Leggett & Platt Inc. (NYSE: LEG) reported better top- and bottom-line results in the first quarter.
The Carthage-based manufacturer's sales were up 15% to $1.3 billion and profits grew by 3% to $90.4 million compared with the same quarter of 2021, according to a news release.
"Our employees around the world once again successfully managed an incredibly dynamic operating environment," President and CEO Mitch Dolloff said in the release. "Our full-year guidance remains unchanged as we balance strong first-quarter results, which were in line with our expectations, with continuing macro-market uncertainties, including supply chain constraints, inflation, tighter monetary policy, the invasion of Ukraine and COVID lockdowns in China."
For the year, the company is projecting earnings per share of $2.70-$3, with a sales range of $5.3 billion-$5.6 billion.
As of March 31, Leggett & Platt's assets were $5.3 billion, according to the release. The company, which manufactures engineered components and products for homes, offices and vehicles, has around 20,000 employees and 130 manufacturing facilities in 17 countries.
LEG shares were trading at $36.77 as of 9:05 a.m., compared with a 52-week range of $33.80 to $59.16 per share.
The Bureau of Labor Statistics reported in May the all-items inflation index surged 8.6% over the past year, the highest increase since 1981.