Leggett & Platt Q2 Net Income Declines

(RTTNews) - Leggett & Platt (LEG) reported that its second quarter net earnings attributable to L&P declined to $47.1 million from $52.5 million, prior year. EPS was $0.33, versus $0.38, prior year. Adjusted EBIT was $89 million, up from $76 million, last year. Adjusted EBIT increased primarily from metal margin expansion, restructuring benefit, and other favorable items, most of which are not expected to repeat in future quarters. Adjusted EPS was $0.39 versus $0.30, a year ago. Second quarter sales were $1.0 billion, a 6% decrease versus second quarter last year. Organic sales were down 1%, for the quarter.

President and CEO Karl Glassman said: "We continue to progress towards the planned merger with Somnigroup. We anticipate the transaction to close upon satisfaction of the remaining closing conditions, including Leggett & Platt shareholder approval at the special meeting planned for August 20th and the remaining required regulatory approvals."

In pre-market trading on NYSE, Leggett & Platt shares are up 1.85 percent to $10.44.

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