Leggett & Platt Reports Record EPS In 3Q And Announces 4Q Dividend
- 3Q EPS was a record1
$.77 , an increase of$.03 vs 3Q19 - 3Q adjusted2 EPS was a record1
$.80 , up$.04 vs 3Q19 adjusted2 EPS - 3Q sales were
$1.208 billion , down 3% vs 3Q19 - 3Q cash flow from operations was a record
$261 million - Board declared fourth quarter dividend of
$.40 per share
Diversified manufacturer
Third quarter EBIT was
- EBIT and adjusted2 EBIT benefited from fixed cost reductions partially offset by lower volume and LIFO impact versus third quarter of 2019
- Fixed cost reductions implemented earlier in the year reduced third quarter costs by approximately
$30 million , on track to realize nearly$100 million for full year 2020 as previously stated - LIFO expense was
$2.0 million in 3Q 2020, versus a LIFO benefit of$7.6 million in 3Q 2019 - Adjustments include restructuring-related charges of
$6 million ($.03 per share) in 3Q 2020 and$4 million ($.02 per share) in 3Q 2019 - EBIT margin was 12.2%, up from 11.6% in the third quarter of 2019, and adjusted2 EBIT margin was 12.7%, up from 11.9%, reflecting our focus on maintaining cost savings as volume recovers
Third quarter sales were
- Organic sales were down 3%:
- Volume was down 3%3, strong demand in residential end markets was more than offset by weakness in Aerospace and
Work Furniture - Raw material-related selling price decreases were offset by a currency benefit
- Acquisitions and divestitures offset each other
Debt, Cash Flow and Dividend
$60 million prepayment of a portion of Term Loan A in third quarter- Net Debt was 2.74x trailing 12-month adjusted2 EBITDA
- Operating cash flow was a record
$261 million during the third quarter, an increase of$48 million versus third quarter last year, largely due to working capital improvements - Third quarter dividend was
$.40 , equal to last year's third quarter dividend
CEO COMMENTS
Chairman and CEO
"We generated quarterly record EBIT, EBITDA and EPS in third quarter. We also generated quarterly record cash flow from operations of
"Third quarter sales were
"Bedding sales were negatively impacted by extraordinary COVID-related supply chain and labor constraints in third quarter and evolving government restrictions on plant operations. We are diligently working to increase production while managing supply challenges with nonwoven fabrics and chemicals and labor shortages so that we can better meet the growing levels of bedding market demand.
"The Company remains well-positioned, both competitively and financially, to capitalize on long-term opportunities in our various end markets. Our enduring long-term fundamentals give us confidence in our ability to continue to create value for our shareholders."
LIQUIDITY AND BALANCE SHEET
$1.4 billion of liquidity atSeptember 30 $245 million of cash on hand$1.2 billion in capacity remaining under revolving credit facility- Debt at
September 30 - Total debt of
$2.0 billion ; no commercial paper outstanding - No significant maturities until
August 2022
DIVIDEND
