Leggett & Platt’s profits dip

Carthage-based Leggett & Platt Inc. (NYSE: LEG) reported a 1.8 percent decrease in third-quarter earnings to $93.5 million, down from $95.2 million a year earlier.

The manufacturer of engineered components and products for homes, offices and vehicles posted 67 cents in diluted share earnings, flat from third-quarter 2015, according to a news release.

“In July, we assumed that the second quarter's steel inflation would hold through the remainder of the year,” Leggett & Platt President and CEO Karl Glassman said in the release. “Instead, market prices for steel began to deflate as the third quarter progressed.”

Third-quarter financial notes:
    •    Net sales fell 6 percent to $948.9 million.
    •    Same-location sales declined by 2 percent, with company officials citing lower unit volume, a decrease in raw materials prices and a currency impact.
    •    The company purchased 500,000 shares at an average price of $52.77, a roughly $26.4 million investment.

Leggett & Platt held assets of $3.1 billion as of Sept. 30. The company has 17 business units, 21,000 employees and 130 manufacturing plants in 19 countries, according to the release.

LEG shares were trading at $45.16 as of 10:30 a.m., compared with a 52-week range of $36.64 to $54.62.