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Leggett & Platt’s earnings up on higher sales

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Leggett & Platt Inc. (NYSE: LEG) produced a 9 percent jump in net earnings on 8 percent higher sales during the third quarter.

The Carthage-based manufacturer of engineered components and products for homes, offices and vehicles posted profits of $90 million, up from $82.6 million a year earlier. Diluted share earnings came to 67 cents, a 7-cent uptick compared with third-quarter 2017, according to a news release.

“We are pleased with our 8 percent sales growth in the third quarter, reflecting strength in several businesses and raw material-related selling price increases,” Leggett & Platt President and CEO Karl Glassman said in the release. “Our raw material cost increases have moderated but are still a headwind in several of our businesses, including home furniture, European spring and flooring products.”

Third-quarter financial notes:
    •    Revenue was $1.1 billion, compared with $1 billion in the same quarter of 2017.
    •    The largest contributor to sales, residential products, rose 4.3 percent to $450 million.
    •    Cost of goods sold increased 9 percent to $864.4 million.

Leggett & Platt reported $3.5 billion in assets as of Sept. 30. The company’s 14 business units and 120 manufacturing plants in 18 countries employ 22,000 people, according to the release.

LEG shares were trading at $35.38 as of 9:47 a.m., compared with a 52-week range of $35.32 to $51.99.

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