Leggett & Platt (NYSE:LEG) Issues FY 2024 Earnings Guidance

Leggett & Platt (NYSE:LEG) updated its FY 2024 earnings guidance on Tuesday. The company provided EPS guidance of 1.050-1.350 for the period, compared to the consensus EPS estimate of 1.160. The company issued revenue guidance of $4.4 billion-$4.7 billion, compared to the consensus revenue estimate of $4.5 billion. Leggett & Platt also updated its FY24 guidance to $1.05-$1.35 EPS.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on LEG shares. TheStreet downgraded shares of Leggett & Platt from a c rating to a d+ rating in a research report on Monday, March 11th. Truist Financial reduced their price objective on shares of Leggett & Platt from $18.00 to $16.00 and set a hold rating for the company in a research report on Tuesday, March 26th. Finally, StockNews.com downgraded shares of Leggett & Platt from a hold rating to a sell rating in a research report on Monday, March 11th. Two investment analysts have rated the stock with a sell rating and two have issued a hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of Hold and an average price target of $19.33.

Leggett & Platt Trading Down 1.4 %

LEG traded down $0.26 during midday trading on Tuesday, reaching $18.07. The company had a trading volume of 2,268,661 shares, compared to its average volume of 1,649,207. The company has a quick ratio of 0.84, a current ratio of 1.49 and a debt-to-equity ratio of 1.26. Leggett & Platt has a 12-month low of $17.19 and a 12-month high of $33.50. The business has a 50-day moving average price of $19.09 and a two-hundred day moving average price of $22.32.

Leggett & Platt (NYSE:LEG) last released its earnings results on Tuesday, April 30th. The company reported $0.23 earnings per share for the quarter, missing analysts’ consensus estimates of $0.24 by ($0.01). The company had revenue of $1.10 billion during the quarter, compared to analysts’ expectations of $1.11 billion. Leggett & Platt had a negative net margin of 2.90% and a positive return on equity of 11.99%. The firm’s revenue was down 9.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.39 earnings per share. On average, sell-side analysts forecast that Leggett & Platt will post 1.17 earnings per share for the current fiscal year.

Leggett & Platt Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, July 15th. Shareholders of record on Friday, June 14th will be paid a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a yield of 1.11%. Leggett & Platt’s payout ratio is -184.00%.

About Leggett & Platt

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.