Leggett & Platt’s yearly earnings grow

Bolstered by acquisitions and strong fourth quarter results, Leggett & Platt Inc.’s (NYSE: LEG) earnings climbed in 2019.

The Carthage-based manufacturer of engineered components and products for homes, offices and vehicles posted a 9% increase in yearly net income to $333.8 million, compared with nearly $306 million in 2018. Diluted share earnings for the year were up 21 cents to $2.47, according to a news release.

Officials cited the first quarter purchase of Elite Comfort Solutions Inc. for $1.3 billion as a major contributor. Such acquisitions added 14% to sales growth.

"In 2019, our employees achieved several milestones, including the acquisition of ECS, the largest acquisition in company history, record cash flow from operations and our 48th consecutive annual dividend increase,” Chairman and CEO Karl Glassman said in the release. “Over the past several years we have enhanced our business portfolio and improved margins by growing our stronger businesses and exiting or restructuring businesses that consistently struggled to deliver acceptable margins and returns.”

Announced in December 2018, Leggett & Platt implemented a plan in 2019 through which it exited its fashion bed business and restructured its home furniture business unit, according to the release.

2019 financial notes for Leggett & Platt:
• Contributing to the yearly total, fourth quarter earnings grew 64% to nearly $87 million.
• Net sales for the year were up 9% to $1.1 billion.
• Cash flow from operations hit a record $668 million.

As of Dec. 31, Leggett & Platt’s assets were $4.8 billion. The company operates 15 business units and employs 22,000 people at 140 manufacturing plants in 18 countries, according to the release.

LEG shares were trading at $47.62 as of 10:57 a.m., compared with a 52-week range of $35.35 to $55.42.