Leggett & Platt grows quarterly earnings by 183%

Leggett & Platt Inc. (NYSE: LEG) reported a significant increase in quarterly profits as it completed the sale of one of its business units.

The Carthage-based manufacturer's earnings were $127.1 million, a 183% increase from $44.9 million a year earlier, according to a news release. Diluted share earnings climbed to 91 cents from 33 cents year over year.

Top-line trade sales were down 6% to roughly $1 billion during the quarter.

"We are pleased to report solid results for the quarter, achieved amid ongoing macroeconomic challenges. Our performance reflects continued progress on strategic priorities and disciplined execution across the company," Leggett & Platt President and CEO Karl Glassman said in the release. "During the quarter, we successfully completed the sale of our aerospace business, further sharpening our focus on core operations."

Leggett & Platt closed Aug. 29 on the sale of its international aerospace products division to New York City-based Tinicum Inc., according to past reporting. Leggett & Platt officials expect after-tax proceeds of around $250 million for the deal, which was announced with a $285 million total price tag in April. 

As of Sept. 30, Leggett & Platt's assets were $3.5 billion.

LEG shares were trading at $10.11 as of 9:30 a.m., compared with a 52-week range of $6.48 to $13.20 per share.