Leggett & Platt Increases 2016 EPS Guidance

(RTTNews) - Leggett & Platt (LEG) increased its EPS guidance from continuing operations to a range of $2.55 to $2.62 from its prior range of $2.45-2.60. Full-year sales are now estimated at approximately $3.75 billion, a 4% decrease versus 2015.

Third-quarter earnings was $0.67 per share, which is unchanged versus the same quarter last year. EPS benefitted from a lower tax rate related to the new accounting standard for stock-based compensation ($0.04). This was offset by a reduced benefit from commodity deflation, and lower sales.

Third-quarter sales from continuing operations decreased 6% versus third quarter 2015, to $949 million, with 4% of the decline due to four small divestitures completed during the prior twelve months. In addition, same location sales declined by 2% due to slightly lower unit volume, raw material-related price decreases, and currency impact.