Leggett & Platt cuts 4Q estimates

By Furniture Today Staff -- Furniture Today, December 21, 2008

CARTHAGE, Mo. — Leggett & Platt, the largest supplier of furniture and bedding components, has cut its fourth- quarter sales and earnings estimates due to continued weakness in most of the markets it serves.

The company now says it expects earnings from continuing operations to be break-even to 15 cents per share, not including one-time charges. Two months ago, the projection was 15 cents to 30 cents per share.

For the full year, earnings from continuing operations are now projected at 85 cents to $1 per share. That's down from the October forecast of $1 to $1.15 per share.

Including one-time charges, net income for the year is forecast at 55 cents to 70 cents per share. That's down from the October forecast of 75 cents to 95 cents per share.

Fourth-quarter sales are projected to be $865 million. That's $75 million below the earlier forecast.

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