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 September 30, 1999

                                 OR

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

   for the transition period from ____________ to ________________

                                            Commission File
              For Quarter Ended                  Number
             September 30, 1999                  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 November 1, 1999:  196,284,790


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


(Amounts in millions)                    September 30,    December 31,
                                              1999           1998
                                                    
CURRENT ASSETS
  Cash and cash equivalents                $    21.8      $    83.5
  Accounts and notes receivable                623.4          516.6
  Allowance for doubtful accounts              (15.9)         (13.5)
  Inventories                                  541.4          486.2
  Other current assets                          68.7           64.3
- --------------------------------------------------------------------
    Total current assets                     1,239.4        1,137.1

PROPERTY, PLANT & EQUIPMENT, NET               884.4          820.4

OTHER ASSETS
Excess cost of purchased companies over
  net assets acquired, less accumulated
  amortization of $62.4 in 1999
  and $50.8 in 1998                            682.0          498.9

Other intangibles, less accumulated
  amortization of $29.8 in 1999
  and $25.3 in 1998                             44.1           29.7
  Sundry                                        44.5           49.2
- --------------------------------------------------------------------
    Total other assets                         770.6          577.8
- --------------------------------------------------------------------
TOTAL ASSETS                                $2,894.4       $2,535.3
====================================================================

CURRENT LIABILITIES
  Accounts and notes payable                 $ 160.1        $ 134.8
  Accrued expenses                             203.3          168.8
  Other current liabilities                     83.4           97.8
- --------------------------------------------------------------------
    Total current liabilities                  446.8          401.4

LONG-TERM DEBT                                 745.2          574.1
OTHER LIABILITIES                               48.8           48.1
DEFERRED INCOME TAXES                           72.5           74.9

SHAREHOLDERS' EQUITY
  Common stock                                   2.0            2.0
  Additional contributed capital               420.3          396.1
  Retained earnings                          1,221.5        1,058.7
  Accumulated other comprehensive income       (11.9)         (18.2)
  Treasury stock                               (50.8)          (1.8)
- ---------------------------------------------------------------------
    Total shareholders' equity               1,581.1        1,436.8
- ---------------------------------------------------------------------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY  $2,894.4       $2,535.3
=====================================================================


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)

                             Nine Months Ended       Three Months Ended
                               September 30,            September 30,
                              1999        1998         1999       1998

                                                      
Net sales                     $2,813.9     2,532.7    $ 991.1     $  884.1
Cost of goods sold             2,058.2     1,882.3      721.2        655.3
- ---------------------------------------------------------------------------
Gross profit                     755.7       650.4      269.9        228.8

Selling, distribution and
administrative expenses          362.4       313.5      128.9        109.9

Other deductions (income), net    20.4        13.7        6.3          5.4
- ---------------------------------------------------------------------------
Earnings before interest
  and income taxes               372.9       323.2      134.7        113.5

Interest expense                  30.5        28.7       11.1          9.9
Interest income                    1.8         3.4        0.4          0.8
- ---------------------------------------------------------------------------
Earnings before income taxes     344.2       297.9      124.0        104.4

Income taxes                     128.0       111.4       46.3         39.2
- ---------------------------------------------------------------------------
  NET EARNINGS                $  216.2    $  186.5   $   77.7     $   65.2
===========================================================================

Earnings Per Share
  Basic                       $   1.09    $   0.94   $   0.39      $  0.33
  Diluted                     $   1.08    $   0.93   $   0.39      $  0.32

Cash Dividends Declared
  Per Share                   $   0.27    $  0.235   $   0.09      $  0.08

Average Shares Outstanding
  Basic                          198.5       197.9      198.2        198.3
  Diluted                        201.1       200.6      200.9        201.1


See accompanying notes to consolidated condensed financial statements.


