Leggett & Platt Q3 Profit Tops Estimate

(RTTNews) - Leggett & Platt, Inc. (LEG) reported net income for the third quarter of $48.2 million or $0.34 per share, compared to $71.3 million or $0.49 per share for the year-ago quarter.

Earnings per share from continuing operations for the third quarter was $0.37, compared to $0.45 in the prior year quarter.

Excluding items, third quarter adjusted EPS from continuing operations was $0.51, compared to $0.39 last year.

Net sales from continuing operations for the third quarter rose to $997.4 million from $877.6 million a year earlier.

Analyst polled by Thomson Reuters expected the company to earn $0.49 per share on revenue of $1.03 billion for the third quarter. Analysts' estimates typically exclude special items.

The company reiterated its full year sales guidance of $3.70-3.80 billion.

The company raised the low end of its full year EPS guidance range by $0.05. Guidance for 2014 adjusted EPS is now $1.75-1.85, compared to prior guidance of $1.70-1.85.

Analysts currently expect the company to earn $1.78 per share on revenue of $3.93 billion for the full year 2014.