Leggett & Platt posts record share earnings

Leggett & Platt Inc. (NYSE: LEG) increased its third-quarter earnings per share by 14 cents to 45 cents, a quarterly record for the Carthage-based manufacturer.

The most recent quarterly earnings per share record was 39 cents, set in 2006, according to a news release.

"Importantly, we accomplished this milestone based upon strong operational performance as a result of higher volumes and margins, and without the benefit of unusual income items," Leggett & Platt President and CEO David Haffner said in the release, noting the company expects to set a full-year earnings per share record.

The company recorded third-quarter net income of $65.8 million, a 47 percent increase from earnings of $44.9 million in the same quarter of 2011.

Leggett & Platt, which manufactures engineered components and products for homes, offices and vehicles, increased third-quarter sales 4.4 percent to $982.2 million, and with $776.7 million in costs for goods sold, gross profit was $205.5 million. Within the sale figure, commercial fixturing and components increased by 15 percent, residential furnishings rose 2 percent, specialized products increased 2 percent, and industrial materials bumped up 1 percent, the release said.

Leggett & Platt's same location sales were 3 percent, compared to 9 percent in third-quarter 2011.

The 129-year-old company comprises 20 business units, 18,000 employees and 130 manufacturing facilities in 18 countries. As of Sept. 30, its assets were $3.2 billion, according to the release.

Leggett & Platt's shares closed Oct. 26 at $25.40, compared to a 52-week range of $19.26 to $26.21.