Leggett & Platt records smaller full-year profit

Following a substantial fourth-quarter profit drop, Carthage-based Leggett & Platt Inc. (NYSE: LEG) reported 2013 earnings of $197.3 million, a 21 percent decrease from earnings in 2012, according to its annual report to shareholders.

2013 financial notes:

• Fourth-quarter profit dropped by 92 percent, with the company posting profit of $5.6 million for the three months ended Dec. 31, compared to $73.5 million in fourth-quarter 2012, according to a news release.
• Sales rose 1 percent on the year, to $3.75 billion, largely as a result of acquisitions. Same location sales were flat, with a 1 percent unit volume increase offset by reduced trade sales.
• The company repurchased 6 million shares during the year and issued 3.2 million shares.

"For 2014, the economic outlook is a bit brighter than it has been for some time," Leggett & Platt board Chairman and CEO David Haffner said in the release. "Forecasters are calling for a modestly better U.S. economy, though they note that headwinds still exist."

Leggett & Platt manufactures engineered components and products for homes, offices and vehicles. As of Dec. 31, the company held assets of $3.1 billion and employed some 18,000, according to the release.

LEG shares were trading at $30.94 as of 10:15 a.m., compared to a 52-week range of $28 to $34.28.