Leggett & Platt Net Rises 4 Percent in Second Quarter
July 29, 2011,
CARTHAGE, Mo.-In what President and CEO David Haffner described as "a reasonably good quarter," Leggett & Platt posted net income of $54.7 million, up 4 percent from last year's second quarter.
The company's bottom line firmed largely due a gain in net sales of 8.1 percent, to $945.2 million. At the same time, according to a Leggett & Platt statement, much of this growth came from items that brought a low level of incremental profit, such as inflation from price increases instituted to recover higher costs; currency exchange rates; and trade sales from the company's steel mill.
Leggett & Platt said it expects net sales for all of 2011 to finish at between $3.5 billion and $3.7 billion, which would represent an increase of from 4 percent to 10 percent.