Leggett & Platt's net loss widens in 2024

While its fourth-quarter profits returned to the black, Leggett & Platt Inc. (NYSE: LEG) reported a widened net loss in 2024.

The Carthage-based manufacturer, which operates in industries including automotive, bedding and furniture, posted a 2024 net loss of $511.5 million, which compares with a net loss of $136.8 million in 2023, according to a news release. The company's fourth-quarter profits were $14.2 million, compared with a net loss of $297.3 million in the same three-month period a year earlier.

"Our 2024 sales and earnings were impacted by continued weak demand in residential end markets and softening in automotive and hydraulic cylinders in the second half of the year," President and CEO Karl Glassman said in the release. "We expect continued economic uncertainty in 2025, but we continue to focus on strengthening our balance sheet, improving operational efficiency and margins, and positioning the company for long-term growth."

Glassman, who retired as CEO of Leggett & Platt at the end of 2021, was reinstalled last year as president and CEO as part of the company's restructuring plan that includes plant closures and workforce reductions, according to past reporting.

"In 2024, we made excellent progress on our strategic priorities, particularly the execution of our restructuring plan, which consistently met or exceeded our expectations," Glassman said in the release. "I am confident that the actions we are taking will improve profitability and create long-term shareholder value."

Leggett & Platt also announced in the release that Sam Smith has been promoted to president of the company's specialized products segment in addition to his roles as executive vice president and president of the furniture, flooring and textile products segment.

As of Dec. 31, Leggett & Platt's assets were $3.7 billion.

LEG shares closed Feb. 14 at $10.45, which compared to a 52-week range of $9.18 to $21.03 per share.