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US manufacturer Leggett & Platt reports record Q2 sales of $1.27 bn
12 Aug 21 2 min read
Second quarter (Q2) sales at Leggett & Platt, a US-based manufacturer of distinct products including bedding, homes and automobiles, shot up 50 per cent achieving quarterly record of $1.27 billion compared to sales of $845.1 million in the same period last year. Net earnings during Q2 FY21 escalated to $112.3 million (loss: $6.1 million).
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"Our employees continued to drive strong results in the second quarter despite a challenging macroenvironment. Due to their tremendous efforts, we are pleased to deliver all-time quarterly record sales along with record second quarter adjusted EBIT and EBITDA,” Karl Glassman, chairman and CEO at Leggett & Platt, said in a press release.
Gross profit during the three-month period mounted 84 per cent to $269.3 million ($146.6 million), while earnings before interest and taxes accelerated over 600 per cent to $171.9 million ($22.7 million).
Segmentally, bedding products sales were up 48 per cent to $608.7 million ($410.6 million) driven by strong demand for home-related products, whereas specialised products sales surged 72 per cent to $241.7 million ($140.8 million) with strong recovery in automotive and hydraulic cylinders and modest recovery in aerospace. Moreover, furniture, flooring and textile products improved 43 per cent to $419.2 million ($293.7 million) because of strong demand in home furniture, geo components, and the residential components.
"We are also pleased to announce that on June 4, we acquired a leading provider of specialty foam and finished mattresses primarily serving customers in the UK and Ireland,” Glassman added. “Similar to our US bedding business, this acquisition allows us to support our European bedding customers anywhere in the value chain from innerspring and foam components to finished products including private label mattresses, toppers, pillows, and other bedding accessories.”
For fiscal 2021, the company raised its guidance and now expects sales to grow between 14 per cent to 19 per cent around $4.9 billion to $5.1 billion.
Fibre2Fashion News Desk (JL)
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