Leggett & Platt post profit of $45.1 million
Sales rise 13.7% for components giant
Larry Thomas -- Furniture Today, April 22, 2010
CARTHAGE, Mo. — Furniture and bedding components supplier Leggett & Platt said its first-quarter profits surged to $45.1 million as sales jumped 13.7%.
The most recent figure, which equals 29 cents per share, included one-time gains of about $9 million from asset sales.
In last year's first quarter, net income was $3.3 million or 2 cents per share.
"We are encouraged to see market improvement and sales growth during the first quarter," said David Haffner, president and CEO. "That growth, combined with last year's significant cost reduction efforts, led to meaningful earnings improvement."
He noted that gross margin remained above 20%, despite a spike in steel prices during the quarter.
Sales for the quarter totaled $816.4 million, up from $718.1 million in last year's first quarter.
The company's residential furnishings segment, its largest business unit, recorded sales of $434.4 million, an increase of 4.9% from $414 million in the first quarter of 2009.
Leggett also increased its sales and earnings projections for the year. The company is now forecasting sales of $3.1 billion to $3.4 billion, and earnings of 95 cents per share to $1.30 per share.
In January, the company had projected sales of $2.9 billion to $3.3 billion and earnings of 75 cents per share to $1.15 per share.
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