- The Company's Board of Directors declared fourth quarter dividend of
$.40 - Dividend will be paid on
January 15, 2021 to shareholders of record onDecember 15, 2020 - At an annual indicated dividend of
$1.60 per share, the yield is 3.8% based upon Friday's closing stock price of$41.73 per share, one of the highest yields among the S&P 500 Dividend Aristocrats
GUIDANCE
- Company is not providing guidance at this time given continued macroeconomic uncertainty related to the effects of COVID-19
USES OF CASH
- Remaining 2020 debt maturities of approximately
$12 million - Anticipating capital expenditures of approximately
$70 million for the year - Expecting 2020 dividends of approximately
$210 million - Limiting acquisitions
SEGMENT RESULTS – Third Quarter 2020 (versus 3Q 2019)
Bedding Products –
- Trade sales were down 2%, including 1% due to exiting the Fashion Bed business
- Organic sales decreased 1% from lower volume
- Strong demand in ECS and
U.S. and European Spring was more than offset by lower volume in Adjustable Bed and exited volume in Drawn Wire - EBIT increased
$3 million , primarily from fixed cost reductions partially offset by LIFO impact, lower metal margin in our rod mill and higher freight costs
Specialized Products –
- Trade sales decreased 9% with Automotive sales roughly flat
- Volume was down 10% primarily from weak demand in Aerospace and Hydraulic Cylinders
- Currency benefit increased sales 1%
- EBIT decreased
$12 million , primarily from lower volume and$4 million in restructuring charges, partially offset by fixed cost reductions
Furniture, Flooring & Textile Products –
- Trade sales increased 1%
- Organic sales decreased 2% from lower volume
- Strong demand in Fabric Converting, Geo Components, and
Home Furniture was more than offset by weak demand inWork Furniture and Flooring Products' hospitality business - A small Geo Components acquisition completed in
December 2019 added 3% to sales - EBIT increased
$12 million , primarily from fixed cost reductions, lower raw material costs and a favorable product mix
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
Fourth 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, continued weak demand in the end markets in Aerospace and
CONTACT: Investor Relations, (417) 358-8131 or invest@leggett.com
1 Record EPS is from continuing operations |
||
2 Please refer to attached tables for Non-GAAP Reconciliations |
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3 1% of volume decline attributable to exited business |
|
||||||||||||
RESULTS OF OPERATIONS |
THIRD QUARTER |
YEAR TO DATE |
||||||||||
(In millions, except per share data) |
2020 |
2019 |
Change |
2020 |
2019 |
Change |
||||||
Net trade sales |
|
$ 1,239.3 |
(3)% |
|
|
(14)% |
||||||
Cost of goods sold |
940.8 |
963.8 |
2,462.3 |
2,829.4 |
||||||||
Gross profit |
266.8 |
275.5 |
(3)% |
635.9 |
778.2 |
(18)% |
||||||
Selling & administrative expenses |
105.6 |
115.2 |
(8)% |
320.6 |
352.1 |
(9)% |
||||||
Amortization |
16.2 |
16.3 |
48.9 |
47.3 |
||||||||
