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LEG - Leggett & Platt Inc News Story

$40.29 0.1  0.3%

Last Trade - 14/08/20

Sector
Consumer Cyclicals
Size
Large Cap
Market Cap £4.07bn
Enterprise Value £5.55bn
Revenue £3.27bn
Position in Universe 1089th / 6381

BRIEF-Leggett & Platt Posts Quarterly Earnings Per Share Of $0.34

Mon 4th May, 2020 9:38pm
May 4 (Reuters) - Leggett & Platt Inc  LEG.N :
    * LEGGETT & PLATT REPORTS 1Q RESULTS AND COVID-19 IMPACTS
    * Q1 ADJUSTED EARNINGS PER SHARE $0.41
    * Q1 EARNINGS PER SHARE $0.34
    * Q1 EARNINGS PER SHARE ESTIMATE $0.34 -- REFINITIV IBES
DATA
    * Q1 SALES $1.045 BILLION VERSUS REFINITIV IBES ESTIMATE OF
$1.09
BILLION
    * 2020 GUIDANCE SUSPENDED, AS PREVIOUSLY ANNOUNCED ON APRIL
2(ND)
    * LIQUIDITY, AS OF MARCH 31, OF $734 MILLION; $506 MILLION
OF CASH
AND $228 MILLION IN AVAILABLE CAPACITY UNDER OUR COMMERCIAL
PAPER PROGRAM
    * REDUCED FULL YEAR CAPITAL EXPENDITURE BUDGET BY OVER 60%
TO $60
MILLION
    * REMAINING 2020 DEBT MATURITIES OF $37.5 MILLION WITH NO
SIGNIFICANT DEBT MATURITIES UNTIL AUGUST 2022
    * RAPID SALES DECLINES IN LAST TWO WEEKS OF Q1 HAVE
STABILIZED
THROUGH FIRST THREE WEEKS OF Q2
    * EXPECT FULL YEAR FIXED COST REDUCTION OF $130ꟷ$150 MILLION
    * QTRLY ORGANIC SALES WERE DOWN 12%
    * QTRLY VOLUME DOWN 9%, LARGELY FROM COVID-19 IMPACTS IN
LAST TWO
WEEKS OF QUARTER
    * CURRENTLY IN PROCESS WITH OUR BANKS TO AMEND COVENANT IN
OUR
REVOLVING CREDIT FACILITY
    * 1Q 2020 ADJUSTMENTS INCLUDE AN $8 MILLION NON-CASH
IMPAIRMENT
CHARGE RELATED TO A NOTE RECEIVABLE
    * RAPIDLY DEPLOYED COST SAVINGS MEASURES ACROSS COMPANY,
SIGNIFICANTLY REDUCING PRODUCTION LEVELS AND ENACTING TEMPORARY
LAYOFFS

Source text for Eikon:  ID:nPn7C2Z5Za 
Further company coverage:  LEG.N 

 ((Reuters.Briefs@thomsonreuters.com;))
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