Home / Knowledge / News / Textiles / Leggett & Platt Q3 sales down 2%
Leggett & Platt Q3 sales down 2%
24
Oct '13
Diversified manufacturer Leggett & Platt announces results for the third quarter.

Highlights:

- 3Q EPS was $.49, including an unusual $.06 benefit from an acquisition completed during the quarter

- 3Q sales were $958 million, 2% lower than in prior year

- Revised 2013 guidance is $1.61-1.66 EPS, on sales of approximately $3.75 billion

Diversified manufacturer Leggett & Platt reported third quarter EPS of $.49. Results include an unusual $.06 EPS benefit from an acquisition purchased at a negotiated price less than the accounting fair value of net assets. For comparison, 3Q 2012 EPS was $.45. The underlying EPS decrease (apart from the acquisition benefit) is primarily due to reduced unit volume.

Third quarter sales from continuing operations were $958 million, a 2% (or $20 million) decrease versus the prior year.  Same location sales decreased 3%, primarily due to lower store fixture unit volume. Acquisitions increased sales by 1%.

CEO Comments

CEO David S. Haffner commented, "In general, the third quarter remained sluggish as companies and consumers wrestled with the effects of continuing governmental gridlock and its associated uncertainty. Even so, we are pleased with the progress made in many of our operating units.

"Our sales decline primarily reflects the non-recurrence, as expected, of one major retailer's large store fixture programs that were concentrated in the third quarter last year. This was partially offset by sales gains in the automotive and carpet underlay business units. EPS declined consistent with lower sales, but this was more than offset by the one-time accounting benefit from a recent acquisition.

"During the quarter we acquired an aerospace tubing manufacturer based in France, producing roughly $40 million of annual revenue. Including the 2012 Western Pneumatic Tube acquisition, and one smaller U.K. operation acquired earlier this year, we now have four companies that provide titanium, nickel alloy and stainless steel welded and seamless tubing and sub-assemblies for aerospace applications. Collectively, these operations should generate annual revenue of approximately $120 million.

"Since 2007, our primary long-term financial goal has been to consistently rank in the top third of the S&P 500 companies for Total Shareholder Return (TSR) as measured over rolling 3-year periods.  For the three year period that began January 1, 2011, we have so far (over the last 34 months) generated annual average TSR of 15%, which places us at the midpoint of the S&P 500 companies.

"We continue to maintain our strong financial base. At quarter's end we had nearly $500 million available under our existing commercial paper program. We ended the quarter with net debt to net capital at 27.9%, the lowest level in over two years, and conservatively below our long-term 30%-40% target range."

Click here to read full results

Leggett & Platt

Must ReadView All

Textiles | On 19th Jan 2017

Pakistan imposes duty on Indian fine cotton yarn

A provisional countervailing duty ranging from Rs 26.89 to Rs 55.8 a...

Textiles | On 19th Jan 2017

Union Budget: Textile sector expects excise duty revisions

Excise duty on man-made fibres should be reduced to bring it on par...

Union textiles minister Smriti Irani at the inauguration of IIGF in New Delhi with textiles secretary Rashmi Verma and other dignitaries. Courtesy: PIB

Apparel/Garments | On 19th Jan 2017

Ministry to reimburse apparel exporters for state levies

The textile ministry has received a sum of Rs 500 crore from the...

Interviews View All

Spokesperson
Hugo Boss

'Hugo Boss works with carefully selected sourcing partners'

Abhimanyu Singh Rathore & Barbara Anna Kosiorek
Kannbar

‘Blending cultures is the true beauty of fashion, where one’s imagination...

Awen Delaval
Samatoa

'Natural fibres are appreciated for traditional authenticity'

Kevin Nelson
TissueGen

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Marten Alkhagen
Swerea IVF AB

Marten Alkhagen, Senior Scientist - Nonwoven and Technical Textiles of...

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Robert Brunner
Devereux

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
January 2017

January 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search