Leggett earnings dip in first quarter

The quarter had earnings of 25 cents per diluted share, including 2 cents per share from discontinued operations, compared to 41 cents per share, including 9 cents from discontinued operations, in first-quarter of 2007.

Net earnings were $43.4 million, down from $75.7 million a year ago.

Sales were $1 billion, down 5 percent from a year earlier.

“The divestitures we announced last fall are progressing well,” President and CEO David Haffner said in a news release. “We continue to believe that the divestitures will occur during 2008, with proceeds in line with our original expectations. Given the market’s interest in small- to mid-size transactions, and the tangible assets associated with these operations, we believe our expectations are reasonable.”

Expected earnings per share for 2008 are $1–$1.30. Sales are projected to be about $4.2 billion, about 2 percent lower than 2007.

Carthage-based Leggett shares (NYSE: LEG) closed Thursday at $16.45, compared to a 52-week range of $14.12 to $24.73.