Leggett & Platt swings to a net loss in 2023

Leggett & Platt Inc. (NYSE: LEG) reported a 2023 net loss, partly due to a softening of the company's residential markets, with the results triggering a new 52-week stock low for the company.

The Carthage-based manufacturer's annual net loss was $136.8 million, which compares with net income of $309.8 million in 2022, according to a news release. During the fourth quarter, the company reported a net loss of $297.3 million, compared with profits of $52.8 million a year earlier.

Sales for the year came to $4.7 billion, an 8% decrease. Fourth-quarter sales were down 7% to $1.1 billion.

"2023 was another challenging year for residential end markets as our bedding products and furniture, flooring and textile products segments faced ongoing weak market demand," Leggett & Platt President and CEO Mitch Dolloff said in the release. "Our 2024 guidance reflects continued soft residential end market demand."

Last month, Leggett & Platt announced a restructuring that would result in the closure of 15-20 bedding products plants, according to past reporting.

LEG shares were trading at $20.84 as of 11:44 a.m., compared with a 52-week range of $20.78 to $35.10 per share. The 52-week low was recorded this morning.