Leggett & Platt Inc Stock Price, News & Analysis

Leggett & Platt (NYSE: LEG) reported Q2 2024 results with sales of $1.1 billion, an 8% decrease from Q2 2023. The company reported a loss of $4.39 per share, primarily due to a $675 million non-cash goodwill impairment charge. Adjusted EPS was $0.29, down $0.09 from Q2 2023. LEG lowered its 2024 sales guidance to $4.3-$4.5 billion and narrowed adjusted EPS guidance to $1.10-$1.25. The company is progressing with its restructuring plan, expecting $40-$50 million in annualized EBIT benefit by late 2025. LEG paid down $73 million of debt and improved adjusted EBIT margin by 50 basis points sequentially. The company is conducting a strategic review of its portfolio to focus on more profitable opportunities.

Leggett & Platt (NYSE:LEG), a diversified manufacturer of engineered products, has announced its second quarter 2024 earnings release and conference call schedule. The company will release its Q2 earnings results on Thursday, August 1, 2024 after market close. A conference call to discuss the results, annual guidance, and market conditions will be held on Friday, August 2, 2024, at 8:30 a.m. Eastern Time.

The call will be webcast and accessible from the Investor Relations section of Leggett & Platt's website. Dial-in information is provided for those who prefer to listen by phone. The earnings release and summary financial information slides will be posted to the company's website shortly after market close on August 1. An audio replay and transcript of the webcast will be available for 12 months following the call.

Leggett & Platt has appointed Karl Glassman as President and CEO, effective immediately. Glassman will also continue as Board Chairman. This move follows Mitch Dolloff's resignation from both roles. Dolloff will remain as a consultant for one year to support the transition. Glassman, who has a 42-year tenure at Leggett & Platt and previously served as CEO from 2016 to 2021, brings deep knowledge of the company's operations and markets. Lead Independent Director Robert Brunner expressed confidence in Glassman's ability to navigate current market challenges and drive long-term growth. The company also thanked Dolloff for his 20 years of service.

Leggett & Platt held its annual meeting, electing directors, ratifying auditors, endorsing executive compensation, and approving stock plan amendments. The diversified manufacturer provides components for homes, automobiles, bedding, furniture, and aerospace.

Leggett & Platt reported 1Q sales of $1.1 billion, a 10% decrease vs the previous year. The company announced a second quarter dividend of $.05 per share and updated its 2024 sales and EPS guidance. The restructuring plan is on track, aiming to optimize operations and improve margins. The company's capital allocation priorities include strengthening the balance sheet, reducing the dividend to accelerate deleveraging, and focusing on long-term profitable growth opportunities.