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Leggett & Platt Inc. (NYSE: LEG) ended 2022 with a drop in earnings.
The Carthage-based manufacturer posted full-year net income of $309.8 million, a 23% decrease from $402.4 million in 2021, according to a news release. Diluted share earnings fell to $2.27 from $2.94 per share.
Sales during the year were up 1% to $5.1 billion.
"Leggett & Platt's diverse portfolio of businesses, strong cash discipline, and the ingenuity and agility of our employees helped deliver solid results in 2022 despite weak demand in residential end markets," President and CEO Mitch Dolloff said in the release. "As we moved through the year, the dynamic macroeconomic and geopolitical environment pressured our markets and affected our results.
"We anticipate 2023 to be a challenging year driven by continued economic uncertainty."
During the fourth quarter, net income fell by 50% to $52.8 million, while revenue was down 10% to $1.2 billion.
As of Dec. 31, Leggett & Platt's assets were $5.2 billion, according to the release. With 15 business units, approximately 20,000 employees and 135 manufacturing facilities in 18 countries, the company makes engineered components and products for homes and automobiles.
LEG shares were trading at $34.02 as of 9:29 a.m., compared with a 52-week range of $30.28 to $41.94 per share.
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