Other expense (income), net |
(2.3) |
(0.1) |
15.6 |
0.5 |
||||||||
Earnings before interest and taxes |
147.3 |
144.1 |
2 % |
250.8 |
` |
378.3 |
(34)% |
|||||
Net interest expense |
20.4 |
21.1 |
60.8 |
63.0 |
||||||||
Earnings before income taxes |
126.9 |
123.0 |
190.0 |
315.3 |
||||||||
Income taxes |
22.0 |
23.4 |
45.5 |
68.3 |
||||||||
Net earnings (loss) |
104.9 |
99.6 |
144.5 |
247.0 |
||||||||
Less net income from non-controlling interest |
(0.1) |
- |
(0.1) |
- |
||||||||
Net earnings (loss) attributable to L&P |
$ 104.8 |
$ 99.6 |
5 % |
$ 144.4 |
$ 247.0 |
(42)% |
||||||
Earnings (loss) per diluted share |
||||||||||||
Net earnings (loss) per diluted share |
$ 0.77 |
$ 0.74 |
4 % |
$ 1.06 |
$ 1.83 |
(42)% |
||||||
Shares outstanding |
||||||||||||
Common stock (at end of period) |
132.5 |
131.6 |
0.7 % |
132.5 |
131.6 |
0.7 % |
||||||
Basic (average for period) |
135.8 |
134.9 |
135.6 |
134.7 |
||||||||
Diluted (average for period) |
136.1 |
135.4 |
0.5 % |
135.8 |
135.2 |
0.4 % |
||||||
CASH FLOW |
THIRD QUARTER |
YEAR TO DATE |
||||||||||
(In millions) |
2020 |
2019 |
Change |
2020 |
2019 |
Change |
||||||
Net earnings |
$ 104.9 |
$ 99.6 |
$ 144.5 |
$ 247.0 |
||||||||
Depreciation and amortization |
47.0 |
48.4 |
141.0 |
144.7 |
||||||||
Working capital decrease (increase) |
110.0 |
55.2 |
22.6 |
(20.6) |
||||||||
Impairments |
- |
1.4 |
29.4 |
5.7 |
||||||||
Other operating activity |
(0.6) |
8.3 |
46.3 |
39.8 |
||||||||
|
$ 261.3 |
$ 212.9 |
23 % |
$ 383.8 |
$ 416.6 |
(8)% |
||||||
Additions to PP&E |
(9.3) |
(32.5) |
(52.3) |
(103.0) |
||||||||
Purchase of companies, net of cash |
- |
- |
- |
(1,244.3) |
||||||||
Proceeds from business and asset sales |
2.4 |
3.3 |
6.0 |
5.3 |
||||||||
Dividends paid |
(52.9) |
(52.6) |
(158.5) |
(152.0) |
||||||||
Repurchase of common stock, net |
(1.4) |
(2.1) |
(9.0) |
(4.4) |
||||||||
Additions (payments) to debt, net |
(172.7) |
(166.4) |
(164.7) |
1,074.5 |
||||||||
Other |
8.8 |
(10.3) |
(7.9) |
(18.8) |
||||||||
Increase (Decr.) in Cash & Equiv. |
$ 36.2 |
$ (47.7) |
$ (2.6) |
$ (26.1) |
||||||||
FINANCIAL POSITION |
|
|||||||||||
(In millions) |
2020 |
2019 |
Change |
|||||||||
Cash and equivalents |
$ 245.0 |
$ 242.0 |
||||||||||
Receivables |
642.3 |
677.3 |
||||||||||
Inventories |
585.3 |
635.8 |
||||||||||
Other current assets |
45.7 |
49.5 |
||||||||||
Total current assets |
1,518.3 |
1,604.6 |
(5)% |
|||||||||
Net fixed assets |
785.7 |
817.3 |
||||||||||
Operating lease right-of-use assets |
164.4 |
156.0 |
||||||||||
|
1,380.3 |
1,392.0 |
||||||||||
Intangible assets and deferred costs |
815.1 |
887.9 |
||||||||||
TOTAL ASSETS |
|
$ 4,857.8 |
(4)% |
|||||||||
Trade accounts payable |
$ 494.1 |
$ 467.3 |
||||||||||
Current debt maturities |
51.1 |
51.2 |
||||||||||
Current operating lease liabilities |
41.9 |
38.0 |
||||||||||
Other current liabilities |
360.3 |
364.3 |
||||||||||
Total current liabilities |
947.4 |
920.8 |
3 % |
|||||||||
Long-term debt |
1,909.1 |
2,197.1 |
(13)% |
|||||||||
Operating lease liabilities |
