Leggett & Platt takes roller-coaster ride in 2005

The Carthage-based manufacturer of residential and office furniture reported fourth-quarter sales totaling $1.34 billion, an increase of 4.5 percent over the fourth quarter of 2004. The increase is attributable mostly to seven company acquisitions completed in the fourth quarter, as same location sales were relatively flat.

Full-year sales increased 4.2 percent to $5.3 billion. Same location sales increased 2.1 percent, and acquisitions were responsible for the remaining growth.

For the year, earnings per share decreased from $1.45 in 2004 to $1.30 in 2005. The decrease is due mostly to an expense of 18 cents per share for restructuring activity in September.

“Looking at the full year, there were numerous accomplishments, and a few disappointments,” said Felix E. Wright, chairman and CEO, in a news release. “We are pleased to have posted fourth-quarter earnings at the upper end of our guidance, even though restructuring-related costs were recognized more quickly than we anticipated. The disappointments include performance that drove us to initiate a significant companywide restructuring effort,” along with a lack of improvement in the company's fixture and display departments.

Shares of stock for Leggett & Platt (NYSE: LEG) closed Feb. 6 at $24.21, compared to a 52-week range of $18.19 to $29.61.

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