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Leggett & Platt reports 2012 record share earnings

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Leggett & Platt Inc. (NYSE: LEG) posted full-year earnings per share of $1.70, a company record and a 66-cent increase from 2011.

For the year ending Dec. 31, the Carthage-based manufacturer posted profits of $248.2 million, a 62 percent increase compared to $153.3 million in profits a year before, according to a news release.

President and CEO David Haffner pointed to a strategic change established by the company, which measures success based on shareholder return rather than revenues.

"It's now been five years since our November 2007 announcement of a critical change in strategic direction and focus for Leggett & Platt.  We are quite proud of the results we've been able to deliver to our shareholders, and are confident that our very strong five-year stock performance stems, at least in part, from our decision to change strategy," Haffner said in the release.

In the fourth quarter, Leggett & Platt - which manufactures engineered components and products for homes, offices and vehicles - recorded earnings of $73.5 million, a 745 percent increase from $8.7 million in the same quarter of 2011. Earnings per share totaled 50 cents, up from 6 cents in fourth-quarter 2011.

The quarter ending Dec. 31, 2011, was adversely affected by a $37 million predominantly noncash charge related to the restructuring of residential furnishings, commercial fixtures and components, industrial materials and specialized products, the release said.

Fourth-quarter 2012 financial notes:
  • Sales were $853 million, roughly flat from $854.1 million in the same quarter of 2011.
  • Same location sales decreased by 2 percent.
  • Net cash from operating activity increased 64 percent to $208.7 million from $126.9 million.
As of Dec. 31, Leggett & Platt's assets were $3.3 billion, the release said.

LEG shares as of 10:34 a.m. were trading at $30.70, just below the 52-week high of $30.88.[[In-content Ad]]

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