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


(Amounts in millions)                               Nine Months Ended
                                                       September 30,
                                                    1999           1998

                                                             
OPERATING ACTIVITIES
  Net Earnings                                     $  216.2        $  186.5
  Adjustments to reconcile net earnings to net
  cash provided by operating activities
    Depreciation                                       89.3            77.0
    Amortization                                       20.6            15.4
    Other                                              (2.7)           13.2
    Other changes, net of effects from
     purchase of companies
      Increase in accounts receivable, net            (53.4)          (87.0)
      (Increase) decrease in inventories              (19.1)            7.1
      Increase in other current assets                 (2.4)           (3.5)
      Increase in current liabilities                  47.2            15.2
- ---------------------------------------------------------------------------
       NET CASH PROVIDED BY OPERATING ACTIVITIES      295.7           223.9

INVESTING ACTIVITIES
  Additions to property, plant and equipment         (113.4)         (102.1)
  Purchases of companies, net of cash acquired       (233.0)          (89.9)
  Other                                                 4.9             0.1
- ---------------------------------------------------------------------------
       NET CASH USED FOR INVESTING ACTIVITIES        (341.5)         (191.9)

FINANCING ACTIVITIES
  Additions to debt                                   209.3           262.7
  Payments on debt                                    (83.9)         (193.3)
  Dividends paid                                      (68.9)          (59.9)
  Issuances of common stock                             3.1             4.3
  Purchases of common stock                           (78.6)           (5.2)
  Other                                                 3.1            (6.0)
- -----------------------------------------------------------------------------
    NET CASH (USED FOR) PROVIDED BY
        FINANCING ACTIVITIES                          (15.9)            2.6
- -----------------------------------------------------------------------------
(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS      (61.7)           34.6

CASH AND CASH EQUIVALENTS - January 1,                 83.5             7.7
- ----------------------------------------------------------------------------
CASH AND CASH EQUIVALENTS - September 30,           $  21.8         $  42.3
============================================================================

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
  position of Leggett & Platt, Incorporated and Consolidated
  Subsidiaries (the `Company').

2. INVENTORIES

  Inventories, using principally the Last-In, First-Out  (LIFO)  cost
  method, comprised the following:



                                         September 30,    December 31,
                                             1999             1998
                                                     
At First-In, First-Out (FIFO) cost
   Finished goods                          $  280.2        $  251.7
   Work in process                             65.5            56.2
   Raw materials                              203.3           185.5
- --------------------------------------------------------------------
                                              549.0           493.4
Excess of FIFO cost over LIFO cost              7.6             7.2
- --------------------------------------------------------------------
                                            $  541.4       $  486.2
====================================================================


3.   PROPERTY, PLANT & EQUIPMENT

Property, plant and equipment comprised the following:



                                            September 30,    December 31,
                                                 1999            1998
                                                       
Property, plant and equipment, at cost       $ 1,578.6       $ 1,435.0
  Less accumulated depreciation                  694.2           614.6
- -----------------------------------------------------------------------
                                             $   884.4       $   820.4
=======================================================================


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  nine
  months  ending  September 30, 1999 and 1998,  comprehensive  income
  was $222.5 and $179.2, 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:


                                  Nine Months Ended     Three Months Ended
                                    September 30,          September 30,
                                   1999      1998         1999       1998

                                                      
Basic
  Weighted average shares
   outstanding, including
   shares issuable for
   little or no cash               198.5     197.9       198.2       198.3
============================================================================
  Net earnings                   $ 216.2   $ 186.5     $  77.7     $  65.2
============================================================================
  Earnings per share - basic     $  1.09   $  0.94     $  0.39     $  0.33
============================================================================

Diluted
  Weighted average shares
   outstanding, including
   shares issuable for
   little or no cash               198.5     197.9       198.2       198.3

  Additional dilutive shares
   principally from the
   assumed exercise of
   outstanding stock options         2.6       2.7         2.7         2.8
- ---------------------------------------------------------------------------
                                   201.1     200.6       200.9       201.1
===========================================================================
  Net earnings                   $ 216.2   $ 186.5     $  77.7     $  65.2
===========================================================================
  Earnings per share - diluted   $  1.08   $  0.93     $  0.39     $  0.32
===========================================================================


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.   One  of  the
  Company's  subsidiaries  is involved in an unfair  labor  complaint
  filed  by the National Labor Relations Board prior to the Company's
  acquisition  of  the  subsidiary.  An administrative  decision  has
  been rendered against the subsidiary, which has been upheld by  the
  courts.  The Company is currently pursuing actions to resolve  this
  matter.


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

  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.

