Leggett & Platt Reports Record First Quarter


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Leggett & Platt Reports Record First Quarter

Carthage, MO - Leggett & Platt, Incorporated (LEG:NYSE) today reported record earnings of $.51 per share for the first quarter of 1997. Sales for the quarter were a record $673.2 million. Compared with the first quarter of 1996, earnings per share increased 21% on a 14% increase in sales.

A summary of the results of operations for the first quarter in each of the last two years is shown below.

(All amounts in millions, except per share data)

FIRST QUARTER ENDED MARCH 31,

 

1997

 

1996

 

Change

NET SALES

 

$673.2

 

$591.2

 

+14%

GROSS PROFIT

 

170.2

 

144.6

 

+18

INTEREST EXPENSE

 

7.1

 

7.9

 

-10

PRE-TAX EARNINGS

 

78.1

 

61.4

 

+27

NET EARNINGS

 

48.4

 

37.7

 

+28

EARNINGS PER SHARE

 

$.51

 

$.42

 

+21

AVERAGE SHARES OUTSTANDING

 

94.7

 

90.2

   

For the trailing 12 months through March 31, 1997, results of operations are at the following record levels.

NET SALES (millions)

 

$2,548.2

NET EARNINGS (millions)*

 

$180.1

EARNINGS PER SHARE*

 

$1.94

*Excludes previously reported 1996 second quarter merger related costs for the acquisition of Pace Holdings, Inc. (Pace) of $26.6 pre-tax and $16.4 after-tax, or $.18 per share, and an extraordinary item from the refinancing of Pace debt of $12.5 after-tax, or $.14 per share.

Leggett & Platt is a leading manufacturer serving major markets for components and related products for bedding, furniture and other furnishings; commercial fixtures, store displays, shelving and other products for office and commercial use; materials, equipment and technologies for Leggett operations and other manufacturers. The company has plants and facilities throughout North America and several international locations. Its common stock is listed on the New York and Pacific Stock Exchanges with the symbol LEG.