YOUR BUSINESS AUTHORITY
Springfield, MO
YOUR BUSINESS AUTHORITY
Springfield, MO
Asset impairment charges of about $150 million pre-tax are predicted for the fourth quarter, a result of Leggett’s divestiture plans announced last month. The diversified manufacturer said it would be cutting one-fifth of its portfolio and closing underperforming plants.
Excluding impairment costs, fourth-quarter earnings guidance is 9 cents to 13 cents per share, down 11 cents per share compared to Leggett’s October guidance, according to a Leggett news release.
About 8 cents per share of the decline will likely result from higher restructuring-related costs, increased legal reserves and lower anticipated earnings from business units that Leggett is divesting.
Business units not on the chopping block are expected to post 3-cent lower earnings per share than previously anticipated, reflecting softer sales in U.S. residential-related markets.
Leggett shares (NYSE: LEG) closed Wednesday at $18.18, compared to a 52-week range of $17.96 to $24.73.
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