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.