Profits fall at Leggett & Platt despite record sales

While Leggett & Platt Inc. (NYSE: LEG) posted a quarterly sales record, its profits fell during the three-month period.

The Carthage-based manufacturer's net income dropped 15% to $95.2 million, or 70 cents per diluted share, from $112.2 million, or 82 cents per diluted share, in second-quarter 2021, according to a news release. Sales grew 5% to $1.3 billion.

Speaking to the sales record, President and CEO Mitch Dolloff said in the release, “These results are attributable to the excellent work of our employees as they continue to effectively navigate a dynamic operating environment and reflects the value of the diversity of our portfolio.”

Still, the full year may not perform as well as expected.

"We are lowering our full-year guidance to reflect macroeconomic uncertainties including impacts of inflation, tightening monetary policy and softening consumer demand continuing through the back half of the year," Dolloff said in the release. "We expect solid demand in our industrial and automotive end markets to partially offset softer consumer markets."

As of June 30, Leggett & Platt's assets were $5.2 billion. The company has 20,000 employees working at 130 manufacturing facilities located in 17 countries, according to the release.

LEG shares were trading at $41.61 as of 9:21 a.m., compared with a 52-week range of $33.19 to $49.94 per share.