Leggett & Platt Faces Demand Challenges Amid Restructuring

Leggett & Platt ( (LEG) ) has realeased its Q3 earnings. Here is a breakdown of the information Leggett & Platt presented to its investors.

Leggett & Platt is a diversified manufacturer specializing in engineered components and products for various industries, including bedding, automotive, and aerospace. The company reported a 6% decline in third-quarter sales to $1.1 billion and adjusted EPS of $0.32, reflecting a decrease from the previous year. Key challenges include weak demand in residential markets and automotive sector headwinds. Despite these, the company reduced its debt by $124 million and improved its EBIT margin sequentially. Looking ahead, Leggett & Platt anticipates continued demand challenges and has lowered its sales and EPS guidance for 2024. The company is focusing on restructuring and improving operational efficiency, with plans to potentially sell its Aerospace business, aiming for long-term shareholder value creation.