7.   SEGMENT INFORMATION

  Reportable   segments  are  primarily  based  upon  the   Company's
  management   and  organizational  structure.   This  structure   is
  generally  focused  on  broad end-user markets  for  the  Company's
  diversified   products.    Residential  furnishings   derives   its
  revenues   from  components  for  bedding,  furniture   and   other
  furnishings,  as  well  as related consumer  products.   Commercial
  Furnishings  derives  its  revenues  from  retail  store  fixtures,
  displays,  storage, material handling systems, and  components  for
  office  and institutional furnishings.  Aluminum Products  revenues
  are  derived from die castings, custom tooling, secondary machining
  and  coating, and smelting of aluminum ingot.  Industrial Materials
  derives  its  revenues  from  drawn  steel  wire,  specialty   wire
  products  and welded steel tubing sold to trade customers  as  well
  as  other  Leggett segments.  Specialized Products is a combination
  of   non-reportable  segments  which  derive  their  revenues  from
  machinery   and   manufacturing   equipment,   automotive   seating
  suspension and lumbar supports, and control cable systems.

  A  summary of segment sales and earnings before interest and income
  taxes (EBIT) for the nine months ended September 30, 1999 and  1998
  and  the  quarters ended September 30, 1999 and 1998 are  shown  in
  the following tables.



                                                Inter-
                                    External    Segment    Total
                                     Sales      Sales      Sales     EBIT

                                                        
Nine Months ended Sept. 30, 1999
   Residential Furnishings          $1,460.9   $  7.5    $1,468.4   $ 166.2
   Commercial Furnishings              570.8      2.3       573.1      95.8
   Aluminum Products                   401.6     12.3       413.9      38.5
   Industrial Materials                208.6    155.6       364.2      53.6
   Specialized Products                172.0     32.4       204.4      22.6
   Intersegment eliminations               -        -           -      (3.4)
   Change in LIFO reserve                  -        -           -      (0.4)
- -----------------------------------------------------------------------------
   Totals                           $2,813.9   $210.1    $3,024.0   $ 372.9
=============================================================================


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

7.   SEGMENT INFORMATION - CONTINUED


                                                 Inter-
                                     External    Segment    Total
                                      Sales       Sales     Sales     EBIT

                                                        
Nine Months ended Sept. 30, 1998
   Residential Furnishings          $1,335.5    $  4.7   $1,340.2   $ 150.2
   Commercial Furnishings              474.3       1.2      475.5      85.8
   Aluminum Products                   383.2      12.3      395.5      27.8
   Industrial Materials                198.8     142.8      341.6      36.4
   Specialized Products                140.9      35.7      176.6      19.4
   Intersegment eliminations               -         -          -      (1.3)
   Change in LIFO reserve                  -         -          -       4.9
- ----------------------------------------------------------------------------
   Totals                            2,532.7     196.7    2,729.4     323.2
============================================================================

Quarter ended Sept. 30, 1999
   Residential Furnishings          $  510.2    $  2.5   $  512.7   $  61.5
   Commercial Furnishings              230.4       0.7      231.1      38.6
   Aluminum Products                   119.1       3.8      122.9      10.7
   Industrial Materials                 72.8      50.0      122.8      18.4
   Specialized Products                 58.6       9.6       68.2       6.2
   Intersegment eliminations               -         -          -      (0.1)
   Change in LIFO reserve                  -         -          -      (0.6)
- ----------------------------------------------------------------------------
   Totals                           $  991.1    $ 66.6   $1,057.7   $ 134.7
============================================================================

Quarter ended Sept. 30, 1998
   Residential Furnishings          $  468.8    $  1.5    $ 470.3   $  54.8
   Commercial Furnishings              182.9       0.4      183.3      36.2
   Aluminum Products                   105.9       4.2      110.1       0.9
   Industrial Materials                 75.8      42.7      118.5      14.0
   Specialized Products                 50.7      13.2       63.9       6.2
   Intersegment eliminations               -         -          -      (0.4)
   Change in LIFO reserve                  -         -          -       1.8
- ----------------------------------------------------------------------------
   Totals                           $  884.1    $ 62.0    $ 946.1   $ 113.5
============================================================================



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

7. SEGMENT INFORMATION - CONTINUED

Asset information for the Company's segments at September 30,  1999
and December 31, 1998 is shown in the following table:


