Leggett & Platt falls on profit, revenue forecast cut
10/10/2022 21:44
** Shares of engineered components manufacturer Leggett &
Platt LEG.N down 8.2% at $31.84 in extended trade
** Co cuts its full-year profit and revenue forecast
reflecting persisting macro economic headwinds, softening
consumer demand and excess inventory urn:newsml:reuters.com:*:nPn9BJ2HWa
** Expects annual earnings per share between $2.30 and
$2.45, down from its prior forecast of $2.65–$2.80
** Lowers 2022 sales forecast to between $5.1 billion and
$5.2 billion from $5.2 billion–$5.4 billion
** Updated annual revenue outlook falls below estimates of
$5.32 billion - Refinitiv IBES data
** Increasingly challenged global economic environment and
consumer backdrop is expected to result in lower than previously
anticipated sales and earnings in the third and fourth quarters
of 2022 - CEO
** As of last close, LEG shares down ~15.7% YTD
(Reporting by Aatrayee Chatterjee in Bengaluru)
((aatrayee.chatterjee@thomsonreuters.com))