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Leggett & Platt ends strong financial year

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Carthage-based manufacturer Leggett & Platt (NYSE: LEG) fell slightly in net earnings for the fourth quarter compared to fourth-quarter 2009 but increased 2010 year-end earnings from 2009.

Fourth-quarter net earnings were $32.5 million, a 12.4 percent decrease from $37.1 million in fourth-quarter 2009, according to a Feb. 1 news release.

Earnings per share dropped two cents to 21 cents compared to fourth-quarter 2009.

Fourth-quarter highlights:
  • Net sales were $801.9 million, an increase from $769.7 million 4Q 2009 sales
  • Cost of goods sold was $660.4 million, compared to $599.5 million in fourth-quarter 2009
  • The company sold $1.7 million worth of its assets during the quarter - it sold $5 million in assets in the same quarter of 2009
Though fourth-quarter comparisons showed a decrease, Leggett & Platt garnered year-end net earnings of $182.8 million, a 59 percent increase compared to 2009 net earnings of $115 million.

Earnings per diluted share increased to $1.15, compared to 70 cents in 2009.

During the year, Leggett & Platt completed its slimming strategy first introduced to investors in November 2007. The sale of the company's Store Products Business for approximately $15 million in September completed the strategy, which brought $433 million in sales to the company during the three-year process, according to Springfield Business Journal archives.

Leggett & Platt brought in $3.4 billion in net sales during the year, a 10 percent increase compared to 2009 net sales of $3.1 billion.

"Leggett & Platt had a good year in 2010, as we began to see signs of economic recovery," President and CEO David S. Haffner said in the release. "The automotive and office furniture markets experienced significant improvement from the very depressed demand levels of 2009."

As of Dec. 31, the company's total assets stood at $3 billion, virtually unchanged from year-end 2009.

Leggett & Platt shares were trading at $22.56 as of 10 a.m., compared to its 52-week range of $17.89 to $25.15.[[In-content Ad]]


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