SEC Filing | Leggett & Platt

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                              Form 10-Q

                 SECURITIES AND EXCHANGE COMMISSION

                       Washington, D.C. 20549

       (X)  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d)
               OF THE SECURITIES EXCHANGE ACT OF 1934

            For the quarterly period ended March 31, 2000

                                 OR

       ( )  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d)
               OF THE SECURITIES EXCHANGE ACT OF 1934

   for the transition period from ____________ to ________________

              For Quarter Ended              Commission File
                                                 Number
               March 31, 2000                    1-7845


                    LEGGETT & PLATT, INCORPORATED
       (Exact name of registrant as specified in its charter)


               Missouri                            44-0324630
           (State or other              (I.R.S. Employer Identification
           jurisdiction of                            No.)
           incorporation or
            organization)


             No. 1 Leggett Road
             Carthage, Missouri                     64836
      (Address of principal executive             (Zip Code)
                  offices)


Registrant's telephone number, including area code     (417) 358-8131

Indicate by check mark whether the registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) of the Securities
and Exchange Act of 1934 during the preceding 12 months (or for such
shorter period that the registrant was required to file such
reports), and (2) has been subject to such filing requirements for
the past 90 days.

Yes  X        No

      Common stock outstanding as of May 1, 2000:  196,451,520


                    PART I. FINANCIAL INFORMATION
           LEGGETT & PLATT, INCORPORATED AND SUBSIDIARIES
                    ITEM 1. FINANCIAL STATEMENTS
                CONSOLIDATED CONDENSED BALANCE SHEETS
                             (Unaudited)


(Amounts in millions)                       March 31,      December 31,
                                              2000            1999
                                                     
CURRENT ASSETS
  Cash and cash equivalents                 $  111.4       $   20.6
  Accounts and notes receivable                669.4          572.7
  Allowance for doubtful accounts              (13.5)         (13.3)
  Inventories                                  636.5          605.8
  Other current assets                          68.0           70.4
- --------------------------------------------------------------------
    Total current assets                     1,471.8        1,256.2

PROPERTY, PLANT & EQUIPMENT, NET               934.2          915.0

OTHER ASSETS
Excess cost of purchased companies over
 net assets acquired, less accumulated
 amortization of $72.3 in 2000 and $67.3
 in 1999                                       763.3          714.3
Other intangibles, less accumulated
 amortization of $32.4 in 2000 and $32.6
 in 1999                                        55.0           45.2
  Sundry                                        49.7           46.8
- --------------------------------------------------------------------
    Total other assets                         868.0          806.3
- --------------------------------------------------------------------
TOTAL ASSETS                                $3,274.0       $2,977.5
====================================================================

CURRENT LIABILITIES
  Accounts and notes payable                 $ 170.7        $ 146.1
  Accrued expenses                             233.4          194.2
  Other current liabilities                     80.4           91.2
- --------------------------------------------------------------------
    Total current liabilities                  484.5          431.5

LONG-TERM DEBT                                 993.6          787.4
OTHER LIABILITIES                               42.5           43.9
DEFERRED INCOME TAXES                           64.0           68.5

SHAREHOLDERS' EQUITY
  Common stock                                   2.0            2.0
  Additional contributed capital               423.2          424.8
  Retained earnings                          1,332.3        1,278.1
  Accumulated other comprehensive income       (21.2)         (18.9)
  Treasury stock                               (46.9)         (39.8)
    Total shareholders' equity               1,689.4        1,646.2
- --------------------------------------------------------------------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY  $3,274.0       $2,977.5
====================================================================

Items excluded are either not applicable or de minimis in amount and,
therefore, are not shown separately.

See accompanying notes to consolidated condensed financial statements.


           LEGGETT & PLATT, INCORPORATED AND SUBSIDIARIES
            CONSOLIDATED CONDENSED STATEMENTS OF EARNINGS
                             (Unaudited)


(Amounts in millions, except per share data)

                                                     Three Months Ended
                                                          March 31,
                                                       2000       1999
                                                         
Net sales                                           $1,043.6   $  887.6
Cost of goods sold                                     772.1      655.2
- ------------------------------------------------------------------------
Gross profit                                           271.5      232.4

Selling, distribution and
  administrative expenses                              134.0      112.7

Other deductions (income), net                           7.1        6.1
- ------------------------------------------------------------------------
Earnings before interest
  and income taxes                                     130.4      113.6

Interest expense                                        14.6        9.4
Interest Income                                          1.5        0.9
- ------------------------------------------------------------------------
Earnings before income taxes                           117.3      105.1
Income taxes                                            43.5       39.0
- ------------------------------------------------------------------------
  NET EARNINGS                                      $   73.8    $  66.1

Earnings Per Share
  Basic                                             $   0.37    $  0.33
  Diluted                                           $   0.37    $  0.33

Cash Dividends Declared
  Per Share                                         $   0.10    $  0.09

Average Shares Outstanding
  Basic                                                198.8      199.1
  Diluted                                              200.3      201.4

See accompanying notes to consolidated condensed financial statements.


