Leggett & Platt earns 34 cents per share in 3Q

Carthage-based manufacturer Leggett & Platt reported earnings of 34 cents per share in the third quarter, a significant improvement over earnings from 2008 despite lower sales.

The company's earnings were up 17 percent from the 29 cents per share posted in third-quarter 2008, despite sales of $810 million this year - down 28 percent from the $1.13 billion in sales in the same period last year.

The company cited reduced costs as the main cause of the earnings increase. Prices of steel - used in the company's residential furnishings and commercial fixtures manufacturing - decreased in the quarter compared to the first half of the year, contributing to the drop in overall expenses.

"In November of 2007, we announced our intent to accomplish three things: narrow our focus by divesting certain of our operations, improve our margins, and then begin to carefully and conservatively grow the company," President and CEO David S. Haffner said in the earnings release. "Starting in late 2008, and throughout 2009, we have been intently focused on improving our margins."

The company also has worked on reducing debt; Leggett repurchased 4.4 million shares of its stock during the quarter, decreasing net debt to 23.7 percent of net capital.

Cash flow from company operations was $142 million for the quarter and $430 million through the first nine months of 2009.

Shares of Leggett & Platt (NYSE: LEG) closed Friday at $20.82, near the 52-week high of $21.28. Shares hit a new 52-week high of $21.44 during Monday morning trading.