Leggett & Platt Reports Earnings Results for the Fourth Quarter and Full Year of 2013; Provides Earnings Guidance for the Year 2014
January 23, 2014 at 04:05 pm EST
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Leggett & Platt reported earnings results for the fourth quarter and full year of 2013. For the quarter, the company reported net sales from continuing operations of USD 896.8 million compared to USD 850.1 million a year ago. Earnings before interest and taxes were USD 0.7 million compared to USD 75.8 million a year ago. Loss before income taxes was USD 8.2 million compared to earnings before income taxes of USD 64.4 million a year ago. Net earnings from continuing operations were USD 6.7 million compared to USD 74.1 million a year ago. Net earnings were USD 6.3 million compared to USD 74.0 million a year ago. Net earnings attributable to the company were USD 5.6 million compared to USD 73.5 million a year ago. Earnings per diluted share from continuing operations was USD 0.04 compared to USD 0.50 a year ago. Net earnings per diluted share was USD 0.04 compared to USD 0.50 a year ago. Net cash from operating activity was USD 178.1 million compared to USD 208.7 million a year ago. Additions to PP&E were USD 20.6 million compared to USD 17.5 million a year ago. Net debt was USD 596.8 million compared to USD 696.3 million a year ago.
For the year, the company reported net sales from continuing operations of USD 3,746.0 million compared to USD 3,706.1 million a year ago. Earnings before interest and taxes were USD 284.8 million compared to USD 343.4 million a year ago. Earnings before income taxes were USD 247.8 million compared to USD 306.5 million a year ago. Net earnings from continuing operations were USD 192.8 million compared to USD 243.3 million a year ago. Net earnings were USD 199.7 million compared to USD 250.5 million a year ago. Net earnings attributable to the company were USD 197.3 million compared to USD 248.2 million a year ago. Earnings per diluted share from continuing operations were USD 1.29 compared to USD 1.65 a year ago. Net earnings per diluted share were USD 1.34 compared to USD 1.70 a year ago. Net cash from operating activity was USD 416.9 million compared to USD 449.7 million a year ago. Additions to PP&E were USD 80.6 million compared to USD 71.0 million a year ago.
The company provided earnings guidance for the year 2014. For the year, the company expects another year of record earnings from continuing operations. The company projects 2014 sales of USD 3.85 billion to USD 4.05 billion, or 3% - 8% growth, and EPS of USD 1.65 to USD 1.85. Cash from operations should again exceed USD 350 million in 2014. Capital expenditures are expected to be roughly USD 100 million, and dividend payments should approximate USD 170 million.
Leggett & Platt, Incorporated is a manufacturer that conceives, designs, and produces a range of engineered components and products found in many homes and automobiles. The Companyâs segments include Bedding Products, Specialized Products and Furniture, Flooring & Textile Products. Bedding Products segment supplies a variety of components and machinery used by bedding manufacturers in the production and assembly of their finished products, as well as produces private label finished mattresses for bedding brands. Specialized Products segment supplies lumbar support systems, seat suspension systems, motors and actuators, and control cables used by automotive manufacturers. It also produces and distribute tubing and tube assemblies for the aerospace industry and engineered hydraulic cylinders used in the material-handling and construction industries. Furniture, Flooring & Textile Products segment supplies a range of components for residential and work furniture manufacturers.
LEGGETT & PLATT, INCORPORATED 