           LEGGETT & PLATT, INCORPORATED AND SUBSIDIARIES
           CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
                             (Unaudited)


(Amounts in millions)                           Three Months Ended
                                                     March 31,
                                                2000           1999
                                                        
OPERATING ACTIVITIES
Net Earnings                                  $   73.8        $   66.1
Adjustments to reconcile net earnings to net
 cash provided by operating activities
  Depreciation                                    31.1            31.4
  Amortization                                     7.8             5.6
  Other                                           (1.0)            4.6
  Other changes, net of effects from
     purchase of companies
    Increase in accounts receivable, net         (78.8)          (52.1)
    (Increase) decrease in inventories           (13.7)            4.9
    Increase in other current assets              (1.0)           (0.8)
    Increase in current liabilities               55.8             4.9
- -----------------------------------------------------------------------
    NET CASH PROVIDED BY OPERATING ACTIVITIES     74.0            64.6

INVESTING ACTIVITIES
  Additions to property, plant and equipment     (41.4)          (37.3)
  Purchases of companies, net of cash acquired   (70.8)          (27.1)
  Other                                          (11.8)           (2.4)
- -----------------------------------------------------------------------
      NET CASH USED FOR INVESTING ACTIVITIES    (124.0)          (66.8)

FINANCING ACTIVITIES
  Additions to debt                              350.0             5.2
  Payments on debt                              (159.3)           (6.1)
  Dividends paid                                 (37.2)          (33.3)
  Issuances of common stock                        1.1             0.7
  Purchases of common stock                      (19.3)          (26.2)
  Other                                            5.5             1.7
- -----------------------------------------------------------------------
       NET CASH PROVIDED BY (USED FOR)
          FINANCING ACTIVITIES                   140.8           (58.0)
- -----------------------------------------------------------------------
INCREASE (DECREASE) IN CASH AND CASH
EQUIVALENTS                                       90.8           (60.2)

CASH AND CASH EQUIVALENTS - January 1,            20.6            83.5
- -----------------------------------------------------------------------
CASH AND CASH EQUIVALENTS - March 31,        $   111.4        $   23.3
=======================================================================

See accompanying notes to consolidated condensed financial statements.


           LEGGETT & PLATT, INCORPORATED AND SUBSIDIARIES
             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                             (Unaudited)

(Amounts in millions)

1.   STATEMENT

  In   the  opinion  of  management,  the  accompanying  consolidated
  condensed  financial  statements contain all adjustments  necessary
  for  a  fair  statement  of  results of  operations  and  financial
  positions   of  Leggett  &  Platt,  Incorporated  and  Consolidated
  Subsidiaries (the `Company').

2.   INVENTORIES

  Inventories,  about  50%  of which are valued  using  the  Last-in,
  First-out  (LIFO) cost method and the remainder using the First-In,
  First-Out (FIFO) cost method, comprised the following:


                                           March 31,     December 31,
                                             2000            1999
                                                    
At First-In, First-Out (FIFO) cost
   Finished goods                          $ 326.1        $ 309.9
   Work in process                            71.5           63.2
   Raw materials and supplies                245.8          238.2
- ------------------------------------------------------------------
                                             643.4          611.3
Excess of FIFO cost over LIFO cost            (6.9)          (5.5)
- ------------------------------------------------------------------
                                           $ 636.5        $ 605.8
==================================================================


3.   PROPERTY, PLANT & EQUIPMENT

  Property, plant and equipment comprised the following:


                                             March 31,       December 31,
                                               2000             1999
                                                        
Property, plant and equipment, at cost        $1,679.7        $1,628.7
 Less accumulated depreciation                   745.5           713.7
- -----------------------------------------------------------------------
                                              $  934.2        $  915.0
=======================================================================


4.   COMPREHENSIVE INCOME

  In  accordance with the provisions of Financial Accounting Standard
  No. 130, the Company has elected to report comprehensive income  in
  its  Statement of Changes in Shareholders' Equity.  For  the  three
  months  ending  March 31, 2000 and 1999, comprehensive  income  was
  $71.5 and $66.7, respectively.


