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Leggett & Platt's profits increase 5% in the third quarter.
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Leggett & Platt's profits increase 5% in the third quarter.

Leggett & Platt's earnings rise in Q3

Posted online

While sales were down, Leggett & Platt Inc. (NYSE: LEG) delivered a 5% increase in third quarter profits.

The Carthage-based manufacturer's net income was $104.8 million, or 77 cents per share, compared with $99.6 million, or 74 cents per share, a year earlier, according to a news release.

Revenue dipped 3% to $1.2 billion, though positive profit movement was made on the balance sheet due to lower expenses during the quarter.

"We are pleased to deliver strong third quarter results in these uncertain times," said Karl Glassman, chairman and CEO of Leggett & Platt, in the release. "The efforts of our employees around the world drove the outcome, and I want to thank them for their dedication, hard work and creativity.

"I also want to thank our teams for their commitment to developing and implementing effective protocols to keep our employees safe and our facilities running during the pandemic."

The manufacturer of engineered components and products for homes, offices and vehicles had assets of $4.7 billion at the end of the quarter, according to the release. Leggett & Platt has 15 business units and 140 manufacturing plants in 18 countries.

LEG shares were trading at $41.47 as of 8:58 a.m., compared with a 52-week range of $22.03 to $55.42.

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