Did Leggett & Platt beat or miss consensus estimates last quarter?

What is the revenue and EPS growth rate for Leggett & Platt year over year?

What is the market's earnings forecast for Leggett & Platt next quarter?

What guidance did Leggett & Platt's management provide for the next earnings period?

What does Leggett & Platt do and what are its main business segments?

What were the key takeaways from Leggett & Platt’s earnings call?

What were the key takeaways from Leggett & Platt's earnings call?

What factors drove the changes in Leggett & Platt's revenue and profit?

- **Restructuring Success**: $60-70M annual EBIT benefits realized, with 2025 impact ~$60M and 2026+ upside. Sales attrition reduced to $60M vs. $100M target.
- **Balance Sheet Strength**: Net debt reduced to 2.6x EBITDA, liquidity at $974M. $300M+ annual debt reduction target.
- **Guidance Reaffirmed**: FY25 sales $4.0-4.1B (-6-9% YoY), EPS $1.52-1.72, adjusted EBIT margin 6.4-6.6%.
- **Bedding Innovation**: +20% semi-finished sales growth, content gains offsetting volume declines. Private-label mattresses poised for recovery.
- **Growth Catalysts**: Work Furniture near-shoring, textiles M&A, and U.S. Spring content expansion.

**【CEO Opening Remarks】**
- Highlighted solid Q3 results despite soft residential demand, emphasizing disciplined cost management and restructuring progress.
- Announced completion of Aerospace divestiture, reducing net debt to 2.6x trailing EBITDA and strengthening balance sheet.
- Noted restructuring nearing completion, delivering $60-70M annualized EBIT benefits with minimal customer disruption.
- Highlighted innovation pipeline, including new Bedding Products launches and Work Furniture near-shoring opportunities.

**【CFO Financial Commentary】**
- Q3 sales: $1.0B (-6% YoY) due to restructuring and Aerospace divestiture; Bedding (-10% YoY), Specialized (-7% YoY), F&F&T flat.
- EBIT: $171M (-$3M YoY) driven by lower volume, offset by metal margin expansion and restructuring benefits.
- EPS: $0.91 (GAAP), $0.29 (Non-GAAP) vs. $0.32 YoY; Operating cash flow: $126M (+$30M YoY).
- Debt reduction: $296M Q3, total $367M YTD; Liquidity: $974M (cash $461M, revolver $513M).
- Guidance reaffirmed: FY25 sales $4.0-4.1B (-6-9% YoY), EPS $1.52-1.72, adjusted EBIT margin 6.4-6.6%.

**【Q&A Highlights】**
- **Restructuring Benefits**: CFO noted $60M+ annualized EBIT benefits, with 2025 impact ~$60M vs. $70M+ in 2026. Sales attrition reduced to $60M vs. $100M initial estimate.
- **Bedding Demand**: Sequential improvement in Q3, but still down low single digits YoY. U.S. Spring content gains (+20% semi-finished sales) offset volume declines.
- **Cash Allocation**: Prioritize debt reduction (~$300M+ annual), with ~$70M+ real estate proceeds expected by end-2026. Share buybacks and M&A (textiles) on horizon.
- **Segment Margins**: Bedding +200bps YoY, Specialized +50bps, F&F&T -150bps (vs. -100bps prior guide).
- **Growth Opportunities**: Private-label finished mattresses, Work Furniture near-shoring, and textiles bolt-ons (e.g., engineered materials).

Leggett & Platt, Incorporated (LEG) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

LEG

LEG fundamentals

You can ask Aime