           LEGGETT & PLATT, INCORPORATED AND SUBSIDIARIES
       NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED
                             (Unaudited)
5.   EARNINGS PER SHARE

     Basic and diluted earnings per share were calculated as follows:


                                                        Three Months
                                                           Ended
                                                         March 31,
                                                      2000       1999
                                                         
Basic
  Weighted average shares
   outstanding, including
   shares issuable for
   little or no cash                                 198.8       199.1
=======================================================================
       Net earnings                                $  73.8     $  66.1
=======================================================================
       Earnings per share - basic                  $   .37     $   .33
=======================================================================

Diluted
  Weighted average shares
    outstanding, including
    shares issuable for
    little or no cash                                198.8       199.1

   Additional dilutive shares
     principally from the
     assumed exercise of
     outstanding stock options                         1.5         2.3
- -----------------------------------------------------------------------
                                                     200.3       201.4
=======================================================================
   Net earnings                                    $  73.8     $  66.1
=======================================================================
     Earnings per share - diluted                  $   .37     $   .33
=======================================================================


6.   CONTINGENCIES

  The  Company  is  involved in various legal  proceedings  including
  matters  which involve claims against the Company under employment,
  intellectual property, environmental and other laws.

  When  it  appears  probable  in  management's  judgement  that  the
  Company  will  incur monetary damages or other costs in  connection
  with  claims  and  proceedings, and the  costs  can  be  reasonably
  estimated,  appropriate liabilities are recorded in  the  financial
  statements  and  charges are made against earnings.   No  claim  or
  proceeding has resulted in a material charge against earnings,  nor
  are  the  total  liabilities  recorded material  to  the  Company's
  financial  position.  While the results of any ultimate  resolution
  cannot  be  predicted,  management believes the  possibility  of  a
  material  adverse  effect on the Company's  consolidated  financial
  position,  results  of operations and cash flows  from  claims  and
  proceedings is remote.


           LEGGETT & PLATT, INCORPORATED AND SUBSIDIARIES
       NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED
                             (Unaudited)

7.   SEGMENT INFORMATION

  The  Company has primarily determined its reportable segments based
  upon  the  internal  organization, which is  generally  focused  on
  broad  end-user markets for its diversified products.   Residential
  Furnishings derives its revenues from bedding, furniture and  other
  furnishings  components and related consumer products.   Commercial
  Furnishings  derives  its  revenues from office  and  institutional
  furnishings components, retail store fixtures, displays  and  other
  commercial  products  and  systems. The Aluminum  Products  segment
  derives  its revenues from die castings, custom tooling  and  dies,
  machining   and   coating  and  aluminum  raw  materials   (ingot).
  Industrial   Materials  derives  its  revenues  from  drawn   wire,
  specialty   wire  products  and  welded  steel  tubing   materials.
  Specialized  Products  is a combination of non-reportable segments
  which  derive their  revenues  from  machinery and  manufacturing
  equipment  and automotive  seating suspension, lumbar support  and
  control  cable systems.

  A  summary of segment results for the quarters ended March 31, 2000
  and 1999 are shown in the following tables:



                                            Inter-
                                External   Segment      Total
                                 Sales      Sales       Sales     EBIT
                                                    
Quarter ended March 31, 2000
  Residential Furnishings      $  532.3    $  2.2   $   534.5    $  62.0
  Commercial Furnishings          209.8       1.7       211.5       23.6
  Aluminum Products               159.0       3.9       162.9       16.6
  Industrial Materials             76.8      55.2       132.0       20.2
  Specialized Products             65.7      12.6        78.3       12.1
  Intersegment eliminations           -         -           -       (2.7)
  Change in LIFO reserve              -         -           -       (1.4)
- -------------------------------------------------------------------------
                               $1,043.6    $ 75.6   $ 1,119.2    $ 130.4
=========================================================================

Quarter ended March 31,1999
  Residential Furnishings      $  469.4    $  2.3   $   471.7    $  51.7
  Commercial Furnishings          160.0       0.8       160.8       25.6
  Aluminum Products               137.6       4.2       141.8       12.1
  Industrial Materials             66.0      55.1       121.1       17.1
  Specialized Products             54.6      11.3        65.9        9.3
  Intersegment eliminations           -         -           -       (2.4)
  Change in LIFO reserve              -         -           -         .2
- -------------------------------------------------------------------------
                               $  887.6    $ 73.7   $   961.3    $ 113.6
=========================================================================



