Leggett & Platt stock hits 52-week low on quarterly report

Leggett & Platt Inc.'s (NYSE: LEG) stock price dropped to a 52-week low this morning following the release of the company's quarterly report.

The Carthage-based manufacturer reported in a news release that its first-quarter earnings dropped 41% to $31.6 million from $53.5 million a year earlier. Diluted share earnings decreased to 23 cents from 39 cents per share year over year.

Sales during the quarter were $1.1 billion, down 10% from $1.2 billion in first-quarter 2023.

"We are taking proactive steps to ensure the long-term success of our business and deliver sustainable returns for our shareholders," President and CEO Mitch Dolloff said in the release. "Our near- to mid-term strategic priorities include strengthening our balance sheet and liquidity, improving margins by optimizing operations and our general and administrative cost structure, and positioning the company for profitable growth opportunities."

Dolloff also said the company is "making steady progress" on a restructuring plan announced in January. Leggett & Platt's plan includes plant closures and workforce reductions, according to past reporting.

As of March 31, Leggett & Platt's assets were $4.6 billion, according to the release.

The 52-week low for LEG stock that was recorded this morning was $11.02. Its 52-week high is $33.11 per share.