Shareholders sent Leggett & Platt Inc. (NYSE: LEG) stock to a new 52-week high this morning after the company's release yesterday of its quarterly results.
The Carthage-based manufacturer's profits rose 98% to $87.5 million during the first quarter, compared with $44.1 million a year earlier, according to a news release. Diluted share earnings were up to 64 cents from 33 cents.
Revenue during the quarter rose 10% to $1.2 billion.
"We had a very strong start to the year, delivering better-than-expected first quarter results thanks to the efforts of an incredible team of more than 20,000 employees who remain focused on servicing our customers and keeping each other safe," Chairperson and CEO Karl Glassman said in the release. "Our results demonstrate our agility and resilience in dealing with inflationary pressure and supply chain constraints."
Leggett & Platt is projecting annual sales to close at $4.8 billion to $5 billion, which would be up by 12% to 17%, respectively, from 2020. The company also boosted its profits prediction, putting earnings per share as high as $2.75 this year, compared with prior guidance of as much as $2.60 per share.
Leggett & Platt's assets were $4.9 billion as of March 31, according to the release. The company, which manufactures engineered components and products for homes, offices and vehicles, employs 20,000 people via 15 business units and 135 manufacturing facilities in 17 countries.
The company's stock traded as high as $53.80 per share by 11 a.m. The 52-week low is $24.01 per share.
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