Leggett & Platt reports 15 percent sales increase

Carthage-based manufacturer Leggett & Platt (NYSE: LEG) released its second-quarter results yesterday, reporting a net earnings increase of 177 percent compared to second-quarter 2009 results.

Net earnings for 2010's second quarter were $52.7 million, or 34 cents per diluted share, compared to 2009's second quarter net earnings of $19 million, or 12 cents per diluted share, according to a news release.

The results were pushed by sales of $874 million, compared to $757.4 million in the same quarter last year, the release said. The company also was able to buy back 2.3 million of its shares during the quarter, giving Leggett & Platt 146.6 million shares outstanding.

"We are encouraged to see continued sales growth," President and CEO David Haffner said in the release. "This quarter's 15 percent growth, and the associated higher capacity utilization, led to meaningful earnings.

"We acknowledge the recent weakness in both investor and consumer sentiment, but remain guardedly optimistic."

Leggett & Platt - which manufactures materials for residential furnishings, commercial fixturing and components, industrial materials and specialized products - has 19 business units, 19,000 employees and more than 140 manufacturing facilities in 18 countries, according to its Web site.[[In-content Ad]]