Leggett & Platt hits fresh 52-week high

Investors responded favorably to Leggett & Platt Inc.’s (NYSE: LEG) quarterly earnings report in which its top- and bottom-line figures outmatched the prior year.

The company’s stock hit a 52-week high of $51.70 this morning. Its 52-week low is $33.48.

The Carthage-based manufacturer of engineered components and products for homes, offices and vehicles reported third quarter net income of $99.6 million, an 11% increase from $90 million a year earlier. Diluted share earnings rose 7 cents to 74 cents per share, according to a news release.

Net sales were up to $1.2 billion from $1.1 billion in third quarter 2018.

"Sales grew 14% in the third quarter, primarily from the ECS acquisition,” President and CEO Karl Glassman said in the release, referring to the first quarter purchase of Elite Comfort Solutions Inc. for $1.3 billion.

“Sales were stronger in automotive, U.S. spring and work furniture, but this improvement was more than offset by planned lower volume from business exited in fashion bed and home furniture and weak trade demand in the industrial products segment.”

As of Sept. 30, Leggett & Platt’s assets were $4.9 billion. The company comprises 15 business units with 22,000 employees at 145 manufacturing plants in 18 countries, according to the release. Its products include bedding components, automotive seat support and steel wiring.