Leggett & Platt (NYSE:LEG) Releases FY 2024 Earnings Guidance

Leggett & Platt (NYSE:LEG) updated its FY 2024 earnings guidance on Tuesday. The company provided earnings per share (EPS) guidance of 1.050-1.350 for the period, compared to the consensus estimate of 1.160. The company issued revenue guidance of $4.4 billion-$4.7 billion, compared to the consensus revenue estimate of $4.5 billion. Leggett & Platt also updated its FY24 guidance to $1.05-$1.35 EPS.

Analyst Ratings Changes

LEG has been the topic of several recent research reports. StockNews.com downgraded Leggett & Platt from a hold rating to a sell rating in a research note on Monday, March 11th. Truist Financial cut their target price on Leggett & Platt from $18.00 to $16.00 and set a hold rating on the stock in a research note on Tuesday, March 26th. Finally, TheStreet cut shares of Leggett & Platt from a c rating to a d+ rating in a research note on Monday, March 11th. Two equities research analysts have rated the stock with a sell rating and two have issued a hold rating to the company’s stock. Based on data from MarketBeat.com, Leggett & Platt currently has a consensus rating of Hold and a consensus price target of $19.33.

Leggett & Platt Stock Down 1.4 %

Shares of NYSE LEG traded down $0.26 during mid-day trading on Tuesday, hitting $18.07. The company had a trading volume of 2,268,661 shares, compared to its average volume of 1,649,207. Leggett & Platt has a one year low of $17.19 and a one year high of $33.50. The company has a market capitalization of $2.42 billion, a PE ratio of -18.07 and a beta of 1.17. The company has a current ratio of 1.49, a quick ratio of 0.84 and a debt-to-equity ratio of 1.26. The firm has a 50-day simple moving average of $19.04 and a two-hundred day simple moving average of $22.28.

Leggett & Platt (NYSE:LEG) last posted its quarterly earnings results on Tuesday, April 30th. The company reported $0.23 earnings per share for the quarter, missing the consensus estimate of $0.24 by ($0.01). Leggett & Platt had a positive return on equity of 11.99% and a negative net margin of 2.90%. The company had revenue of $1.10 billion for the quarter, compared to analyst estimates of $1.11 billion. During the same period last year, the firm earned $0.39 EPS. The firm’s revenue for the quarter was down 9.6% compared to the same quarter last year. On average, equities analysts expect that Leggett & Platt will post 1.17 EPS for the current year.

Leggett & Platt Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, July 15th. Shareholders of record on Friday, June 14th will be given a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a yield of 1.11%. Leggett & Platt’s dividend payout ratio (DPR) is currently -184.00%.

Leggett & Platt Company Profile

Leggett & Platt, Incorporated designs, manufactures, and sells engineered components and products in the United States, Europe, China, Canada, Mexico, and internationally. It operates through three segments: Bedding Products; Specialized Products; and Furniture, Flooring & Textile Products. The company offers steel rods, drawn wires, specialty foam chemicals and additives, innersprings, specialty foam for use in bedding and furniture, private label finished mattresses, ready-to-assemble mattress foundations, static foundations, and adjustable beds, as well as machines for producing innersprings; industrial sewing and quilting machines; mattress-packaging; and glue-drying equipment for various industrial users of steel rod and wire, manufacturers of finished bedding, bedding brands and mattress retailers, E-commerce retailers, big box retailers, department stores, and home improvement centers.