                                       September 30,    December 31,
                                            1999            1998
                                                 
Assets

Residential Furnishings                 $1,127.7       $  971.0
Commercial Furnishings                     692.9          469.8
Aluminum Products                          427.3          404.4
Industrial Materials                       191.3          204.5
Specialized Products                       214.8          188.8
Unallocated assets                         209.8          285.9
Adjustment to period-end
 vs. average assets                         30.6           10.9
- -------------------------------------------------------------------
                                        $2,894.4       $2,535.3



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

Capital Resources and Liquidity

      The  Company's total capitalization at September 30,  1999  and
December 31, 1998 is shown in the table below.  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)             September 30,      December 31,
                                              1999             1998
                                                        
Long-term debt outstanding:
  Scheduled maturities                     $ 642.7            $ 574.1
    Average interest rates                     6.6%               6.6%
    Average maturities in years                5.5                6.2
  Revolving credit/commercial paper          102.5                  -
- -----------------------------------------------------------------------
     Total long-term debt                    745.2              574.1
Deferred income taxes and other
   liabilities                               121.3              123.0
Shareholders' equity                       1,581.1            1,436.8
- -----------------------------------------------------------------------
      Total capitalization                $2,447.6           $2,133.9
=======================================================================
Unused committed credit                    $ 300.0            $ 300.0
=======================================================================
Cash and cash equivalents                  $  21.8            $  83.5
=======================================================================

      Internal  investments  to  modernize and  expand  manufacturing
capacity  were $113.4 million in the first nine months of 1999.   The
Company  also  invested  $233.0 million (net of  cash  acquired)  and
issued  885,704  shares of common stock to acquire 21  businesses  in
transactions  accounted for as purchases.  In addition,  the  Company
repurchased approximately 3.7 million shares of its common stock  for
$78.6  million cash, primarily to replace shares issued  in  purchase
acquisitions and for use in employee benefit plans.
      A majority of the funds required for these investments resulted
from  cash  provided  by  operating  activities  and  temporary  cash
equivalent  investments.   Proceeds from the  issuance  of  privately
placed  medium-term notes and commercial paper provided the  balance.
As  shown above, long-term debt outstanding on September 30, 1999 was
30.4% of total capitalization compared to 26.9% at the end of 1998.
      Working  capital  at the end of the third  quarter  was  $792.6
million,  up  from $735.7 million at year-end.  Total current  assets
reflected  increases  primarily  in accounts  and  notes  receivable,
inventories and other current assets, which were partially offset  by
reduced   cash  and  cash  equivalents.   Total  current  liabilities
reflected   increases  in  accounts  payable  and  accrued  expenses,
partially  offset by a decrease in other current liabilities.   There
was no short-term bank debt outstanding at the end of either period.
     Given  this strong financial position and the continuing  strong
coverage  of  interest expense, the Company has  substantial  capital
resources  and  flexibility for projected  internal  cash  needs  and
additional  acquisitions  consistent  with  management's  goals   and
objectives.  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%.  In addition to unused committed  credit,
the  Company  has  the availability of short-term uncommitted  credit
from several banks.


