Leggett & Platt reduces 4Q stock projections

The company, which makes engineered components and products for home, office, retail and automobile uses, said in a news release that most of the poor performance can be attributed to an unanticipated decline in sales of bedding-related components and products.

Weakness also comes from reduced sales and production of steel wire, the raw material used to produce innersprings, due to U.S. innerspring shipments 10 percent below 2003 fourth-quarter levels.

In the release, the company said the negative impacts should be partially offset by modestly improved sales expectations in several lines of business.

Leggett & Platt (NYSE: LEG) anticipates 2005 sales growth between 6 percent and 10 percent for the year. The company also foresees record full year earnings between $1.50 and $1.70 per share, citing increased sales and improved cost structure.

Company stock closed Dec. 28 at $27.78 per share, about 9 percent off the stock’s 52-week high of $30.68, set Dec. 5.