Leggett & Platt records net loss in Q2

Leggett & Platt Inc. (NYSE: LEG) swung to a net loss in the second quarter amid a company restructuring plan.

The Carthage-based manufacturer, which operates in industries including automotive, bedding and furniture, reported a quarterly net loss of $602.2 million, according to a news release. That compares with profits of $54.2 million in the same quarter of 2023.

"While our second-quarter results reflect the ongoing challenging macro environment, I am immensely proud of our team's execution," President and CEO Karl Glassman said in the release. "Demand in our residential end markets remains weak as consumers continue to delay big-ticket, discretionary purchases. Additionally, the global automotive market remains volatile due to a slower-than-expected shift to electric vehicles and disruption from new Chinese market entrants.

"Due to these factors and continued deflationary pressure, we are lowering our full-year sales guidance."

Sales during the second quarter dropped 8% to $1.1 billion. For the full year, Leggett & Platt is estimating a 5% to 9% decrease in sales.

Earlier this year, Glassman was reinstalled as Leggett & Platt's president and CEO amid a restructuring plan announced in January through which the company intends to make plant closures and workforce reductions, according to past reporting.

As of June 30, Leggett & Platt's assets were $3.8 billion, according to the release.

LEG shares were trading at $12.78 as of 9:36 a.m., compared with a 52-week range of $10.11 to $30.40 per share.