Leggett & Platt's 3Q profit up on sales, margins

Leggett & Platt's 3Q profit soars 47 percent on stronger sales, improved margins

Associated Press

CARTHAGE, Mo. (AP) -- Leggett & Platt's third-quarter profit increased 47 percent on stronger sales and improved margins for the company, which makes parts for bedding, carpet and furniture.

The company reported Monday that it earned $65.8 million, or 45 cents per share, for the quarter. That's compared with $44.9 million, or 31 cents per share, earned in the third quarter of last year. Revenue increased 4 percent to $982.2 million from $940.9 million.

Analysts polled by FactSet were expecting the company to earn 43 cents per share on revenue of $938.8 million, on average.

Leggett & Plat CEO David Haffner said that the company benefited from stronger sales volume, lower raw material costs, a recent acquisition and a restructuring last year. He said the company is encouraged by recent improvements in consumer confidence and housing statistics, which helps its business in the future.

The company expects to earn $1.45 to $1.52 per share for the full year; analysts had forecast $1.39. It forecast earnings of 25 to 32 cents per share for its fourth quarter; analysts were expecting 39 cents per share.

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