Leggett & Platt Bullish on 2nd-Quarter Results

In the second quarter of fiscal 2021, diversified manufacturer Leggett & Platt Inc. posted net earnings of $112.2 million, compared with a loss of $6.2 million in the second quarter of fiscal 2020. The Carthage, Missouri-based company reported net sales in the second quarter rose 50% to $1.27 billion, and earnings per share were $0.82. 

Based on its year-to-date performance, L&P declared a $0.42 dividend, two cents higher than last year’s second-quarter dividend, and raised its full-year sales and earnings guidance.

“Due to (our employees’) tremendous efforts, we are pleased to deliver all-time quarterly record sales along with record second-quarter adjusted (earnings),” said Karl Glassman, L&P chair and chief executive officer. “While we continue to navigate inflationary pressures along with supply chain disruptions, consumer demand remains strong and we are increasing our full-year guidance.

“We are also pleased to announce that on June 4, we acquired a leading provider of specialty foam and finished mattresses primarily serving customers in the U.K. and Ireland. The company, Kayfoam, is located near Dublin and has two manufacturing facilities with combined annual sales of approximately $80 million. Kayfoam expands the capabilities of our European bedding business and establishes a platform in foam technology and finished mattress production. Similar to our U.S. bedding business, this acquisition allows us to support our European bedding customers anywhere in the value chain from innerspring and foam components to finished products including private label mattresses, toppers, pillows, and other bedding accessories.”

Second-quarter sales in Bedding Products (which includes all products sold to the bedding industry — adjustable beds, steel rod and wire, foam and springs, and all bed- and spring-making machinery) increased 48%. In Furniture, Flooring & Textile Products, sales grew 43%, and in Specialized Products, sales rose 72%.