Leggett Reports Record Third Quarter Results
Carthage, MO – Leggett & Platt today reported record sales and earnings for this year’s third quarter. Sales were $884.1 million (up 18.4%), net earnings were $65.2 million (up 23.5%), and earnings per diluted share were $.32 (up 18.5%) – all compared with the third quarter of 1997.
Results for the first nine months of this year also increased to new highs. Sales were $2.53 billion (up 18.3%), net earnings were $186.5 million (up 21.7%), and earnings per diluted share were $.93 (up 16.3%) – all compared with the first nine months of 1997.
"Many favorable factors, including ongoing benefits from broadly based acquisitions and internal improvements are reflected in this strong performance," said Harry M. Cornell, Jr., Chairman and Chief Executive Officer. "Leggett & Platt is well positioned for the future. Our employee partners are dedicated to improving performance and efficiencies throughout our business platforms. We maintain a positive outlook, focused on achieving continued growth in sales, earnings and long-term shareholder value."
Summaries of the results of operations for the third quarter and nine months ended September 30, 1998 and 1997 are shown below.
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(All amounts in millions, except per share data) |
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THIRD QUARTER ENDED SEPTEMBER 30 |
1998 |
1997 |
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Net sales |
$884.1 |
$747.0 |
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Cost of goods sold |
655.3 |
558.5 |
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Gross profit |
228.8 |
188.5 |
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Selling, distribution & administrative expenses |
109.9 |
91.8 |
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Interest expense |
9.9 |
8.0 |
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Other deductions (income), net |
4.6 |
4.8 |
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Earnings before income taxes |
104.4 |
83.9 |
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Income taxes |
39.2 |
31.1 |
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Net earnings |
$65.2 |
$52.8 |
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Earnings per share* |
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Basic |
$.33 |
$.27 |
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Diluted |
$.32 |
$.27 |
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Average shares outstanding* |
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Basic |
198.3 |
192.9 |
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Diluted |
201.1 |
196.3 |
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*Previously reported share data have been adjusted to reflect a two-for-one stock split distributed on June 15, 1998. |
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(All amounts in millions, except per share data) |
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NINE MONTHS ENDED SEPTEMBER 30 |
1998 |
1997 |
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Net sales |
$2,532.7 |
$2,141.4 |
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Cost of goods sold |
1,882.3 |
1,599.3 |
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Gross profit |
650.4 |
542.1 |
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Selling, distribution & administrative expenses |
313.5 |
262.1 |
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Interest expense |
28.7 |
23.3 |
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Other deductions (income), net |
10.3 |
10.8 |
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Earnings before income taxes |
297.9 |
245.9 |
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Income taxes |
111.4 |
92.7 |
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Net earnings |
$186.5 |
$153.2 |
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Earnings per share* |
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Basic |
$.94 |
$.81 |
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Diluted |
$.93 |
$.80 |
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Average shares outstanding* |
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Basic |
197.9 |
189.1 |
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Diluted |
200.6 |
192.0 |
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*Previously reported share data have been adjusted to reflect a two-for-one stock split distributed on June 15, 1998. |
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For the 12 months ended September 30, 1998, sales and earnings are at the following record levels.
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Net sales (millions) |
$3,300.5 |
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Net earnings (millions) |
$241.6 |
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Earnings per share (diluted) |
$1.21 |
Leggett & Platt is a FORTUNE 500 company and leading manufacturer of engineered products serving several major markets. These engineered products include bedding and furniture components, plus related home, office and institutional furnishings; retail store fixtures, displays and other commercial products; aluminum die castings; and specialized materials and equipment for Leggett operations and other manufacturers. The company has facilities throughout North America and in several international locations. Leggett’s common stock is listed on the New York and Pacific Stock Exchanges with the symbol LEG.