Leggett & Platt 2Q profit declines

The Carthage-based company’s net earnings for the quarter, which ended June 30, fell to $60 million, or 33 cents per share, from $84.2 million, or 45 cents per share, in the same period last year. Per-share earnings in the latest quarter included 2 cents from net nonrecurring benefits. Year-ago earnings included 5 cents per share from nonrecurring sources.

Analysts expected the company to earn 31 cents per share for the quarter.

CEO David S. Haffner said in a news release that he is not forecasting a robust second half of the year.

“As we mentioned a few weeks ago, several of our markets weakened considerably during the quarter, resulting in a broad-based revenue decline,” Haffner said. “We have yet to see any significant catalyst that will appreciably increase demand; accordingly, our full-year guidance reflects continued market weakness for the remainder of 2007.”

Leggett reduced second quarter and 2007 guidance on June 18.

Decline is not seen across Leggett’s diversified platform, management said. Growth was seen in both industrial materials and specialized products segments. Industrial materials produced total sales of $196.1 million in the second quarter – 2 percent growth over the year-ago quarter. Specialized products netted $212.1 million, up from $194.9 million in second-quarter 2006.

[[In-content Ad]]