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Leggett & Platt reports $112.2 million in second-quarter earnings.
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Leggett & Platt reports $112.2 million in second-quarter earnings.

Leggett & Platt swings to a profit in Q2

Posted online

On higher revenue nearing $1.3 billion, Leggett & Platt Inc. (NYSE: LEG) swung to a profit in the second quarter.

The Carthage-based manufacturer's quarterly net income was $112.2 million, a turnaround from a $6.1 million net loss in second-quarter 2020, according to a news release.

"Our employees continued to drive strong results in the second quarter despite a challenging macroenvironment," Leggett & Platt Chair and CEO Karl Glassman said in the release. "While we continue to navigate inflationary pressures along with supply chain disruptions, consumer demand remains strong."

Second-quarter financial notes for Leggett & Platt:
• Revenue rose 50% to $1.3 billion.
• The company in June purchased Ireland-based special foam and finished mattresses provider Kayfoam.
• Gross profit was up 84% to $269.3 million.

As of June 30, Leggett & Platt's assets were $5.2 billion, according to the release. The company, which manufactures engineered components and products for homes, offices and vehicles, employs 21,000 people across 15 business units and 135 manufacturing facilities in 18 countries.

LEG shares were trading at $48.65 as of 11:06 a.m., compared with a 52-week range of $37.94 to $59.16.

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