 |
|||||||||||
Change in control bonus |
7 |
7 |
|||||||||||
Adjusted EBITDA |
72 |
49 |
|||||||||||
Leggett Adjusted EBITDA, trailing 12 months (including ECS from January 16, 2019) |
620 |
651 |
|||||||||||
ECS pre-acquisition adjusted EBITDA |
72 |
49 |
|||||||||||
Leggett and ECS Pro Forma Adjusted EBITDA, trailing 12 months |
692 |
700 |
|||||||||||
Total Debt / Leggett and ECS 12-month Pro Forma Adjusted EBITDA |
3.56 |
3.45 |
|||||||||||
11Calculations impacted by rounding. |
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