Leggett & Platt Earnings Call Transcripts
Fiscal Year 2025
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2025 saw significant restructuring, debt reduction, and margin improvement, despite weak residential and automotive markets. 2026 guidance anticipates flat to slightly lower sales and volumes, with margin gains from operational efficiencies and restructuring, and continued focus on deleveraging.
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Q3 2025 saw disciplined cost improvements and debt reduction amid soft demand, with sales down 6% year-over-year and adjusted EPS at $0.29. The company reaffirmed guidance, nearly completed restructuring, and is positioned for future growth, especially in bedding and textiles.
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Q2 2025 saw earnings growth and margin improvement despite a 6% sales decline, driven by restructuring, cost discipline, and favorable metal margins. Guidance for 2025 was maintained, with continued focus on debt reduction and operational efficiency.
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Q1 earnings beat expectations due to restructuring and efficiency gains, despite a 7% sales decline. 2025 guidance is maintained, with lower volume expected in Bedding but offset by steel tariff benefits and strong cash flow. Debt reduction remains a top priority.
Fiscal Year 2024
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2024 saw significant restructuring, cost reductions, and operational improvements, but sales and earnings declined due to weak demand in residential and automotive markets. 2025 guidance anticipates continued volume pressure, restructuring benefits, and a focus on debt reduction and cash flow, with macroeconomic and tariff risks remaining key uncertainties.
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Q3 sales and earnings declined due to weak demand across all segments, prompting a reduction in full-year guidance. Restructuring and cost-saving initiatives are on track, with a focus on debt reduction and operational efficiency. Automotive and home furniture remain challenged by industry headwinds.
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Q2 sales declined 8% year-over-year, with a $675 million goodwill impairment driving a net loss. Restructuring is ahead of schedule, with lower sales attrition and earlier EBIT benefits. 2024 guidance was lowered due to weak demand, but operational improvements and portfolio review are ongoing.