Leggett & Platt (NYSE:LEG) Releases Quarterly Earnings Results, Misses Expectations By $0.01 EPS

Leggett & Platt (NYSE:LEG) released its earnings results on Tuesday. The company reported $0.23 earnings per share for the quarter, missing the consensus estimate of $0.24 by ($0.01), RTT News reports. The company had revenue of $1.10 billion during the quarter, compared to the consensus estimate of $1.11 billion. Leggett & Platt had a positive return on equity of 11.99% and a negative net margin of 2.90%. Leggett & Platt’s revenue for the quarter was down 9.6% on a year-over-year basis. During the same period in the previous year, the firm posted $0.39 EPS. Leggett & Platt updated its FY24 guidance to $1.05-$1.35 EPS and its FY 2024 guidance to 1.050-1.350 EPS.

Leggett & Platt Stock Down 1.4 %

Leggett & Platt stock opened at $18.07 on Wednesday. The company has a debt-to-equity ratio of 1.26, a current ratio of 1.49 and a quick ratio of 0.84. The firm has a 50-day moving average price of $19.04 and a two-hundred day moving average price of $22.28. Leggett & Platt has a 52-week low of $17.19 and a 52-week high of $33.50.

Leggett & Platt Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, July 15th. Stockholders of record on Friday, June 14th will be issued a $0.05 dividend. This represents a $0.20 annualized dividend and a dividend yield of 1.11%. Leggett & Platt’s dividend payout ratio (DPR) is presently -184.00%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the stock. StockNews.com downgraded shares of Leggett & Platt from a “hold” rating to a “sell” rating in a research report on Monday, March 11th. Truist Financial decreased their price target on shares of Leggett & Platt from $18.00 to $16.00 and set a “hold” rating for the company in a report on Tuesday, March 26th. Finally, TheStreet lowered shares of Leggett & Platt from a “c” rating to a “d+” rating in a report on Monday, March 11th. Two analysts have rated the stock with a sell rating and two have assigned a hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $19.33.

Leggett & Platt Company Profile

Leggett & Platt, Incorporated designs, manufactures, and sells engineered components and products in the United States, Europe, China, Canada, Mexico, and internationally. It operates through three segments: Bedding Products; Specialized Products; and Furniture, Flooring & Textile Products. The company offers steel rods, drawn wires, specialty foam chemicals and additives, innersprings, specialty foam for use in bedding and furniture, private label finished mattresses, ready-to-assemble mattress foundations, static foundations, and adjustable beds, as well as machines for producing innersprings; industrial sewing and quilting machines; mattress-packaging; and glue-drying equipment for various industrial users of steel rod and wire, manufacturers of finished bedding, bedding brands and mattress retailers, E-commerce retailers, big box retailers, department stores, and home improvement centers.