Leggett & Platt Lowers FY24 Outlook

(RTTNews) - While reporting its results for the third quarter, Leggett & Platt (LEG) lowered its financial outlook for the full year 2024.

The company said it lowered its guidance because demand is weaker than previously anticipated, particularly within Specialized Products and Furniture and Flooring & Textile Products segments.

For the full year, the company now expects sales of $4.3 billion to $4.4 billion, compared to prior guidance of $4.3 billion to $4.5 billion. Volume is expected to be down mid-single digits, compared to prior guidance of down low to mid-single digits.

The company expects to report a a loss of $3.56 to $3.71 per share for the full year. On an adjusted basis, the company expects earnings to be of $1.00 $1.10 per share, compared to prior guidance of $1.10 to $1.25 per share.

Analysts currently estimate earnings of $1.13 per share and sales of $4.42 billion for the full year.

For the fourth quarter, the company now expects sales of $973 million to $1,073 million, earnings of $0.12 to $0.27 per share and adjusted earnings of $0.16 to $0.26 per share. Analysts currently estimate earnings of $0.28 per share and sales of $1.08 billion for the quarter.