leggett & platt inc (LEG) Key Developments
Leggett & Platt, Inc Reaffirms Earnings Guidance for the Fiscal Year 2014
Aug 19 14
Leggett & Platt Inc. reaffirmed earnings guidance for the fiscal year 2014. For the period, the company forecasting adjusted net income in a range of $1.05 to $1.20 per share, including a $0.65 per share impairment.
Leggett & Platt Reaches Tentative Settlement of Antitrust Claims
Aug 19 14
Leggett & Platt expected to record a $39.8 million (pre-tax), or approximate $0.18 per share, third quarter accrual for the settlement of the U.S. direct purchaser class portion of the polyurethane foam antitrust claims filed against the company and numerous other defendants. This claim is partially related to the former Prime Foam Products business, which was sold in the first quarter of 2007. Accordingly, approximately one-quarter of the charge is expected to be reflected in discontinued operations. Apart from this charge, the company reiterated the underlying full year EPS guidance issued in July. As previously disclosed, Leggett & Platt, along with many other companies, is a defendant in a series of civil antitrust lawsuits involving the sale of polyurethane foam. The company continues to deny all allegations in all of the cases, but has reached a tentative settlement in the U.S. direct purchaser class cases to avoid the uncertainty, expense and distraction of litigation. The company has agreed to pay a total amount of $39.8 million, including plaintiff attorneys' fees and costs. The settlement is subject to Court approval.
Leggett & Platt Announces Increased Quarterly Dividend for the Third Quarter of 2014
Aug 5 14
Leggett & Platt's Board of Directors announced that they are raising the company's quarterly dividend by one cent per share, or 3.3%, to $0.31 per share for the third quarter. The dividend will be paid on October 15, 2014 to shareholders of record on September 15, 2014.
Leggett & Platt, Incorporated Reports Un-Audited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2014; Provides Earnings Guidance for the Year 2014; Reports Impairment for the Second Quarter ended June 30, 2014
Jul 24 14
Leggett & Platt, Incorporated reported un-audited consolidated earnings results for the second quarter and six months ended June 30, 2014. For the quarter, the company reported net sales (from continuing operations) of $1,001.6 million compared to $958.8 million, loss before interest and taxes of $6.9 million compared to earnings before interest and taxes of $98.5 million, loss before income taxes of $15.9 million compared to earnings before income taxes of $89.4 million, net loss from continuing operations of $23.1 million or $0.17 per diluted share compared to net earnings from continuing operations of $65.1 million or $0.44 per diluted share, net loss attributable to the company of $23.9 million or $0.17 per diluted share compared to net earnings attributable to the company of $71.3 million or $0.48 per diluted share, net cash from operating activity of $103.1 million compared to $99.2 million and additions to PP&E of $23.3 million compared to $22.1 million for the last year. Net debt as on June 30, 2014 was $803.1 million compared to $695.4 million as on June 30, 2013. Adjusted EPS from continuing operations was $0.48, a 9% increase versus $0.44 last year.
For the six months, the company reported net sales (from continuing operations) of $1,920.7 million compared to $1,891.5 million, earnings before interest and taxes of $75.6 million compared to $177.9 million, earnings before income taxes of $57.6 million compared to $158.7 million, net earnings from continuing operations of $30.6 million or $0.20 per diluted share compared to $114.5 million or $0.77 per diluted share, net earnings attributable to the company of $29.2 million or $0.20 per diluted share compared to $120.4 million or $0.81 per diluted share, net cash from operating activity of $83.4 million compared to $123.2 million and additions to PP&E of $38.4 million compared to $41.9 million for the last year.
2014 sales are forecast to be $3.88-3.98 billion. That 4-6% increase versus 2013 reflects strong growth in most parts of the company, partially offset by decreased demand for store fixtures. Apart from the impairment, the company made no change to the $1.70-1.85 EPS guidance it issued in April. Incorporating the $0.65 non-cash impairment, the company now projects 2014 EPS of $1.05-1.20. Cash from operations in 2014 should again exceed $350 million. Capital expenditures are expected to be roughly $100 million, and dividend payments should approximate $170 million. Tax rate guidance for the year to be around 29% or 29.5%.
The company announced impairment of $108.5 million for the second quarter of 2014.
Leggett & Platt to Record Non-Cash Impairment in Store Fixtures for the Second Quarter of 2014
Jul 14 14
Leggett & Platt expects to record a $108 million pre-tax, non-cash goodwill impairment charge for the second quarter of 2014. This charge reflects the complete write off of the goodwill associated with the Store Fixtures group, which is part of the Commercial Fixturing & Components segment. The EPS impact of the non-cash charge is expected to be 65 cents per share. Apart from this impairment, the company has made no update to the underlying full year EPS guidance issued in April.