Leggett & Platt pulls 2Q profits ahead after loss last year

Leggett & Platt Inc. (NYSE: LEG) reported $77.7 million earnings in the second quarter, which compares favorably to a net loss in the same period last year.

In the same quarter of 2014, the company’s net loss was $23.9 million, due largely to a $108 million charge related writing off goodwill for its store fixtures group, according to Springfield Business Journal archives.

The latest quarter reflects a 425 percent increase compared to the loss last year. The Carthage-based manufacturer of engineered components and products for homes, offices and vehicles posted diluted share earnings of 54 cents for the period ended June 30, up from a loss of 17 cents a year ago, according to a news release.

"Nearly all of our businesses experienced volume growth during the quarter, despite strong prior year comparisons,” Leggett & Platt Chairman and CEO David Haffner said in the release. “During the second quarter, we saw unit volume growth in excess of 70 percent in Comfort Core innersprings and in adjustable beds.”

Second-quarter financial notes:
    •    Leggett & Platt purchased 1.2 million shares of its stock at an average price of $48.04, representing an investment of roughly $57.6 million.
    •    Sales from continuing operations rose 4 percent to $997 million, a second-quarter record for the company.
    •    In May, the company declared a 31-cent second-quarter dividend, which is 1 cent higher than last year.

As of June 30, Leggett & Platt held assets of $3.1 billion. The company operates 18 business units, 130 plants and employs 20,000 in 19 countries, according to the release.

LEG shares were trading at $47.70 as of 10:31 a.m., compared to a 52-week range of $32.57 to $51.28.