Leggett & Platt reports fourth quarter loss

Carthage-based Fortune 500 company Leggett & Platt issued its fourth quarter results today, including the following information:

Diversified manufacturer Leggett & Platt reported a fourth quarter loss per diluted share of $.11. Earnings from Continuing Operations, adjusted to exclude restructuring-related costs and unusual items, were $.03 per share (see reconciliation below). In the fourth quarter of 2007, adjusted earnings from Continuing Operations were $.21 per share. The year-over-year reduction in quarterly earnings was primarily due to lower unit sales volumes, even lower production volumes (reflecting the company’s efforts to reduce inventory levels), and lack of overhead recovery.

Fourth quarter sales from Continuing Operations were $883 million, 15% lower than last year’s sales of $1.04 billion, due to extremely weak market demand. Significant unit volume declines were partially offset by inflation-related price increases.

Fourth quarter cash flow from operations was $233 million, the highest level in more than a decade. Inventory reduction contributed significantly to cash flow, and should continue to do so into the first part of 2009.