Leggett & Platt Updates FY18 Outlook - Quick Facts

(RTTNews) - Leggett & Platt (LEG) announced, for 2018, continuing operations EPS is now expected to be $2.60-$2.80, a $0.05 per share reduction from the prior range of $2.65-$2.85. The company said the decrease is due to the impact from continued steel cost inflation and the pricing lag the company experiences in recovering higher costs. EPS guidance assumes an approximate 22% tax rate.

For 2018, the company continues to expect that sales growth will lead to improved earnings. Sales are now expected to be $4.3-$4.4 billion, an increase of 9-12% versus 2017, and $100 million above the prior range of $4.2-$4.3 billion due to continued steel inflation. Volume growth is expected to be in the mid-single digits,

First-quarter earnings were $0.57 per share, down 8% versus the $0.62 per share earned in first quarter 2017, primarily from higher raw material costs. First quarter sales were $1.03 billion, an increase of 7% versus first quarter 2017. Same location sales grew 6%, for the quarter.