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- **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

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