Leggett & Platt Reports Mixed Q3 Results as Weaker Global Growth Dents Demand By Investing.com

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Leggett & Platt Reports Mixed Q3 Results as Weaker Global Growth Dents Demand

Oct 31, 2022 17:10

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By Yasin Ebrahim

Investing.com -- Leggett&Platt reported mixed third-quarter results Monday as earnings missed, but revenue beat Wall Street estimates as volumes were dragged lower by weaker demand amid a softer global economic backdrop.

Leggett&Platt (LEG) was up less than 1% in afterhours following the report.

The diversified manufacturer reported earnings of 52 cents a share, missing estimates of 54 cents a share, but revenue of $1.30 billion topped estimates for $1.25 billion.

Volume fell 8%, primarily from "continued demand softness in residential end markets, partially offset by growth in automotive and industrial end markets," the company said.

"The current global economic environment and its effect on the consumer negatively impacted our third quarter results," it added.

For Q4, the company forecasts earnings of $0.42 to $0.57 a share on sales of between $1.15 billion and $1.25 billion. That compared with estimates for $0.54 a share on revenue of $1.27 billion.

Looking ahead, the company kept its guidance unchanged for 2022. Earnings per share was expected to be between $2.40 to $2.45 per share on sales of between $5.1 billion and $5.2 billion. Volume was expected to be down high single digits.

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