Results of Operations

Discussion of Consolidated Results

     The Company achieved record sales and earnings in the first nine
months  of  1999.  Sales increased to $2.81 billion (up  11.1%),  net
earnings  increased to $216.2 million (up 15.9%),  and  earnings  per
diluted  share increased to $1.08 (up 16.1%) - all compared with  the
first nine months of 1998.
     Third  quarter  results also set new highs.  Sales  were  $991.1
million  (up 12.1%), net earnings were $77.7 million (up 19.2%),  and
earnings  per diluted share were $.39 (up 21.9%) - all compared  with
the third quarter of 1998 and all at the highest levels for any prior
quarter.
     This   performance  reflects  ongoing  benefits  from   numerous
acquisitions,  as  well  as broadly based internal  improvements  and
efficiencies.    Sales   growth  stemming   from   acquisitions   was
approximately  8%  in  the first nine months and  11%  in  the  third
quarter.   Internal growth in unit volume for each of  these  periods
was approximately 5% and 3%, respectively.  When coupled with reduced
selling  prices  of approximately 2%, same location  sales  increased
about  3%  in  the nine months and 1% in the third quarter.   The  5%
increase  in  unit  volume  for  the nine  months  is  in  line  with
management's long-term objective for internal growth.
     Businesses  acquired  in  the first nine  months  of  1999  have
annualized volume of approximately $390 million.  When compared  with
the  Company's  1998 sales of $3.37 billion, this  additional  volume
will provide growth of approximately 12%.  Thus, the Company is ahead
of   management's  long-term  objective  for  acquisition  growth  of
approximately 10% per year.
     Residential Furnishings accounted for 44.6% of the 1999 increase
in  consolidated  sales  in  the first nine  months,  and  Commercial
Furnishings  accounted for 34.3%.  In the third  quarter,  Commercial
Furnishings  accounted  for 44.4% of the year-to-year  increase,  and
Residential  Furnishings accounted for 38.7%.   The  reduced  selling
prices  noted  earlier were concentrated in Residential  Furnishings,
Aluminum Products and Industrial Materials.
      The  following table shows various measures of  earnings  as  a
percentage  of sales for the first nine months and the third  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.




                                  Nine Months Ended       Quarter Ended
                                    September 30,         September 30,
                                    1999      1998        1999      1998
                                                        
Gross profit margin                 26.9%      25.7%      27.2%     25.9%
EBIT (earnings before interest
 and income taxes) margin           13.3       12.8       13.6      12.8
Net profit margin                    7.7        7.4        7.8       7.4
Effective income tax rate           37.2       37.4       37.3      37.5
Interest coverage ratio             12.3x      11.4x      12.2x     11.5x


      The  improvement  in  gross profit margin  reflected  continued
increases in production efficiencies on higher volume, lower material
and   other  costs,  and  generally  better  manufacturing   overhead
absorption.   The  EBIT margin also increased due to  these  factors,
offset  in  part primarily by higher total selling, distribution  and
administrative expenses.


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.  Following is a
comparison  of  EBIT margins (Segment EBIT divided by  Total  Segment
Sales):



                              Nine Months Ended       Quarter Ended
                                September 30,          September 30,
                               1999      1998         1999       1998
                                                     
  Residential Furnishings      11.3%    11.2%         12.0%      11.7%
  Commercial Furnishings       16.7     18.0          16.7       19.7
  Aluminum Products             9.3      7.0           8.7        0.8
  Industrial Materials         14.7     10.7          15.0       11.8
  Specialized Products         11.1     11.0           9.1        9.7


NINE MONTH DISCUSSION

     Residential  Furnishings sales increased 9.6%, with  acquisition
growth  of  about  6%.  EBIT grew 10.7%, with a  slight  increase  in
margin  reflecting  broadly  based improvements  in  efficiencies  on
higher production and acquisitions.
     Commercial  Furnishings sales increased 20.5%, with  acquisition
growth  of  approximately 18%.  EBIT increased 11.7%, but the  margin
declined  as  the benefits of acquisitions and higher volume  in  the
first  half  of  1999 were partially offset in the third  quarter  by
lower same location sales and temporary labor inefficiencies.
     Aluminum Products sales increased 4.7%, with nearly equal  year-
to-year  acquisition and internal growth.  EBIT increased  38.5%,  as
the  margin  recovered  substantially in the  third  quarter  due  to
improvements    in   efficiencies   and   more   normal    cost/price
relationships.
     Industrial  Materials  sales increased  6.6%,  with  acquisition
growth  of approximately 4.5%.  EBIT increased 47.3%, with  a  higher
margin   reflecting   more   normal  cost/price   relationships   and
efficiencies gained on higher production.
      Specialized  Products sales increased 15.7%,  with  acquisition
growth  of  just  over  10%.  EBIT increased  16.5%,  as  the  margin
improved due primarily to higher first quarter sales of machinery and
equipment which carries higher margins.