125.3 |
119.0 |
||||||||||
Deferred taxes and other liabilities |
382.0 |
365.3 |
||||||||||
Equity |
1,300.0 |
1,255.6 |
4 % |
|||||||||
Total Capitalization |
3,716.4 |
3,937.0 |
(6)% |
|||||||||
TOTAL LIABILITIES & EQUITY |
|
$ 4,857.8 |
(4)% |
|
|||||||||||||
SEGMENT RESULTS 1 |
THIRD QUARTER |
YEAR TO DATE |
|||||||||||
(In millions) |
2020 |
2019 |
Change |
2020 |
2019 |
Change |
|||||||
Bedding Products |
|||||||||||||
|
$ 589.8 |
$ 601.4 |
(2)% |
|
|
(14)% |
|||||||
EBIT |
73.6 |
70.7 |
4 % |
122.2 |
178.3 |
(31)% |
|||||||
EBIT Margin |
12.5% |
11.8% |
70 bps |
2 |
8.2% |
10.3% |
-210 bps |
2 |
|||||
Note impairment |
- |
- |
8.4 |
- |
|||||||||
Restructuring-related charges |
0.7 |
2.8 |
3.3 |
6.9 |
|||||||||
ECS transaction costs |
- |
- |
- |
0.9 |
|||||||||
Adjusted EBIT |
74.3 |
73.5 |
1 % |
133.9 |
186.1 |
(28)% |
|||||||
Adjusted EBIT Margin |
12.6% |
12.2% |
40 bps |
9.0% |
10.8% |
-180 bps |
|||||||
Depreciation and amortization |
26.6 |
27.5 |
79.7 |
80.5 |
|||||||||
Adjusted EBITDA |
100.9 |
101.0 |
- % |
213.6 |
266.6 |
(20)% |
|||||||
Adjusted EBITDA Margin |
17.1% |
16.8% |
30 bps |
14.3% |
15.5% |
-120 bps |
|||||||
Specialized Products |
|||||||||||||
|
$ 242.9 |
$ 267.2 |
(9)% |
$ 618.2 |
$ 797.1 |
(22)% |
|||||||
EBIT |
32.7 |
44.4 |
(26)% |
40.7 |
121.6 |
(67)% |
|||||||
EBIT Margin |
13.5% |
16.6% |
-310 bps |
6.6% |
15.3% |
-870 bps |
|||||||
Restructuring-related charges |
3.8 |
- |
3.8 |
- |
|||||||||
Goodwill impairment |
- |
- |
25.4 |
- |
|||||||||
Adjusted EBIT |
36.5 |
44.4 |
(18)% |
69.9 |
121.6 |
(43)% |
|||||||
Adjusted EBIT Margin |
15.0% |
16.6% |
-160 bps |
11.3% |
15.3% |
-400 bps |
|||||||
Depreciation and amortization |
10.7 |
10.4 |
32.5 |
31.0 |
|||||||||
Adjusted EBITDA |
47.2 |
54.8 |
(14)% |
102.4 |
152.6 |
(33)% |
|||||||
Adjusted EBITDA Margin |
19.4% |
20.5% |
-110 bps |
16.6% |
19.1% |
-250 bps |
|||||||
Furniture, Flooring & Textile Products |
|||||||||||||
|
$ 374.9 |
$ 370.7 |
1 % |
$ 989.0 |
|
(9)% |
|||||||
EBIT |
41.7 |
29.3 |
42 % |
91.6 |
79.2 |
16 % |
|||||||
EBIT Margin |
11.1% |
7.9% |
320 bps |
9.3% |
7.3% |
200 bps |
|||||||
Restructuring-related charges |
1.2 |
1.0 |
1.5 |
3.2 |
|||||||||
Adjusted EBIT |
42.9 |
30.3 |
42 % |
93.1 |
82.4 |
13 % |
|||||||
Adjusted EBIT Margin |
11.4% |
8.2% |
320 bps |
9.4% |
7.6% |
180 bps |
|||||||
Depreciation and amortization |
6.3 |
6.4 |
19.1 |
19.7 |
|||||||||
Adjusted EBITDA |
49.2 |
36.7 |
34 % |
112.2 |
102.1 |
10 % |
|||||||
Adjusted EBITDA Margin |
13.1% |
9.9% |
320 bps |
11.3% |
9.4% |
190 bps |
|||||||
|
|||||||||||||
|
|
$ 1,239.3 |
(3)% |
|
|
(14)% |
|||||||
EBIT - segments |
148.0 |
144.4 |
2 % |
254.5 |
379.1 |
(33)% |
|||||||
Intersegment eliminations and other |
(0.7) |
(0.3) |
(3.7) |
(0.8) |
|||||||||
EBIT |
147.3 |
144.1 |
2 % |
250.8 |
378.3 |
(34)% |
|||||||
EBIT Margin |
12.2% |
11.6% |
60 bps |
8.1% |
10.5% |
-240 bps |
|||||||
Goodwill impairment 3 |
- |
- |
25.4 |
- |
|||||||||
Note impairment 3 |
- |
- |
8.4 |
- |
|||||||||
Stock write-off from prior year divestiture 3 |
