S&P 500 (NYSE:SPY) component Leggett & Platt Inc. (NYSE:LEG) posted lower net income in the first quarter compared with a year-earlier period. Leggett & Platt, Incorporated manufactures a range of engineered components and products, including residential furnishings, commercial fixtures and components and industrial materials.
Leggett & Platt Earnings Cheat Sheet for the First Quarter
Results: Net income for the home furnishings and fixtures company fell to $45 million (30 cents/share) vs. $45.1 million (28 cents/share) a year earlier. A decline of 0.2% from the year earlier quarter.
Revenue: Rose 9.7% to $895.8 million YoY.
Actual vs. Wall St. Expectations: LEG beat the mean analyst estimate of 21 cents/share. Estimates ranged from 14 cents per share to 25 cents per share.
Quoting Management: President and CEO David S. Haffner commented, “We are very encouraged to see higher market demand and sales growth during the first quarter. That growth enhanced earnings, but was offset by higher raw material costs, as previously anticipated. We implemented price increases during the quarter in response to cost inflation; as a result, we expect improved margins in subsequent quarters.”
The company has now seen net income fall in each of the last four quarters. In the fourth quarter of the last fiscal year, net income fell 10.8% while the figure fell 12.7% in the third quarter of the last fiscal year and more than twofold three quarters ago.
Over the last five quarters, revenue has increased 10% on average year over year. The biggest increase came in the second quarter of the last fiscal year, when revenue rose 15.4% from the year earlier quarter.
Competitors to Watch: Select Comfort Corp. (NASDAQ:SCSS), Tempur-Pedic Intl. Inc. (NYSE:TPX), Sealy Corporation (NYSE:ZZ), La-Z-Boy Incorporated (NYSE:LZB), Flexsteel Industries, Inc. (NASDAQ:FLXS), Airsprung Furniture Group (APG), Hooker Furniture Corp. (NASDAQ:HOFT), Chromcraft Revington, Inc. (AMEX:CRC), and Yatas Yatak ve Yorgan Sanayi Ticaret AS (YATAS).
Today’s Performance: Shares of LEG are unchanged in after hours trading.