Leggett & Platt sales decline 2.2%, but profits up 50%
One-time gain, lower costs help results
By Furniture Today Staff -- Furniture Today, January 26, 2007
CARTHAGE, Mo. — Leggett & Platt, the largest supplier of furniture and bedding components, said its fourth-quarter sales fell 2.2% but net income jumped more than 50%.
The company said the income jump was due to a one-time gain from a refund of Canadian lumber duties, as well as lower restructuring costs and other expenses.
Fourth-quarter companywide sales totaled $1.31 billion, compared with $1.34 billion in the 2005 fourth quarter.
Net income was $70 million or 38 cents per share, compared with $45.3 million or 24 cents per share in the same period in 2005.
The only business segment to record a fourth-quarter sales gain was the aluminum products segment, which eked out a 0.2% increase. The company’s largest segment, residential furnishings, had a sales decline of 3.1% to $659.5 million.
For the year 2006, total sales were 5.5% above 2005 at $5.51 billion. Net income for the year was $300.3 million, or $1.61 per share. That’s a 19.5% increase over 2005, when income amounted to $251.3 million or $1.30 per share.
The residential furnishings segment had 2006 sales of $2.77 billion, a 5.6% increase over 2005.
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L&P 4Q sales dip 2.2%; refund boosts income
Feb 18, 2007
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