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Much progress despite weak economy - Leggett & Platt
29 Jan '10
4 min read
"We continued to make notable progress on the key strategic changes we outlined in November 2007. Consistent with our stated intentions, during 2008 and 2009 combined, we:
• Generated cash of over $1.4 billion from both operations ($1.0 billion) and divestitures ($420 million).
• Increased quarterly dividends by 44% (from $.18 to $.26 per share).
• Bought back 15% (26 million shares) of Leggett's outstanding stock.
• Reduced long-term net debt to its lowest level (in dollars) in over a decade.
• Achieved 2-year Total Shareholder Return (TSR(1)) of 32%; within the top 4% of all S&P 500 companies.
"Our balance sheet and cash flow remain strong, and our cost structure has improved significantly, as margins indicate. We are very well positioned to ride out the economic downturn, which we anticipate will continue throughout 2010. Whether the economy remains lackluster or unexpectedly strengthens, our main financial objective remains to consistently achieve TSR within the top 1/3 of the S&P 500, a goal we have successfully achieved over the last two years."
Click here for more details.
• Generated cash of over $1.4 billion from both operations ($1.0 billion) and divestitures ($420 million).
• Increased quarterly dividends by 44% (from $.18 to $.26 per share).
• Bought back 15% (26 million shares) of Leggett's outstanding stock.
• Reduced long-term net debt to its lowest level (in dollars) in over a decade.
• Achieved 2-year Total Shareholder Return (TSR(1)) of 32%; within the top 4% of all S&P 500 companies.
"Our balance sheet and cash flow remain strong, and our cost structure has improved significantly, as margins indicate. We are very well positioned to ride out the economic downturn, which we anticipate will continue throughout 2010. Whether the economy remains lackluster or unexpectedly strengthens, our main financial objective remains to consistently achieve TSR within the top 1/3 of the S&P 500, a goal we have successfully achieved over the last two years."
Click here for more details.
Leggett & Platt
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