Leggett & Platt earnings rise despite sales drop

Carthage-based Leggett & Platt Inc. (NYSE: LEG) reported third-quarter profits of $71.3 million, an 8 percent bump from $65.8 million earnings in the same quarter of 2012. Net sales fell 2.1 percent to $957.7 million last quarter, compared to $978.1 million in third-quarter 2012.

"In general, the third quarter remained sluggish as companies and consumers wrestled with the effects of continuing governmental gridlock and its associated uncertainty," Leggett & Platt CEO David Haffner said in a news release. "Even so, we are pleased with the progress made in many of our operating units.

Commercial fixturing and components sales decreased by $33 million, industrial materials sales dropped by $10 million and specialized products sales rose by $2 million.

The manufacturer of engineered components and products for homes, offices and vehicles posted diluted earnings per share of 49 cents, a 4-cent uptick, the release said.

Third-quarter financial highlights:

• Leggett & Platt purchased an aerospace tubing manufacturer based in France, a move expected to produce roughly $40 million in annual revenue.
• Same location sales decreased 3 percent, which officials said was due to lower store fixture unit volume.
• The company repurchased 1.1 million shares of its stock and issued 300,000 shares during the quarter.

As of Sept. 30, Leggett & Platt's assets were $3.3 billion. The 130-year-old firm employs 18,000 employees and operates 130 manufacturing facilities in 18 countries, according to the release.

LEG shares were trading at $29.53 as of 10:30 a.m., compared to a 52-week range of $24.96 to $34.28.