Citing one-time tax charges, Leggett & Platt Inc. (NYSE: LEG) reported a 24 percent drop in 2017 earnings to $292.6 million from $385.8 million in 2016.
The Carthage-based manufacturer of engineered components and products for homes, offices and vehicles posted diluted share earnings for the year of $2.13, a 63-cent decrease from 2016, according to a news release.
During the year, charges related to federal tax reform came to $50 million. The total comprised $76 million in charges — $76 million related to the return of foreign earnings and $9 million in the accrual of foreign withholding taxes — and a $26 million gain.
"We are pleased to have delivered 9 percent sales growth in the fourth quarter and 5 percent sales growth for the full year,” said Karl Glassman, Leggett & Platt president and CEO, in the release. “Weak demand in our U.S. spring business was largely offset by increased content as we continue to place higher value components in more of the mattresses that our customers produce.”
Full-year financial notes:
• Net sales moved up to $3.9 billion, while same-location sales increased 6 percent.
• Leggett & Platt’s largest unit, residential products, posted a 3 percent increase in sales to $1.6 billion.
• Shortly after the year ended, on Jan. 31, the company bought engineered hydraulic cylinders manufacturer Precision Hydraulic Cylinders for $85 million.
As of Dec. 31, Leggett & Platt held assets of $3.5 billion. The company employs 22,000 workers in 14 business units and 120 plants in 18 countries, according to the release.
LEG shares were trading at $43.17 as of 8:47 a.m., compared with a 52-week range of $42 to $54.97.
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