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LEG NYSE· Leggett & Platt, Incorporated
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LEG NYSE· Leggett & Platt, Incorporated
Earnings report Q4 2023

LEGGETT & PLATT, INCORPORATED Reports Decrease in Revenue for the Latest Quarter

Segments of revenue

In the latest quarter, LEGGETT & PLATT, INCORPORATED reported total net trade sales of $4.73 billion. The revenue was broken down into different segments as follows:

  • Bedding Products: The Bedding Group generated $1.96 billion in revenue.
  • Specialized Products: The Automotive Group contributed $878.4 million, the Aerospace Products Group contributed $154.1 million, and the Hydraulic Cylinders Group contributed $247.3 million to the segment's revenue, resulting in a total of $1.28 billion.
  • Furniture, Flooring & Textile Products: The Home Furniture Group generated $300.5 million, the Work Furniture Group generated $272.8 million, and the Flooring & Textile Products Group generated $907.5 million, resulting in a total of $1.48 billion.

Strengths

Despite the decrease in revenue compared to the previous year, LEGGETT & PLATT, INCORPORATED demonstrated strength in its diversified product offerings across different segments. The Bedding Group and the Furniture, Flooring & Textile Products Group remained consistent contributors to the company's revenue. Additionally, the company's management highlighted its ability to adapt to changing market conditions, such as the impact of the COVID-19 pandemic, supply chain disruptions, inflation, and other macroeconomic factors.

Challenges

The latest quarter showed a decrease in revenue for LEGGETT & PLATT, INCORPORATED compared to the previous year. This decline may be attributed to various factors, including the ongoing challenges posed by the COVID-19 pandemic, supply chain disruptions, and macroeconomic factors. The company's management should closely monitor these challenges and implement strategies to mitigate their impact on future financial performance.

Noteworthy

It is worth noting that LEGGETT & PLATT, INCORPORATED experienced some seasonality in its consolidated sales, earnings, and operating cash flows. Historically, the second and third quarters have shown higher sales and earnings, primarily driven by the residential bedding and furniture businesses, as well as the geo components business. However, the COVID-19 pandemic and other external factors have disrupted the typical seasonality pattern.

Summary

LEGGETT & PLATT, INCORPORATED faced a decline in revenue in the latest quarter compared to the previous year. Despite this, the company demonstrated strengths in its diversified product offerings and its ability to adapt to changing market conditions. However, challenges such as the ongoing impact of the COVID-19 pandemic and supply chain disruptions remain. The company should closely monitor these challenges and implement strategies to mitigate their impact on future financial performance.

Source documents

Form 10-K  filed on Feb 27, 2024
118 pages scanned

Reference data

Company financials Q4 revenue 1.12B
Analyst estimates Q4 EPS missed by -34.59%
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