- |
- |
3.5 |
- |
|||||||||
Restructuring-related charges3 |
5.7 |
3.8 |
8.6 |
10.1 |
|||||||||
ECS transaction costs 3 |
- |
- |
- |
0.9 |
|||||||||
Adjusted EBIT 3 |
153.0 |
147.9 |
3 % |
296.7 |
389.3 |
(24)% |
|||||||
Adjusted EBIT Margin 3 |
12.7% |
11.9% |
80 bps |
9.6% |
10.8% |
-120 bps |
|||||||
Depreciation and amortization - segments |
43.6 |
44.3 |
131.3 |
131.2 |
|||||||||
Depreciation and amortization - unallocated 4 |
3.4 |
4.1 |
9.7 |
13.5 |
|||||||||
Adjusted EBITDA 3 |
$ 200.0 |
$ 196.3 |
2 % |
$ 437.7 |
$ 534.0 |
(18)% |
|||||||
Adjusted EBITDA Margin |
16.6% |
15.8% |
80 bps |
14.1% |
14.8% |
-70 bps |
|||||||
LAST SIX QUARTERS |
2019 |
2020 |
|||||||||||
Selected Figures |
2Q |
3Q |
4Q |
1Q |
2Q |
3Q |
|||||||
|
1,213.2 |
1,239.3 |
1,144.9 |
1,045.5 |
845.1 |
1,207.6 |
|||||||
Sales Growth (vs. prior year) |
10 % |
14 % |
9 % |
(9)% |
(30)% |
(3)% |
|||||||
Volume Growth (same locations vs. prior year) |
(6)% |
(1)% |
(1)% |
(9)% |
(29)% |
(3)% |
|||||||
Adjusted EBIT 3 |
136.0 |
147.9 |
140.1 |
92.6 |
51.1 |
153.0 |
|||||||
Cash from Operations ($ million) |
172.3 |
212.9 |
251.4 |
10.4 |
112.1 |
261.3 |
|||||||
Adjusted EBITDA (trailing twelve months) 3 |
651.0 |
689.1 |
721.3 |
709.7 |
621.3 |
625.0 |
|||||||
(Long-term debt + current maturities - cash and equivalents) / Adj. EBITDA 3,5 |
3.26 |
2.91 |
2.59 |
2.76 |
3.10 |
2.74 |
|||||||
Organic Sales (vs. prior year) 6 |
2Q |
3Q |
4Q |
1Q |
2Q |
3Q |
|||||||
Bedding Products |
(8)% |
(9)% |
(10)% |
(15)% |
(28)% |
(1)% |
|||||||
Specialized Products |
(3)% |
5 % |
4 % |
(11)% |
(47)% |
(9)% |
|||||||
Furniture, Flooring and Textile Products |
(4)% |
1 % |
(2)% |
(7)% |
(25)% |
(2)% |
|||||||
Overall |
(6)% |
(2)% |
(4)% |
(12)% |
(31)% |
(3)% |
1Segment and overall company margins calculated on Trade sales. |
||||||||||||
2bps = basis points; a unit of measure equal to 1/100th of 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. |
||||||||||||
6Trade sales excluding sales attributable to acquisitions and divestitures consummated in the last 12 months. |
|
||||||||||||
RECONCILIATION OF REPORTED (GAAP) TO ADJUSTED (Non-GAAP) FINANCIAL MEASURES 11 |
||||||||||||
2019 |
2020 |
|||||||||||
Non-GAAP adjustments 7 |
2Q |
3Q |
4Q |
1Q |
2Q |
3Q |
||||||
|
- |
- |
- |
- |
25.4 |
- |
||||||
Note impairment |
- |
- |
- |
8.4 |
- |
- |
||||||
Stock write-off from prior year divestiture |
- |
- |
- |
3.5 |
- |
- |
||||||
Restructuring-related charges |
- |
3.8 |
5.0 |
- |
2.9 |
5.7 |
||||||
ECS transaction costs |
- |
- |
- |
- |
- |
- |
||||||
Non-GAAP adjustments (pretax) 8 |
- |
3.8 |
5.0 |
11.9 |
28.3 |
5.7 |
||||||
Income tax impact |
- |
(0.4) |
(0.1) |
(2.9) |
(0.4) |
(1.3) |
||||||
Tax Cuts and Jobs Act impact |
- |
- |
- |
- |
- |
- |
||||||
Non-GAAP adjustments (after tax) |
- |
3.4 |
4.9 |
9.0 |
27.9 |
4.4 |
||||||
Diluted shares outstanding |
135.2 |
135.4 |
135.8 |
135.6 |
135.7 |
136.1 |
||||||
EPS impact of non-GAAP adjustments |
- |
0.02 |
0.04 |
0.07 |
0.21 |
0.03 |
||||||
2019 |
