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  • Larry Thomas

Leggett & Platt quarterly sales down 2.1%

CARTHAGE, Mo. - Furniture and bedding components supplier Leggett & Platt said third quarter sales slipped 2.1% as many of its operating units reported sluggish activity.
     Sales in the company's residential furnishings segment, however, rose 5.6% on higher unit volumes and raw material-related price increases in its carpet underlay business.
     Earnings increased 8.4%, but that was due largely to a one-time accounting benefit from its recent acquisition of an aerospace tubing manufacturer in France.
     Worldwide sales for the quarter totaled $957.7 million, down from $978.1 million in last year's third quarter.
     That most recent total included residential furnishings segment sales of $508.6 million. That was up from $481.7 million in the same quarter last year.
     Net earnings totaled $71.3 million, or 49 cents per share, which included 6 cents per share for the accounting benefit. That was up from $65.8 million, or 45 cents per share, in last year's third quarter.
     "In general, the third quarter remained sluggish as companies and consumes wrestled with the effects of continuing governmental gridlock and its associated uncertainty," said David Haffner, CEO. "Even so, we are pleased with the progress made in many of our operating units.
     "Our sales decline primarily reflects the non-recurrence, as expected, of one major retailer's large store fixtures programs that were concentrated in the third quarter last year. This was primarily offset by sales gains in the automotive and carpet underlay business units."
     Haffner said the company is projecting 2013 sales to be about $3.75 billion, at the low end of its earlier projection of $3.75 billion to $3.85 billion. Full-year earnings from continuing operations are now projected at $1.50 to $1.55 per share, excluding the third quarter accounting benefit. That's at the low end of the company's earlier projection of $1.50 to $1.65 per share.
     For the first nine months of 2013, sales totaled $2.849 billion, down slightly from $2.856 billion in the first nine months of 2012.
     Nine-month earnings totaled $191.7 million, or $1.30 per share. That is an increase of 9.7% from $174.7 million, or $1.20 per share, in the same period last year.

Financial results

Earnings per share are fully diluted, and all figures in parentheses are losses or declines.

Aaron's

Quarter ended 9/30

 2013

2012

Change

Revenues

 $539,458,000

$529,510,000

1.9%

Operating income

 30,198,000

46,665,000

(35.3%)

Net income (a)

 21,138,000

28,941,000

(27.0%)

Earnings per share

0.28

0.38

(26.3%)

9 months ended 9/30

2013

2012

Change

Revenues

1,686,663,000

$1,654,125,000

2.0%

Operating income

153,124,000

221,844,000

(31.0%)

Net income (b)

97,992,000

136,411,000

(28.2%)

Earnings per share

1.28

1.77

(27.7%)

(a) Includes $13.5 million charge in 2013 for California regulatory investigation and $10.3 million charge in 2012 for retirement of founder. (b) Includes $28.4 million charge in 2013 for California regulatory investigation and one-time credit of $35.5 million in 2012 for reversal of litigation expenses.
    

Ethan Allen

Quarter ended 9/30

2013

2012

Change

Sales

$181,659,000

$187,437,000

(3.1%)

Operating income

15,944,000

17,954,000

(11.2%)

Net income

9,034,000

10,064,000

(10.2%)

Earnings per share

0.31

0.35

(11.4%)

    

Flexsteel Inds.

Quarter ended 9/30

 2013

2012

Change

Sales

 $104,348,000

$91,237,000

14.4%

Operating income

 5,436,000

4,391,000

23.8%

Net income

 3,768,000

2,872,000

31.2%

Earnings per share

0.51

0.40

27.5%

    

Havertys Furniture 

Quarter ended 9/30

2013

2012

Change

Sales

$192,722,000

$172,677,000 

11.6% 

Operating income 

15,591,000 

5,591,000 

178.9% 

Net income 

9,494,000 

3,314,000 

186.5% 

Earnings per share 

0.42 

0.15 

180.0% 

9 months ended 9/30

2013

2012 

Change 

Sales

$549,926,000

$487,766,000

12.7%

Operating income 

37,351,000

13,036,000

186.5% 

Net income

22,584,000

8,132,000

177.7% 

Earnings per share

0.99

0.36

175.0% 

 

Leggett & Platt

Owns Fashion Bed Group (Berkshire, Dresher and J/B Ross), Harris-Hub, Duro-Metal, Bedline and L&P Consumer Products Division

Quarter ended 9/30

2013

2012

Change

Sales

$957,700,000

$978,100,000

(2.1%)

Operating income

100,900,000

110,800,000

(8.9%)

Net income

71,300,000

65,800,000

8.4%

Earnings per share

0.49

0.45

8.9%

9 months ended 9/30

2013

2012

Change

Sales

$2,849,200,000

$2,856,000,000

(0.2%)

Operating income

282,900,000

287,100,000

(1.5%)

Net income

191,700,000

174,700,000

9.7%

Earnings per share

1.30

1.20

8.3%

    

Rent-A-Center

Quarter ended 9/30

2013

2012

Change

Revenues

$754,780,000

$739,314,000

2.1%

Operating income

57,171,000

70,560,000

(19.0%)

Net income

27,622,000

39,910,000

(30.8%)

Earnings per share

0.51

0.67

(23.9%)

9 months ended 9/30

2013

2012

Change

Revenues

$2,334,572,000

$2,324,266,000

0.4%

Operating income

215,946,000

244,437,000

(11.7%)

Net income

116,083,000

136,033,000

(14.7%)

Earnings per share

2.08

2.28

(8.8%)

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