THIRD QUARTER DISCUSSION

      Residential  Furnishings sales increased 9%,  with  acquisition
growth  of  7%.  EBIT grew 12.2%, with the higher  margin  reflecting
broadly  based improvements in efficiencies on higher production  and
acquisitions.
      Commercial  Furnishings sales increased 26.1%, with acquisition
growth of just over 30% more than offsetting lower than expected same
location sales of store fixtures.  About $9 million of store  fixture
sales  expected in this year's third quarter were delayed and shifted
to  the  next  two  quarters.  The shifting resulted  primarily  from
delayed  customer  store  openings due to  limited   availability  of
construction  labor and the recent shifting of building materials  to
weather damaged parts of the country.  EBIT increased 6.6%, with  the
lower  margin  reflecting the impact of lower  volume  and  temporary
labor inefficiencies, partially offset by acquisitions.
      Aluminum Products sales increased 11.6%, with acquisition growth
of  just  under  2%.  EBIT increased nearly 12-fold,  as  the  margin
recovered substantially due to improvements in efficiencies on higher
production and more normal cost/price relationships.


      Industrial  Materials  sales  increased  3.6%,  with  a  slight
contribution from acquisitions. EBIT increased 31.4%, as  the  higher
margin   reflected   more   normal   cost/price   relationships   and
efficiencies gained on higher production.
      Specialized  Products  sales increased 6.7%,  with  acquisition
growth of just over 10%.  EBIT was unchanged, but the margin declined
due  to  lower  machinery and equipment volume which  carries  higher
margins.

Year 2000 Readiness Disclosure

      The  "Year  2000" issue refers to older computer programs  that
used  only two digits to represent the year, rather than four digits.
As   a   result,  these  older  computer  programs  may  not  process
information  or  otherwise  function properly  when  using  the  year
"2000",  since  that  year will be indistinguishable  from  the  year
"1900".   These computer programs are found in information processing
applications  and  in  timing  devices  for  certain  machinery   and
equipment.
     To monitor Year 2000 issues, the Company implemented a Corporate
level  Year  2000  Steering Committee (the Steering Committee).   The
Steering  Committee meets regularly to review the Company's progress,
and  to  consider other actions that may be necessary for  Year  2000
issues.
      In  addition,  the  Company  has  engaged  a  large,  reputable
consulting firm to perform certain procedures to review the Company's
planning,  implementation and readiness for the Year 2000  issues  at
certain  major  locations.   The results  of  the  consulting  firm's
studies have been reviewed with the Company's Audit Committee of  the
Board  of  Directors.  The  Company has  responded  to  the  critical
recommendations made by the consulting firm.
      The  Company recognized the Year 2000 issue several years  ago,
and  has  been working since to correct this problem in its  computer
systems.   The  majority of the Company's information  processing  is
centralized  at its Corporate Offices. All of these critical  central
systems  have  been  converted to Year 2000 compliant  software,  and
individual system testing is substantially complete.
      Many  of  the  Company's  international  and  certain  domestic
operations  do  not  use  some  or  any  of  the  Corporate  Offices'
centralized systems.  All of these non-central system locations  have
active  projects  to  convert their systems to  Year  2000  compliant
software,  most of which projects are now complete, or have otherwise
provided for adequate testing of Year 2000 compliance.
      In  total, combining both central system and non-central system
locations, management estimates that the Year 2000 systems conversion
effort is 99% complete as of November 10, 1999.
      All  locations  of the Company have been instructed  to  review
their  facilities for Year 2000 issues.  Potential internal and third
party   risks   were  identified  and  considered  in  this   review.
Inventories of computer equipment, communications with key suppliers,
correspondence  with  customers, obtaining  machinery  and  equipment
compliance  certificates and other facility testing related  to  Year
2000  issues  are  complete or nearing completion  at  the  Company's
approximately  300  locations around the world.   These  efforts  are
expected  to  be complete at all significant locations prior  to  the
year 2000.
      Since  the  Company has been working on Year  2000  issues  for
several years, the costs of mitigating these issues, which costs have
not  been  material in the past, were expensed in ongoing operations.
No   material  costs  are  expected  from  the  remaining  Year  2000
compliance efforts.  Costs of all the Company's system conversion and
implementation  efforts, which include those efforts related  to  the
Year  2000  issue,  were less than $6 million in 1998.   The  overall
magnitude of these ongoing system conversion and implementation costs
is  not  expected to be significantly different for 1999.  It is  not
practical  to  segregate  past  or anticipated  capital  expenditures
between Year 2000 compliance and expenditures which occur normally to
keep  operations  technologically competitive.   However,  management
believes that past or expected future capital requirements related to
Year 2000 compliance issues are not significant to its operations.