           LEGGETT & PLATT, INCORPORATED AND SUBSIDIARIES
       NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED
                             (Unaudited)

  7. SEGMENT INFORMATION (continued)

  Asset information for the Company's segments at March 31, 2000  and
  December 31, 1999 is shown in the following table:


                                         March 31,        December 31,
                                           2000              1999
                                                    
Assets
Residential Furnishings                 $1,161.6          $1,173.4
Commercial Furnishings                     763.9             721.4
Aluminum Products                          484.5             441.1
Industrial Materials                       242.9             204.8
Specialized Products                       226.5             216.8
Unallocated assets                         348.2             204.0
Adjustment to period-end
  vs. average assets                        46.4              16.0
- -------------------------------------------------------------------
                                           $3,274.0       $2,977.5
===================================================================



ITEM 2. - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS

Capital Resources and Liquidity

      The  Company's financial position reflects management's capital
policy  guidelines.   These guidelines are intended  to  ensure  that
corporate  liquidity  is adequate to support the Company's  projected
growth  rate.  Also, liquidity is necessary to finance the  Company's
ongoing  operations  in periods of economic downturn.   In  a  normal
operating  environment,  management  intends  to  direct  capital  to
ongoing operations, strategic acquisitions and other investments that
provide opportunities for expansion and enhanced profitability.
      The  expansion  of capital resources - debt  and  equity  -  is
planned  to allow the Company to take advantage of favorable  capital
market  conditions,  rather than respond to short-term  needs.   Such
financial  flexibility is considered more important  than  short-term
maximization  of  earnings  per  share  through  excessive  leverage.
Therefore, management continuously provides for available  credit  in
excess  of  near-term  projected cash  needs  and  has  maintained  a
guideline  for long-term debt as a percentage of total capitalization
in a range of 30% to 40%.

Total Capitalization

      The following table shows the Company's total capitalization at
March  31,  2000  and December 31, 1999.  Also, the table  shows  the
amount  of  unused committed credit available through  the  Company's
revolving  bank  credit agreements and the amount of  cash  and  cash
equivalents.



   (Dollar amounts in millions)      March 31,        December 31,
                                        2000             1999
                                                 
Long-term debt outstanding:
  Scheduled maturities               $  993.6          $  642.7
    Average interest rates                6.5%              6.7%
    Average maturities in years           5.2               5.5
  Revolving credit/commercial paper       0.0             144.7
- ----------------------------------------------------------------
    Total long-term debt                993.6             787.4
Deferred income taxes and other
   liabilities                          106.5             112.4
Shareholders' equity                  1,689.4           1,646.2
- ----------------------------------------------------------------
     Total capitalization            $2,789.5          $2,546.0
================================================================
Unused committed credit:
  Long-term                          $  227.5          $   52.8
  Short-term                            112.5              97.5
- ----------------------------------------------------------------
Total unused committed credit        $  340.0          $  150.3
================================================================
Cash and cash equivalents            $  111.4          $   20.6
================================================================


      Cash provided by operating activities was $74.0 million in  the
first quarter of 2000, compared to $64.6 million in the first quarter
of  1999.   The  increase  in cash provided by  operating  activities
principally reflects earnings improvements.
     Long-term  debt outstanding increased to $993.6 million  at  the
end  of  the first quarter of 2000, while the Company's net  debt-to-
total-capital ratio was 32.9%, up from 30.4% at the end of 1999.   As
shown in the table above, obligations having scheduled maturities are
the  base "layer" of the Company's debt capital.  At the end  of  the
first  quarter of 2000, these obligations consisted primarily of  the
Company's   privately   placed  medium-term  notes   and   tax-exempt
industrial   development  bonds.   In  November  1999,  the   Company
completed  a  $500 million shelf registration of debt.   In  February
2000,  $350  million of 7.65% five-year notes were issued  under  the
shelf  registration.   These notes were converted  to  variable  rate
notes  under  an interest rate swap agreement.  The proceeds  of  the
offering  were  used to pay down commercial paper, and  to  fund  the
Company's capital expenditures and acquisition activity.


     The  second  "layer" of the Company's debt capital  consists  of
revolving  bank  credit  agreements and commercial  paper  issuances.
Management  has negotiated bank credit agreements and  established  a
commercial  paper  program  to  continuously  support  the  Company's
projected  growth  and to maintain highly flexible  sources  of  debt
capital.   The majority of the credit under these arrangements  is  a
long-term  obligation.  If needed, however, the credit  is  available
for  short-term borrowings and repayments.

