Leggett & Platt Profit Falls in First Quarter
April 27, 2012,
CARTHAGE, Mo.-First-quarter net income for Leggett & Platt slipped 2.2 percent to $44 million, slimmed by a higher effective tax rate than in the first quarter of last year.
Net sales for the diversified manufacturer finished the quarter, which ended on March 31, at $946.8 million, up 5.7 percent from last year. This included a 7 percent pickup in sales of residential furnishings, a gain of 13 percent in sales of industrial materials (driven largely by Leggett & Platt's acquisition of Western Pneumatic Tube) and a 6 percent increase in sales of specialized products.
For 2012 as a whole, Leggett & Platt said it anticipates sales to total between $3.65 billion and $3.85 billion. David Haffner, president and CEO, said he expects increased demand, the company's restructuring activities in late 2011 and a lower effective tax rate for the remainder of this year to produce "meaningful, full-year margin improvement."