      The  Company manufactures a broad line of products in over  175
major  manufacturing  sites  around the  world.   Raw  materials  and
critical  outside  services  are generally  available  from  numerous
supply sources including, in some cases, the Company's own vertically
integrated operations.  The Company's revenues are not dependent upon
any  single customer or any few customers.  Therefore, the impact  to
the  Company of any individual operating location or third-party risk
involving Year 2000 is relatively small.  It is reasonable to  assume
that   the   Company  will  experience  a  few,  hopefully  isolated,
disturbances  to  its  operations early  in  the  year  2000.   While
reasonable actions have been taken, and will continue to be taken  in
the  future, to mitigate such disruption, the magnitude of  all  Year
2000  disturbances cannot be predicted.  In addition, any  widespread
Year 2000 failures, particularly in North America, in industries such
as electrical and other utilities, financial services, communications
or  transportation,  could  significantly and  adversely  impact  the
Company's operations.
      Efforts to date have been concentrated on mitigating Year  2000
disturbances.   The Steering Committee has evaluated  the  reasonable
potential  risks  that  cannot  be  mitigated  (primarily  unexpected
computer  failure  or  power outage) and  determined  the  extent  of
contingency   planning  and  resources  that   are   needed.    These
contingency  actions and resources, including appropriate  personnel,
will  be  in  place  for potential implementation over  the  year-end
period.

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.  As indicated above,  the
consequences of the Year 2000 issues cannot be accurately  predicted;
therefore,  actual consequences will remain at least to  some  extent
uncertain.


ITEM 3.  DISCLOSURES ABOUT MARKET RISK

(Unaudited)
(Amounts in millions)

INTEREST RATE

The  Company  has debt obligations sensitive to changes in interest  rates.
The  Company  has no other significant financial instruments  sensitive  to
changes in interest rates.  The Company has not typically in the past  used
derivative  financial instruments to hedge its exposure  to  interest  rate
changes  but,  in the second quarter of 1999, $14 of fixed  rate  debt  was
issued  and  converted to variable rate debt by use of a  swap  instrument.
Substantially  all of the Company's debt is denominated  in  United  States
dollars.  The  fair  value  of  variable rate  debt  is  not  significantly
different from its recorded amount.  The fair value of fixed rate  debt  is
calculated using the U.S. Treasury Bond rate as of September 30,  1999  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 fixed rate debt  approximated  $537  at
September 30, 1999.

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  does
hedge  firm  commitments for certain machinery purchases, and  occasionally
may  hedge  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
September 30, 1999 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 $375 at  September  30, 1999. The  increase  in
translation  exposure  was  due  to  foreign  acquisitions,  changing   the
functional currency of the Company's Mexican operations from the US  dollar
to  the  Mexican  peso,  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 $58 (at  cost)
in  inventory at September 30, 1999.  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 27 - Financial Data Schedule

 (B) No reports on Form 8-K have been filed during the quarter for which
     this report is filed.


                                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: November 12, 1999               By: /s/ FELIX E. WRIGHT
                                          -------------------
                                          Felix E. Wright
                                          President and
                                          Chief Executive Officer



DATE: November 12, 1999               By: /s/ MICHAEL A. GLAUBER
                                          ----------------------
                                          Michael A. Glauber
                                          Senior Vice President,
                                          Finance and Administration



                           EXHIBIT INDEX

Exhibit                                                          Page

27     Financial Data Schedule                                    19

  

 5

                             
                   9-MOS
                          DEC-31-1999
                               SEP-30-1999
                                          21,800
                                         0
                                  623,400
                                    15,900
                                    541,400
                             1,239,400
                                       1,578,600
                                 694,200
                               2,894,400
                          446,800
                                        745,200
                                0
                                          0
                                         2,000
                                   1,579,100
                 2,894,400
                                      2,813,900
                             2,813,900
                                        2,058,200
                                2,058,200
                                     0
                                     0
                              30,500
                                344,200
                                   128,000
                            216,200
                                       0
                                      0
                                            0
                                   216,200
                                       1.09
                                     1.08