Monday, June 18, 2007

Leggett & Platt earnings to be less than anticipated

Officials of Carthage-based Fortune 500 company Leggett & Platt today filed a news release with the Securities and Exchange Comnmission indicating second quarter earnings are not going to be as high as originally anticipated. The release said:

Fortune 500 diversified manufacturer Leggett & Platt announced that second quarter earnings are expected to be within the range of $.31-$.36 per share. On a per share basis, this $.11 decline versus April guidance results from $.08 less earnings from continuing operations and $.03 of incremental restructuring-related costs. Sales are anticipated to be about $75 million lower than previously thought, and are substantially responsible for the reduced earnings expectation. Quarterly sales (from continuing operations) are now projected at approximately $1.30 billion, a 4% decline versus 2Q 2006; same location sales are expected to be down by about 6%, but should be partially offset by a 2% sales increase from acquisitions.

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