Leggett & Platt Earnings: Here’s Why the Stock is Down Now
Leggett & Platt, Incorporated (NYSE:LEG) delivered a profit and missed Wall Street’s expectations, AND came up short on beating the revenue expectation. The revenue miss is a negative sign to shareholders seeking high growth out of the company. Shares are down 1.93%.
Leggett & Platt, Incorporated Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased 10% to $0.33 in the quarter versus EPS of $0.30 in the year-earlier quarter.
Revenue: Decreased 1.14% to $936 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Leggett & Platt, Incorporated reported adjusted EPS income of $0.33 per share. By that measure, the company missed the mean analyst estimate of $0.38. It missed the average revenue estimate of $963.25 million.
Quoting Management: CEO David S. Haffner commented, “We are pleased with our start to 2013, and remain optimistic that we will continue to see longer-term benefits from ongoing consumer and housing market recoveries. EPS grew 10% versus the same quarter last year, and our EBIT margin increased by 60 basis points. These improvements occurred despite flat unit volume, which reflects the lack of overall market demand growth. First quarter EPS was impacted by 3 cents per share from an unusually high accrual for TSR-driven and other stock-based long-term incentive compensation plans; this primarily reflects the significant increase in stock price from $27 to $34 over the course of the quarter.”
Key Stats (on next page)…