Leggett & Platt Earnings Call Transcripts
Fiscal Year 2025
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2025 saw significant restructuring, debt reduction, and portfolio simplification, with full-year sales down 7% and adjusted EPS flat. 2026 guidance anticipates continued demand softness, with sales down 1–6% and adjusted EPS of $1.00–$1.20, while operational improvements and cost discipline support margins.
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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 continued demand challenges, with sales and earnings down year-over-year. 2025 guidance anticipates further volume declines but improved margins from restructuring, with ongoing macro and tariff risks.
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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 2024 saw an 8% sales decline and a $614M EBIT loss due to a large goodwill impairment, with adjusted EPS down 24%. Restructuring is ahead of schedule, but 2024 guidance was lowered on weak demand and deflation, while debt reduction and operational improvements remain key priorities.