By Denny Jacob
Leggett & Platt fell 12% to $20.42 Friday as weak demand continued to weigh on sales in the latest quarter.
The stock, down about 41% over the last 12 months, is on pace for its lowest close since June 2012.
The company — which makes furniture and engineered components and products for homes, offices, automobiles, and commercial aircraft — reported Thursday that it had a loss of $297.3 million, or $2.18 a share, in the fourth quarter, versus earnings of $52.8 million, or 39 cents a share, a year earlier.
Sales slid 7% to $1.12 billion. Volume fell 3%, primarily from weak demand in residential end markets, though partially offset by growth in automotive and industrial end markets within the company’s specialized products segments.
For 2024, Leggett & Platt forecast sales between $4.35 billion and $4.65 billion, equating to a decline of 2% to 8% from 2023. “Our 2024 guidance reflects continued soft residential end market demand,” Chief Executive Mitch Dolloff said.
Write to Denny Jacob at [email protected]
Read the full article here
