Leggett & Platt Q1 Net Rises
April 25, 2014,
CARTHAGE, Mo.-A decline in operating expenses offset a small drop in sales to propel Leggett & Platt to a first-quarter gain of 7.5 percent in net income, which totaled $53.1 million.
Selling and administrative expenses were down 8.1 percent in dollars and 77 basis points as a percentage of sales, to 10.7 percent. Net sales fell 1.5 percent to $919.1 million. Gross margin was off 67 basis points to 19.6 percent.
Sales in Leggett & Platt's residential furnishings segment gained 2 percent, but this was offset by a 22 percent drop in sales of commercial fixturing and components, and a decline of 5 percent in sales of industrial materials. Sales of specialized products were up 6 percent.
For all of 2014, Leggett & Platt said it now expects sales to grow by between 3 and 8 percent, to between $3.85 billion and $4.05 billion.