L&P 3Q sales up 15.7%, profits soar 57.9%
By Furniture Today Staff -- Furniture Today, October 31, 2004
Carthage, Mo. — Components giant and metal bed resource Leggett & Platt said it set a quarterly sales record of $1.3 billion in the third quarter, coupled with net income that skyrocketed 57.9% to $80.2 million.
Sales were up 15.7% from $1.2 billion in the comparable 2003 period, with acquisitions contributing 3% of the growth. Same-location sales jumped 13% in the latest quarter, with about two-thirds attributed to inflation as Leggett passed along higher steel costs.
Same-location sales for the trailing 12-month period were up 11%, the strongest pace since 1993, the company said.
Chairman and CEO Felix Wright said the sales record was partly due to "increased sales in all five segments (of the company), each benefiting from a combination of unit growth, inflation and/or acquisitions. Volume growth, excluding inflation, reached double digits in several product categories, including components for upholstered furniture, die-cast aluminum components, carpet underlay, tubing and machinery."
For the nine months, sales were $3.8 billion, up 17.1% from $3.2 billion in the 2003 nine months. Net income soared 49.6% to $219.8 million from $146.9 million a year ago.
In the residential furnishings segment, sales in the latest quarter were up 13% to $645.6 million, an increase of $74.3 million over sales of $571.3 million for the comparable 2003 period. For the nine months, sales were up 14.7% to $1.86 billion from $1.62 billion a year ago.
Looking ahead, Leggett expects fourth-quarter earnings per share in a range of 31 cents to 36 cents, up from 30 cents for the final quarter of 2003, resulting in full-year per share earnings in a range of $1.43 to $1.48. For all of 2003, earnings per share were $1.05.
Over the next five to 10 years, Leggett said it was aiming for 15% average annual earnings per share growth, and a 10% to 15% annual growth in sales.
Leggett & Platt
| Owns Fashion Bed Group (Berkshire, Dresher and J/B Ross), Harris-Hub, Duro-Metal, Bedline and L&P Consumer Products Division | |||
|---|---|---|---|
| Earnings per share are fully diluted. | |||
| Quarter ended 9/30 | 2004 | 2003 | Change |
| Sales | $1,338,000,000 | $1,156,700,000 | 15.7% |
| Operating income | 131,200,000 | 91,000,000 | 44.2% |
| Net income | 80,200,000 | 50,800,000 | 57.9% |
| Earnings per share | 0.41 | 0.26 | 57.7% |
| 9 months ended 9/30 | 2004 | 2003 | Change |
| Sales | $3,803,300,000 | $3,247,000,000 | 17.1% |
| Operating income | 361,900,000 | 259,300,000 | 39.6% |
| Net income | 219,800,000 | 146,900,000 | 49.6% |
| Earnings per share | 1.12 | 0.75 | 49.3% |
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L&P 3Q sales dip 3.1%
Oct 21, 2007 -
L&P 2Q sales jump 21.4%
Aug 8, 2004 -
Leggett & Platt 1Q sales increase 14.4%
Apr 22, 2004 -
L&P 4Q sales up 12.7%, profits jump 20.7%
Feb 1, 2004 -
Leggett & Platt 2Q sales up 21.4%
Jul 23, 2004
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