Leggett & Platt falls after downbeat forecast, Q4 miss

Leggett & Platt

07/02/2023 15:22

** Shares of home furnishing co Leggett & Platt  LEG.N  down
5% at $34 
    ** Stock set for steepest single-day fall in eight weeks if
losses hold
    ** Co says 2023 EPS expected at $1.50–$1.90, below analysts'
ests of $2.06 - Refinitiv 
    ** Expects revenue to range between $4.8 bln and $5.2 bln vs
ests of $5.1 bln - Refinitiv
    ** 1Q 2023 earnings expected to be down meaningfully vs 4Q
2022 due to season impact and compensation timings - LEG
    ** Co reports Q4 EPS of 39 cents, missing ests of 48 cents  
 
    ** Posts revenue of $1.19 bln, below ests of $1.24 bln    
    ** Organic sales down 12% from a year earlier on lower
volumes as demand continued to soften in residential end markets
    ** Stock up ~7% YTD after ~22% fall in 2022
 (Reporting by Ankika Biswas in Bengaluru)
 ((Ankika.Biswas@thomsonreuters.com))