Uses of Capital Resources

     The  Company's  internal  investments to  modernize  and  expand
manufacturing capacity were $41.4 million in the first  three  months
of  2000.   The  Company  also invested $70.8 million  (net  of  cash
acquired)  to  acquire  six  businesses.  In  addition,  the  Company
assumed $13.6 million of acquisition companies' debt.
     The  Company repurchased approximately 1.1 million shares of its
common stock for $19.3 million in cash during the first quarter of 2000.
These  purchases were made primarily for employee stock plans and  to
replace  shares  issued in purchase acquisitions.  In February  2000,
the  Company's  Board  of  Directors  authorized  management,  at  is
discretion, to buy up to 2,000,000 shares of Leggett stock for use in
employee   benefit   plans.    The  authorization   is   continuously
replenished as shares acquired are reissued for these benefit  plans.
In  addition,  management is authorized, again at its discretion,  to
repurchase  any  shares  issued  in  acquisitions  accounted  for  as
purchases.
      Cash  dividends paid on the Company's common stock  were  $37.2
million  during the first quarter of 2000.  As a percent of  earnings
per  share  (diluted), cash dividends declared per share  were  27.0%
during the period.

Short-term Liquidity

     To  gain  additional flexibility in capital  management  and  to
improve  the return on shareholders' equity, the Company continuously
seeks  efficient use of working capital.  Working capital,  including
working  capital  from acquired companies, at the end  of  the  first
quarter was $987.3 million, up from $824.7 million at year-end.   The
higher  level  of working capital resulted principally from increased
cash and  cash equivalents due primarily to the  Company's  financing
activity, and working capital of businesses acquired during the first
quarter. There  was no  short-term  bank  debt outstanding at the end
of either period.

Results of Operations

Discussion of Consolidated Results

      The  Company  achieved  record 2000  first  quarter  sales  and
earnings.  Sales increased to $1.04 billion (up 17.6%), net  earnings
increased to $73.8 million (up 11.6%), and earnings per diluted share
increased  to $.37 (up 12.1%) - all  compared with the first  quarter
of 1999.
     This  performance reflects ongoing benefits from  the  Company's
active acquisition program.  Approximately two-thirds of sales growth
resulted  from numerous acquisitions completed during the past  year.
Same  location  sales volume increased approximately  5%  during  the
first quarter of 2000, as many operations continued to expand product
offerings  while  improving customer service and sales.   Residential
Furnishings  accounted for 40% of the increase in consolidated  sales
in  the first quarter of 2000, while Commercial Furnishings accounted
for 32%.
     During  the  first  quarter of 2000, the  Company  acquired  six
businesses with annualized sales of approximately $112 million.   The
newly  acquired  companies  have expanded annualized  volume  in  the
Company's segments as follows: Commercial Furnishings - $60  million;
Industrial  Materials  -  $20  million; Specialized  Products  -  $18
million; Residential Furnishings - $14 million.


     Earnings  growth  in  the first quarter  of  2000  lagged  sales
growth, reflecting modestly lower profit margins.  Net earnings  were
7.1%  of 2000 sales compared with 7.4% in the first quarter of  1999.
Several  factors,  including inflation in costs  for  raw  materials,
lower  than  expected results in some of the Company's store  fixture
and  display businesses, and higher interest expense, contributed  to
the  decline in margins.  To offset the impact of inflation in costs,
the  Company  is implementing modest price increases expected  to  be
fully  effective  before mid-year. In addition, the  Company  expects
sales  and  earnings  improvements  in its store fixture  and display
operations as they move toward their strongest business in the  third
quarter.  See below for a further discussion of the effect of
seasonality on the Company's operations.  Interest expense should
continue to reflect the Company's higher debt levels.
      The  following table shows various measures of  earnings  as  a
percentage  of sales for the first quarter in both of  the  last  two
years.   It also shows the effective income tax rate and the coverage
of interest expense by pre-tax earnings plus interest.


