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Leggett & Platt profit misses consensus by 17.8% in Q1

Leggett & Platt Inc. said its first-quarter normalized net income was 48 cents per share, compared with the S&P Capital IQ consensus estimate of 59 cents per share.

EPS declined year over year from 50 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $66.9 million, a decrease of 5.8% from $71.0 million in the prior-year period.

The normalized profit margin declined to 7.0% from 7.6% in the year-earlier period.

Total revenue increased year over year to $960.3 million from $938.4 million, and total operating expenses grew year over year to $845.8 million from $815.0 million.

Reported net income fell on an annual basis to $85.6 million, or 62 cents per share, from $89.0 million, or 63 cents per share.