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Leggett & Platt earnings increase 19%

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Carthage-based manufacturer Leggett & Platt Inc. (NYSE: LEG) reported second-quarter earnings of $64.9 million, an 18.6 percent increase compared to profits of $54.7 million in the same quarter last year.

The company, which manufactures engineered components and products for homes, offices and vehicles, posted earnings per diluted share of 45 cents during the quarter that ended June 30, up from 37-cent earnings in second-quarter 2011, according to a news release.

Net sales totaled $938.8 million, a 1 percent decrease from $945.2 million in second-quarter 2011. During the latest quarter, the sales figure included a 2 percent increase in residential furnishings, a 17 percent decrease in commercial fixturing and components, a 3 percent increase in industrial materials and a 5 percent increase in specialized products.

Other second-quarter financial notes:
  • Net cash flow from operating activity was $81.2 million, a 50 percent increase from $54.2 million in the same quarter of the prior year.
  • Cost of goods sold was $751.6 million, resulting in a gross profit of $187.2 million.
  • Comparable store sales were down 2 percent for the quarter. In second-quarter 2011, comparable store sales were up 8 percent.
As of June 30, Leggett & Platt's assets were $3.2 billion, identical to its liabilities and equity. The 129-year-old company claims 130 manufacturing facilities in 18 countries, according to the release.

As of 9:51 a.m., the company's shares were trading at $22.84, compared to a 52-week range of $17.80 to $24.84.[[In-content Ad]]

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