2020 |
|||||||||||
Adjusted EBIT, EBITDA, Margin, and EPS 7 |
2Q |
3Q |
4Q |
1Q |
2Q |
3Q |
||||||
Net trade sales |
1,213.2 |
1,239.3 |
1,144.9 |
1,045.5 |
845.1 |
1,207.6 |
||||||
EBIT (earnings before interest and taxes) |
136.0 |
144.1 |
135.1 |
80.7 |
22.8 |
147.3 |
||||||
Non-GAAP adjustments (pretax and excluding interest) |
- |
3.8 |
5.0 |
11.9 |
28.3 |
5.7 |
||||||
Adjusted EBIT ($ millions) |
136.0 |
147.9 |
140.1 |
92.6 |
51.1 |
153.0 |
||||||
EBIT margin |
11.2% |
11.6% |
11.8% |
7.7% |
2.7% |
12.2% |
||||||
Adjusted EBIT margin |
11.2% |
11.9% |
12.2% |
8.9% |
6.0% |
12.7% |
||||||
EBIT |
136.0 |
144.1 |
135.1 |
80.7 |
22.8 |
147.3 |
||||||
Depreciation and Amortization |
50.0 |
48.4 |
47.2 |
47.5 |
46.5 |
47.0 |
||||||
EBITDA |
186.0 |
192.5 |
182.3 |
128.2 |
69.3 |
194.3 |
||||||
Non-GAAP adjustments (pretax and excluding interest) |
- |
3.8 |
5.0 |
11.9 |
28.3 |
5.7 |
||||||
Adjusted EBITDA ($ millions) |
186.0 |
196.3 |
187.3 |
140.1 |
97.6 |
200.0 |
||||||
EBITDA margin |
15.3% |
15.5% |
15.9% |
12.3% |
8.2% |
16.1% |
||||||
Adjusted EBITDA margin |
15.3% |
15.8% |
16.4% |
13.4% |
11.5% |
16.6% |
||||||
Diluted EPS |
0.64 |
0.74 |
0.64 |
0.34 |
(0.05) |
0.77 |
||||||
EPS impact of non-GAAP adjustments |
- |
0.02 |
0.04 |
0.07 |
0.21 |
0.03 |
||||||
Adjusted EPS ($) |
0.64 |
0.76 |
0.68 |
0.41 |
0.16 |
0.80 |
||||||
2019 |
2020 |
|||||||||||
Net Debt to Adjusted EBITDA 9 |
2Q |
3Q |
4Q |
1Q |
2Q |
3Q |
||||||
Total Debt |
2,414.8 |
2,248.3 |
2,117.6 |
2,466.4 |
2,134.3 |
1,960.2 |
||||||
Less: Cash and equivalents |
(289.7) |
(242.0) |
(247.6) |
(505.8) |
(208.8) |
(245.0) |
||||||
Net Debt |
2,125.1 |
2,006.3 |
1,870.0 |
1,960.6 |
1,925.5 |
1,715.2 |
||||||
Adjusted EBITDA, trailing 12 months |
651.0 |
689.1 |
721.3 |
709.7 |
621.3 |
625.0 |
||||||
Net Debt / Leggett Reported 12-month Adjusted EBITDA |
3.26 |
2.91 |
2.59 |
2.76 |
3.10 |
2.74 |
||||||
Net Debt / Leggett and |
3.04 |
2.81 |
2.59 |
7 Management and investors use these measures as supplemental information to assess operational performance. |
||||||||||||
8 The non-GAAP adjustments affected various line items on the income statement. Details by quarter: 3Q 2019: |
||||||||||||
9 Management 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 facility covenant ratio. |
||||||||||||
10The Leggett and ECS pro forma adjusted EBITDA for the 12 months ended |
ECS pre-acquisition adjusted EBITDA from: |
|
|
|
|||
Net earnings |
6 |
- |
(1) |
|||
Interest expense |
22 |
12 |
1 |
|||
Taxes |
4 |
1 |
- |
|||
EBIT |
32 |
13 |
- |
|||
Depreciation and Amortization |
10 |
5 |
1 |
|||
Change in control bonus |
7 |
7 |
- |
|||
EBITDA |
49 |
25 |
1 |
|||
Leggett Adjusted EBITDA, trailing 12 months (including ECS from |
651 |
689 |
721 |
|||
ECS pre-acquisition adjusted EBITDA |
49 |
25 |
1 |
|||
Leggett and ECS Pro Forma Adjusted EBITDA, trailing 12 months |
700 |
714 |
722 |
|||
Total Debt / Leggett and |
3.04 |
2.81 |
2.59 |
11Calculations impacted by rounding. |
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