Leggett & Platt boosts earnings by 98%

Carthage-based manufacturer Leggett & Platt Inc. (NYSE: LEG) posted third-quarter earnings of $95.2 million, a 98 percent boost compared to net income of $48.2 million a year earlier.

Earnings per diluted share moved up to 67 cents, a new quarterly record and a 33-cent increase from the same three-month period of 2014 for the manufacturer of engineered components and products for homes, offices and vehicles, according to a news release.

"Nearly all of our businesses experienced volume growth during the quarter, despite strong prior year comparisons,” Leggett & Platt Chairman and CEO David Haffner said in the release, pointing to a 55 percent increase in sales of adjustable beds and 37 percent bump in Comfort Core-branded innersprings.

Third-quarter financial notes:
    •    Net sales inched up 1 percent to $1 billion from $997.4 million last year.
    •    Same-location sales grew by 5 percent.
    •    The company repurchased 900,000 shares of its stock during the quarter at an average price of $45.61, representing an investment of roughly $41 million.

As of Sept. 30, Leggett & Platt held assets of $3.1 billion. The company operates 18 business units, 130 manufacturing facilities in 19 countries and employs 20,000, according to the release.

LEG shares were trading at $45.24 as of 11:07 a.m., compared to a 52-week range of $39.20 to $51.28.