                                                      Quarter Ended
                                                        March 31,
                                                    2000        1999
                                                         
  Gross profit margin                              26.0%       26.2%
  EBIT (earnings before
    interest and taxes) margin                     12.5        12.8
  Net profit margin                                 7.1         7.4
  Effective income tax rate                        37.1        37.1
  Ratio of earnings to fixed charges                7.8x        9.9x


Seasonality

       The  Company  does  not  experience  significant  seasonality,
however, quarter-to-quarter sales can vary to the total year by 1-2%.
Management estimates that this 1-2% sales impact can have, at current
average net margins and considering overhead absorption, an impact on
quarter-to-quarter net earnings of approximately 5-10%, plus or minus.
The timing of acquisitions in any  year  can distort  the  underlying
seasonality in  certain  of  the  Company's businesses.   For the
Company's businesses in total, the  second  and third  quarters have
proportionately greater sales, while  the  first and fourth quarters
are lower.  Over the last three years, this small seasonality  has
become somewhat more pronounced, with  the first and  fourth quarters
showing proportionately lower sales due to the growth of  the store
fixtures business of Commercial Furnishings.
      Residential  Furnishings and Commercial  Furnishings  typically
have  their  strongest  sales  in  the  second  and  third  quarters.
Commercial Furnishings particularly has heavy third quarter sales  of
its  store  fixture  products, with the  first  and  fourth  quarters
significantly  lower.   Aluminum Products sales  are  proportionately
greater in the first two calendar quarters due to gas barbecue  grill
castings.   Industrial Materials sales peak in the third  and  fourth
quarters  from  wire  products used for baling  cotton.   Specialized
Products has relatively little quarter-to-quarter variation in sales,
although the automotive business is somewhat heavier in the first two
quarters of the year, and somewhat lower in the third quarter, due to
model  changeovers  and  plant shutdowns in the  automobile  industry
during the summer.

Discussion of Segment Results

    A  description of the products included in each segment,  segment
sales,  segment EBIT and other segment data appear in Note 7  of  the
Notes to Consolidated Condensed Financial Statements.
    Residential Furnishings sales increased 13.3%, with same location
growth  of 4.2%.  Numerous acquisitions accounted for the balance  of
sales  growth.   EBIT  increased 19.9%.  EBIT margin  increased  from
11.0%  to  11.6% reflecting acquisitions along with volume  increases
and  improved efficiencies in operations producing wood products  and
furniture  hardware.   These improvements were  partially  offset  by
increasing  costs  for  raw  materials in  bedding  operations.   The
Company  expects  to implement price adjustments  during  the  second
quarter  of  this year to compensate for the increased  cost  of  raw
materials.


    Commercial  Furnishings sales increased 31.5%, due  primarily  to
numerous  acquisitions.  In this seasonally slow  quarter  for  store
fixtures  and  display  business,  same  location  volume  was   down
approximately 1%.  This comparison primarily reflected the absence of
some  blocks of store fixture business obtained early in  1999,  plus
the  impact of supplier disruptions at a fixture company acquired  at
the  end  of  last year's second quarter.  In addition, there  was  a
large  block of non-recurring store fixture and storage product sales
during  the  first  quarter of 1999 which had a  positive  effect  on
overhead absorption and margins last year.  EBIT decreased 7.8%,  and
EBIT  margins  moved from 15.9% last year to 11.2%, as these  factors
more  than  offset  improved  performance  in  several  existing  and
recently acquired operations.
      Aluminum  Products sales increased 14.9% due to  same  location
growth  and  improved  aluminum market  conditions.   EBIT  increased
37.2%,  while EBIT margin improved from 8.5% last year to 10.2%  this
year,  reflecting  significantly better performance  at  two  of  the
Company's   die-casting   facilities.  In  the   Company's   smelting
operations,  lower scrap costs and higher availability,  as  well  as
improved  ingot  demand,  have resulted in increased  production  and
improved overhead absorption.
      Industrial  Materials sales increased 9%,  with  same  location
growth  of  3%. Acquisitions accounted for the balance of  the  sales
growth.  EBIT increased 18.1%, and EBIT margins were up by  1.2%,  to
15.3%. The majority of these improvements reflect the recovery of one
of  the  Company's  major  wire producing  mills,  which  experienced
extensive  fire  damage  and  is  now back  on-line  with  additional
capacity  and more efficient production equipment.  The  Company  has
also added substantial capacity in another wire mill facility to meet
internal needs and growing demand from trade customers.
      Specialized Products sales increased 18.8%, with same  location
growth  of  8%. Acquisitions accounted for the balance of  the  sales
growth.   EBIT increased 30.1%, and EBIT margin improved  from  14.1%
last  year  to  15.5%  this year, as both production  efficiency  and
volume  increased. The majority of the sales increase came  from  the
acquisition  of  a  major  cable manufacturer,  along  with  stronger
shipments from the Company's automotive seat suspension plant and its
machinery and equipment division.

