Leggett & Platt Doubles Internet Revenue Regardless of Q3 Gross sales Drop » BedTimes Journal
Leggett & Platt mentioned third-quarter gross sales fell 6% to $1.04 billion, however the firm’s internet earnings was greater than double final yr’s third quarter as a restructuring effort launched in early 2024 boosted the underside line.
Internet earnings for the quarter totaled $127.1 million, or 91 cents per share. That’s up from $44.9 million, or 33 cents per share, in the identical quarter final yr. The newest quarter included about $4 million in restructuring fees and an $87 million achieve from the August sale of its aerospace merchandise group.
The corporate mentioned gross sales from the bedding merchandise phase — its largest enterprise unit — fell 10% to $402.5 million amid continued weak demand and retail merchandising adjustments in adjustable mattress and specialty foam merchandise.
Gross sales within the furnishings, flooring and textiles phase had been basically flat at $356.4 million, whereas gross sales within the specialised merchandise phase had been down 7% to $277.5 million.
“We’re happy to report stable outcomes for the quarter, achieved amid ongoing macroeconomic challenges. Our efficiency displays continued progress on strategic priorities and disciplined execution throughout the corporate,” mentioned Karl Glassman, president and CEO.
Glassman famous that the aerospace merchandise sale helped the corporate cut back debt by $296 million and mentioned working money movement was $126 million — a $30 million improve from final yr’s third quarter.
“The dedication and laborious work of our staff is making a stronger, extra agile firm positioned for worthwhile progress,” he mentioned. “We stay targeted on producing robust money movement, strengthening our steadiness sheet, and creating long-term shareholder worth.”
The corporate reaffirmed the midpoint of its earlier 2025 gross sales and adjusted earnings per share steerage however narrowed the projected vary.
Gross sales at the moment are projected at $4 billion to $4.1 billion — versus a July estimate of $3.9 billion to $4.2 billion, whereas adjusted earnings per share at the moment are anticipated to be $1.52 to $1.72. That compares with a July estimate of $1.43 to $1.72.
For the primary 9 months of 2025, companywide gross sales totaled $3.12 billion, down from $3.33 billion within the first 9 months of 2024.
9-month internet earnings totaled $210.2 million, or $1.51 per share. In the identical interval in 2024, the corporate recorded a internet lack of $525.7 million, or $3.83 per share.
