Leggett & Platt stock jumps on 1Q results

Investors responded favorably this morning to Leggett & Platt Inc.’s (NYSE: LEG) first-quarter earnings report.

The Carthage-based manufacturer of engineered components and products for homes, offices and vehicles posted net income of $71.7 million for the first three months of the year, up 35 percent compared to $53.1 million in first-quarter 2014. Earnings per diluted share increased 13 cents to 50 cents, a company record for the first quarter, according to a news release.

Shares shot up as high as $46 this morning, near a 52-week high of $46.95 set March 23. The company’s 52-week low is $32.16.

First quarter financial notes:

• Total sales improved 10 percent to $966.2 million from $875.5 million a year earlier, according to the release. Within sales, residential furnishings increased 18 percent, commercial products rose 21 percent, industrial materials climbed 6 percent and specialized products moved up 6 percent.
• The company repurchased 1.5 million shares at an average price of $44.53. It also issued 1.5 million shares through employee benefit plans and option exercises.
• The board declared a 31-cent first-quarter dividend, a 1-cent increase from the same quarter last year.

As of March 31, Leggett & Platt’s assets were $3.1 billion. The company employs 19,000 at 130 manufacturing facilities in 18 countries, according to the release.[[In-content Ad]]