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Leggett & Platt Q1 profit climbs 33.6% YOY

Leggett & Platt Inc. said its normalized net income for the first quarter was 44 cents per share, compared with the S&P Capital IQ consensus estimate of 46 cents per share.

EPS increased 33.8% year over year from 33 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $63.6 million, an increase of 33.6% from $47.6 million in the prior-year period.

The normalized profit margin increased to 6.9% from 5.4% in the year-earlier period.

Total revenue grew 10.4% on an annual basis to $966.2 million from $875.5 million, and total operating expenses increased 7.0% from the prior-year period to $851.1 million from $795.6 million.

Reported net income increased 31.4% from the prior-year period to $71.9 million, or 50 cents per share, from $54.7 million, or 38 cents per share.