Leggett & Platt stock hits 52-week low as company reduces forecast

The stock market has reacted to news that Leggett & Platt Inc. (NYSE: LEG) is lowering its full-year sales and earnings guidance.

The company's stock this morning hit a 52-week low of $30.30 per share after announcing its revised forecast yesterday afternoon.

In a news release, officials with the Carthage-based manufacturer lowered full-year sales projections to $5.1 billion-$5.2 billion and earnings per share guidance to $2.30-$2.45. Previously, the company lowered its guidance in August to a range of $5.2 billion-$5.4 billion in sales and $2.65-$2.80 in earnings per share.

"The increasingly challenged global economic environment and consumer backdrop is expected to result in lower than previously anticipated sales and earnings in the third and fourth quarters of 2022," Leggett & Platt President and CEO Mitch Dolloff said in the release. "We continue to focus on things we can control and are taking action to mitigate the impact of these challenges by aligning costs, production levels and inventory with demand; evaluating near-term opportunities with our customers and working with them on new product developments; and continuing to build out our existing businesses through acquisitions."

In the second quarter, Leggett & Platt's net income dropped 15% to $95.2 million but sales rose 5% to $1.3 billion, according to past reporting. With 15 business units, approximately 20,000 employees and 130 manufacturing facilities in 17 countries, the company makes engineered components and products for homes and automobiles.

The LEG stock's 52-week high is $48.37 per share. The high point was hit Oct. 22 last year.