Leggett & Platt 'significantly impacted' by pandemic

Leggett & Platt Inc. (NYSE: LEG) swung to a net loss in the second quarter as its financials were "significantly impacted" by the coronavirus pandemic, according to Chair and CEO Karl Glassman.

The Carthage-based manufacturer reported a net loss of $6.1 million, a 107% drop from $86.2 million in profits a year earlier. That equates to a diluted share loss of 5 cents for the three-month period that ended June 30, compared with 64 cents per share in earnings in the second quarter of 2019, according to a news release. Profits in the first quarter were down 25% to $45.7 million, according to past reporting.

The company's revenue in the second quarter fell 30% to $845.1 million.

"Our second quarter results were significantly impacted by the economic effects of the COVID-19 pandemic," Glassman said in the release. "Our long-term fundamentals have not changed. We are dedicated to our long-term vision for the company and are confident that we will emerge from this crisis strong and focused on the future."

Leggett & Platt also announced its board of directors declared a third quarter dividend of 40 cents, which is equal to the same period of 2019.

A manufacturer of engineered components and products for homes, offices and vehicles, Leggett & Platt's assets were $4.6 billion as of June 30. The company has 15 business units and 140 manufacturing plants in 18 countries, according to the release.

LEG shares were trading at $38 as of 9:08 a.m., compared with a 52-week range of $22.03 to $55.42.