Leggett & Platt (NYSE:LEG) Issues FY 2024 Earnings Guidance

Leggett & Platt (NYSE:LEG) issued an update on its FY 2024 earnings guidance on Tuesday morning. The company provided earnings per share guidance of 1.050-1.350 for the period, compared to the consensus earnings per share estimate of 1.160. The company issued revenue guidance of $4.4 billion-$4.7 billion, compared to the consensus revenue estimate of $4.5 billion. Leggett & Platt also updated its FY24 guidance to $1.05-$1.35 EPS.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the stock. TheStreet cut shares of Leggett & Platt from a c rating to a d+ rating in a research report on Monday, March 11th. Truist Financial dropped their price target on Leggett & Platt from $18.00 to $16.00 and set a hold rating on the stock in a research report on Tuesday, March 26th. Finally, StockNews.com lowered Leggett & Platt from a hold rating to a sell rating in a research report on Monday, March 11th. Two research analysts have rated the stock with a sell rating and two have issued a hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of Hold and an average price target of $19.33.

Leggett & Platt Stock Down 1.4 %

Shares of NYSE:LEG traded down $0.26 during trading on Tuesday, reaching $18.07. 2,268,661 shares of the company traded hands, compared to its average volume of 1,649,207. The firm has a fifty day simple moving average of $19.04 and a 200 day simple moving average of $22.28. The company has a quick ratio of 0.84, a current ratio of 1.49 and a debt-to-equity ratio of 1.26. Leggett & Platt has a 1-year low of $17.19 and a 1-year high of $33.50. The firm has a market cap of $2.42 billion, a P/E ratio of -18.07 and a beta of 1.17.

Leggett & Platt (NYSE:LEG) last released its quarterly earnings data on Tuesday, April 30th. The company reported $0.23 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.24 by ($0.01). Leggett & Platt had a negative net margin of 2.90% and a positive return on equity of 11.99%. The firm had revenue of $1.10 billion for the quarter, compared to analyst estimates of $1.11 billion. During the same period in the previous year, the business posted $0.39 EPS. Leggett & Platt’s revenue for the quarter was down 9.6% on a year-over-year basis. Analysts anticipate that Leggett & Platt will post 1.17 earnings per share for the current fiscal year.

Leggett & Platt Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, July 15th. Stockholders of record on Friday, June 14th will be paid a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a dividend yield of 1.11%. Leggett & Platt’s dividend payout ratio (DPR) is -184.00%.

Leggett & Platt Company Profile

Leggett & Platt, Incorporated designs, manufactures, and sells engineered components and products in the United States, Europe, China, Canada, Mexico, and internationally. It operates through three segments: Bedding Products; Specialized Products; and Furniture, Flooring & Textile Products. The company offers steel rods, drawn wires, specialty foam chemicals and additives, innersprings, specialty foam for use in bedding and furniture, private label finished mattresses, ready-to-assemble mattress foundations, static foundations, and adjustable beds, as well as machines for producing innersprings; industrial sewing and quilting machines; mattress-packaging; and glue-drying equipment for various industrial users of steel rod and wire, manufacturers of finished bedding, bedding brands and mattress retailers, E-commerce retailers, big box retailers, department stores, and home improvement centers.