Leggett & Platt posts $71.3M earnings

Carthage-based Leggett & Platt Inc. (NYSE: LEG) reported $71.3 million earnings in the second quarter, a 10 percent bump compared to a $64.9 million net income in the same quarter a year ago.

The manufacturer of engineered components and products for homes, offices and vehicles recorded diluted earnings per share of 44 cents for the three months ending June 30, up from 39-cent earnings in second-quarter 2012, according to a news release.

Second-quarter companywide sales totaled roughly $1 billion, led by a 3 percent increase in residential furnishings sales to $488.8 million; followed by a 6.9 percent jump to $208.4 million for specialized products sales; and a 10.9 percent bump in commercial fixturing & components sales to $127.4 million. Industrial materials sales decreased 7.1 percent to $216.7 million from $233.2 million in the same quarter a year ago.

Leggett & Platt's same-location sales increased 2 percent, with a 3 percent increase in unit volume partially offsetting lower rod mill trade sales, according to the release.

"We continue to maintain our strong financial base," Leggett & Platt CEO David Haffner said in the release. "During the quarter we repaid $200 million of long-term debt that came due.

"We ended the quarter with net debt to net capital at 29.3 percent, conservatively below our long-term 30 percent to 40 percent target range."

Leggett & Platt's assets totaled $3.3 billion as of June 30, matching liabilities and equity.

LEG shares were trading at $31.13 as of 11:24 a.m. Its 52-week range is $22.59 to $34.28.