While Leggett & Platt Inc. (NYSE: LEG) reported a quarterly sales record, higher expenses led to a drop in net income.
The Carthage-based manufacturer's sales were up 9% to $1.3 billion, according to a news release. With a higher cost of goods sold, profits slid 9% to $97.2 million in the third quarter compared with a year earlier.
"Like many other companies, our teams continue to navigate a myriad of macro market challenges, including supply chain issues related to semiconductor shortages, foam chemical shortages, labor availability, freight challenges, as well as higher costs associated with each of these issues," said Karl Glassman, Leggett & Platt's chair and CEO, in the release.
Third-quarter financial notes for Leggett & Platt:
• Cost of goods sold rose 13.3% to $1.1 billion.
• Diluted share earnings were 71 cents, a drop from 79 cents a year earlier.
• The company increased its dividend payment to shareholders by 2 cents to 42 cents.
Leggett & Platt's assets were $5.2 billion as of Sept. 30, according to the release. The company, which manufactures engineered components and products for homes, offices and vehicles, has 20,000 employees and more than 130 manufacturing facilities in 18 countries.
LEG shares were trading at $45.15 as of 8:45 a.m., compared with a 52-week range of $39.25 to $59.16 per share.
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