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Leggett & Platt bumps bottom line

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Carthage-based manufacturer Leggett & Platt Inc. (NYSE: LEG) produced second-quarter earnings of $86.2 million, a roughly 1% increase from $85 million a year earlier.

The manufacturer of engineered components and products for homes, offices and vehicles reported diluted share earnings of 64 cents, a 1-cent increase from second-quarter 2018, according to a news release.

"Demand for our bedding products remains strong and will benefit from the preliminary dumping duties on Chinese mattresses that were recently imposed by the Department of Commerce,” Leggett & Platt President and CEO Karl Glassman said in the release. “These rates range from 69% to 1,732% and should allow domestic mattress producers to compete on a more level playing field. We anticipate a final determination in the matter by the end of the year.”

Second-quarter financial notes:
• Glassman cited the company’s $1.3 billion purchase of Newnan, Georgia-based Elite Comfort Solutions Inc. in January for a 10% increase in second-quarter net sales to $1.2 billion.
• The company’s board declared a 40-cent dividend for the second quarter, which is 2 cents higher than the prior year.
• Selling and administrative expenses rose 10% to $118.3 million.

As of June 30, Leggett & Platt’s assets were $5 billion. Through 15 business units, the company employs 23,000 people working at 145 manufacturing plants in 18 countries, according to the release.

LEG shares were trading at $39.75 as of 8:54 a.m., compared with a 52-week range of $33.48 to $46.71.


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