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Leggett & Platt profit misses consensus by 27.1% in Q4

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Leggett & Platt profit misses consensus by 27.1% in Q4

Leggett & Platt Inc. said its fourth-quarter normalized net income was 42 cents per share, compared with the S&P Capital IQ consensus estimate of 58 cents per share.

EPS fell 11.4% year over year from 47 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $58.6 million, a decrease of 13.1% from $67.4 million in the year-earlier period.

The normalized profit margin fell to 6.5% from 7.1% in the year-earlier period.

Total revenue decreased year over year to $903.7 million from $944.6 million, and total operating expenses decreased on an annual basis to $802.4 million from $832.1 million.

Reported net income increased from the prior-year period to $83.6 million, or 60 cents per share, from $80.9 million, or 57 cents per share.

For the year, the company's normalized net income totaled $2.03 per share, compared with the S&P Capital IQ consensus normalized EPS estimate of $2.54.

EPS rose from $1.97 in the prior year.

Normalized net income was $283.6 million, compared with $281.6 million in the prior year.

Full-year total revenue fell from the prior-year period to $3.75 billion from $3.92 billion, and total operating expenses decreased on an annual basis to $3.27 billion from $3.43 billion.

The company said reported net income increased 13.1% year over year to $366.8 million, or $2.62 per share, in the full year, from $324.4 million, or $2.27 per share.