Forward-Looking Statements

     This  report  and other public reports or statements  made  from
time  to  time by the Company or its management may contain "forward-
looking"  statements  concerning possible future events,  objectives,
strategies, trends or results.  Such statements are identified either
by  the  context  in which they appear or by use  of  words  such  as
"anticipate," "believe," "estimate," "expect," or the like.
     Readers   are  cautioned  that  any  forward-looking   statement
reflects  only  the beliefs of the Company or its management  at  the
time the statement is made.  In addition, readers should keep in mind
that,  because all forward-looking statements deal with  the  future,
they  are subject to risks, uncertainties and developments that might
cause  actual  events  or  results to differ  materially  from  those
envisioned or reflected in any forward-looking statement.   Moreover,
the  Company does not have and does not undertake any duty to  update
any  forward-looking  statement to reflect  events  or  circumstances
after  the  date on which the statement was made.  For all  of  these
reasons,  forward-looking statements should not be relied upon  as  a
prediction of actual future events, objectives, strategies, trends or
results.


  It  is  not  possible  to anticipate and list  all  of  the  risks,
uncertainties and developments which may affect the future operations
or  performance of the Company, or which otherwise may  cause  actual
events   or   results  to  differ  from  forward-looking  statements.
However, some of these risks and uncertainties include the following:
general economic and market conditions and risks, such as the rate of
economic   growth   in  the  United  States,  inflation,   government
regulation,  interest  rates,  taxation,  and  the  like;  risks  and
uncertainties which could affect industries or markets in  which  the
Company participates, such as growth rates and opportunities in those
industries,  or  changes in demand for certain  products,  etc.;  and
factors  which could impact costs, including but not limited  to  the
availability and pricing of raw materials, the availability of  labor
and wage rates, and fuel and energy costs.


ITEM 3.  DISCLOSURES ABOUT MARKET RISK

(Unaudited)
(Amounts in millions)

INTEREST RATE

The  Company  has debt obligations sensitive to changes in interest  rates.
In  the  first quarter of 2000, $350 of 7.65% fixed rate debt  maturing  in
February  2005 and, in the second quarter of 1999, $14 of 6.90% fixed  rate
debt  maturing in June 2004 was issued and converted to variable rate  debt
by  use  of  interest rate swap agreements.  These swap  agreements,  which
contain  the same payment dates as the original issues, are  used primarily
by the Company to manage the fixed/variable interest rate mix  of its  debt
portfolio.  The effective swap rate for the first quarter of 2000 was 6.26%
for the  $350  and 6.30%  for the  $14. The difference in interest paid  or
received  as  a result of swap  agreements is recorded  as an adjustment to
interest expense during the related debt period.
Substantially all of the Company's debt is denominated  in United States
dollars (U.S.$). The fair value of fixed rate debt was less than its carrying
value by $20.2 and $11.2 at March 31, 2000 and December 31, 1999,
respectively. The fair  value  of fixed rate debt was calculated using the
U.S. Treasury  Bond rate  as  of  March  31,  2000 for similar remaining
maturities,  plus  an estimated "spread"  over such Treasury securities
representing the  Company's interest costs under its medium-term note
program.  The fair value of variable rate debt is not significantly
different from its recorded amount.

EXCHANGE RATE

The Company has not typically hedged foreign currency exposures related  to
transactions denominated in other than its functional currencies,  although
such  transactions  have not been material in the past.   The  Company  may
occasionally hedge firm commitments for certain machinery purchases,  other
fixed  expenses  or  amounts  due  in foreign  currencies  related  to  its
acquisition  program.   The  decision  by  management  to  hedge  any  such
transactions  is  made  on  a case-by-case basis.  The  amount  of  forward
contracts outstanding at March 31, 2000 was not significant.

The  Company  views its investment in foreign subsidiaries as  a  long-term
commitment and does not hedge any translation exposures.  The investment in
a  foreign  subsidiary  may take the form of either  permanent  capital  or
notes.   The  Company's net investment in foreign subsidiaries  subject  to
translation exposure was $321.2 at March 31, 2000, as compared to $301.8 at
December  31, 1999.  The increase in translation exposure was due primarily
to  the  Company's acquisition activity in Western Europe and increases  in
Canadian  dollar  exposure from the strengthening of this currency  (versus
the US dollar) and other factors.

COMMODITY PRICE

The  Company  does not use derivative commodity instruments  to  hedge  its
exposures  to  changes in commodity prices.  The principal commodity  price
exposure  is aluminum, of which the Company had an estimated $66 (at  cost)
in  inventory at March 31, 2000.  The Company has purchasing procedures and
arrangements  with  customers to mitigate its exposure  to  aluminum  price
changes.  No other commodity exposures are significant to the Company.


