Leggett & Platt boosts 2009 profit forecast

Furniture parts maker Leggett & Platt raises profit forecast for fiscal 2009

• On 8:21 pm EDT, Thursday October 22, 2009

CARTHAGE, Mo. (AP) -- Furniture parts maker Leggett & Platt Inc. raised its forecast for full-year profit after third-quarter results topped Wall Street expectations.

Leggett said Thursday it expects full-year sales of $3 billion and earnings between 65 and 75 cents per share, up from its previous outlook of 55 cents to 70 cents per share.

Analysts surveyed by Thomson Reuters have been expecting profit of 64 cents per share on sales of $3.04 billion.

In raising its guidance, the company cited expectations of higher profit margins and its third-quarter earnings of $54.3 million, or 34 cents per share -- 6 cents better than analysts had predicted. Cost-cutting measures and an inventory-valuation gain offset lower sales.

The company said that as the economy recovers, it could reach annual earnings of $2 per share by 2012.

The shares rose 15 cents to $19.41 in regular trading, then gained another 9 cents to $19.50 in extended trading after the financial report.