Leggett & Platt reports record earnings

The furniture manufacturer’s second-quarter financial results, released yesterday, showed record quarterly sales of $1.4 billion, a 7.1 percent increase over the second quarter of 2005. Sales increases were attributed to acquisitions, which increased sales by about 6 percent, and a 2 percent increase in same location sales.

Diluted earnings per share totaled 45 cents, a 9.8 percent increase over the same period last year.

“Quarterly sales and EPS were the highest we’ve ever attained,” President and CEO David S. Haffner said in a news release. “We’re especially pleased with the improvement in both the commercial and aluminum segments, which both posted the best second-quarter margins we’ve seen in six years.”

For the year, net sales total $2.78 billion, up 6.5 percent from the $2.61 billion through the first half of 2005. EPS for the year is 78 cents, unchanged from the same point last year.

The company’s restructuring efforts continue. The company last fall identified 36 operations for closure or consolidation; that activity has been substantially completed, at a cost of $76 million.

Stock repurchasing also continues; the company purchased 1.7 million shares of its stock, and shares outstanding have declined from 188.6 million as of June 30, 2005 to 180.8 million shares 12 months later.

Shares of Leggett & Platt company stock (NYSE: LEG) closed Thursday at $22.93 but had dropped to $22.41 as of 11:30 a.m.[[In-content Ad]]