PART II. OTHER INFORMATION

ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K

 (A)  Exhibit 12 - Computation of Ratio of Earnings to Fixed Charges

      Exhibit 27 - Financial Data Schedule

      Exhibit 99 - Power of Attorney (Ralph W. Clark)

 (B)  1. A report on Form 8-K was filed on February 2, 2000, presenting
      earnings data,  unaudited results of operations and segment results for
      the fourth quarters and years ended December 31, 1999 and 1998. This
      information was released in connection with the Company's issuance in
      February 2000 of $350 million of 7.65% five-year public notes.


                                SIGNATURES



Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.

                                        LEGGETT & PLATT, INCORPORATED


DATE: May 8, 2000                  By: /s/ FELIX E. WRIGHT
                                       -------------------
                                       Felix E. Wright
                                       President and
                                       Chief Executive Officer


DATE: May 8, 2000                  By: /s/ MICHAEL A. GLAUBER
                                       ----------------------
                                       Michael A. Glauber
                                       Senior Vice President,
                                       Finance and Administration


                               EXHIBIT INDEX


Exhibit                                                          Page

12    Computation of Ratio of Earnings to Fixed Charges           18

27    Financial Data Schedule                                     19

99    Power of Attorney (Ralph W. Clark)                          20

                                                         EXHIBIT 12

          LEGGETT AND PLATT INCORPORATED AND SUBSIDIARIES
         COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
                 (Amounts in millions of dollars)


                                                        Year
                           Qtr.    Qtr.                Ended
                          Ended   Ended                12/31
                         3/31/00 3/31/99  1999  1998    1997    1996    1995
                                                   
Earnings
 Income from continuing
  operations before
  income tax            $117.3  $105.1  $462.6  $395.6  $333.3  $249.7  $220.6

 Interest expense
  (excluding amount
   capitalized)           14.6     9.4    43.0    38.5    31.8    30.0    30.4

 Portion of rental
  expense under
  operating leases
  representative
  of an interest factor    2.4     2.1     8.2     6.7     6.1     5.5     5.1
- ------------------------------------------------------------------------------
Total earnings          $134.3  $116.6  $513.8  $440.8  $371.2  $285.2  $256.1
==============================================================================

Fixed charges
 Interest expense
 (including amount
 capitalized)            $14.8    $9.7   $44.0   $39.2   $32.7   $31.0   $31.4

Portion of rental expense
 under operating leases
 representative
 of an interest factor     2.4     2.1    8.2      6.7     6.1     5.5     5.1
- ------------------------------------------------------------------------------
Total fixed charges      $17.2   $11.8  $52.2    $45.9   $38.8   $36.5   $36.5
==============================================================================

Ratio of earnings to
 fixed charges             7.8     9.9    9.8      9.6     9.6     7.8     7.0
==============================================================================


Earnings consist principally of income from continuing operations before
income taxes, plus fixed charges. Fixed charges consist principally
of interest costs.

  

 5

                             
                   3-MOS
                          DEC-31-2000
                               MAR-31-2000
                                         111,400
                                         0
                                  669,400
                                    13,500
                                    636,500
                             1,471,800
                                       1,679,700
                                 745,500
                               3,274,000
                          484,500
                                        993,600
                                0
                                          0
                                         2,000
                                   1,687,400
                 3,274,000
                                      1,043,600
                             1,043,600
                                          772,100
                                  772,100
                                     0
                                     0
                              14,600
                                117,300
                                    43,500
                             73,800
                                       0
                                      0
                                            0
                                    73,800
                                        .37
                                      .37


                   POWER OF ATTORNEY

    KNOW ALL MEN BY THESE PRESENTS, that the undersigned does hereby nominate,
constitute and appoint Ernest C. Jett, John A. Lyckman and John G. Moore or
the designee of any one of them, his true and lawful attorneys-in-fact, to
sign in the name of and on behalf of the undersigned and to file with the
Securities & Exchange Commission Initial Statement of Beneficial Ownership on
Form 3 and Statements of Change in Beneficial Ownership on Form 4 or Form 5
or any similar form promulgated by the Securities and Exchange Commission and
any other documents or amendments to any said statement or form, and to take
such other action, all as said attorneys-in-fact, or any one of them, deem
necessary or advisable to the end that such forms or amendments thereto be
properly and timely filed. This power of attorney shall be effective for a
period of ten years from the date hereof.

   IN WITNESS WHEREOF, the undersigned has executed this Power of Attorney
as of the 2nd day of May, 2000.

                                  /s/ RALPH W. CLARK
                                  ------------------
                                  Ralph W. Clark