- Leggett & Platt Inc (NYSE: LEG) lowered its FY22 sales guidance to $5.1 billion - $5.2 billion from the previously stated outlook of $5.2 billion – $5.4 billion, against an estimate of $5.32 billion.
- The decrease is primarily due to lower volume than previously expected, reduced production, slower than anticipated cost recovery in Automotive, and operational inefficiencies in Specialty Foam.
- It also slashed the FY22 EPS outlook to $2.30–$2.45 from $2.65–$2.80 versus the consensus of $2.70.
- Related: Leggett & Platt Cuts FY22 Guidance Citing Macroeconomic Uncertainties
- Cash from operations is expected to be $400 million - $450 million versus prior guidance of $550 million - $600 million.
- Based on the new outlook, EBIT margin range should be 9.5% to 10.0% (previously 10.5%–10.7%).
- In late August, Leggett acquired a manufacturer of hydraulic cylinders for heavy construction machinery. It also acquired a converter of construction fabrics for the furniture and bedding industries located in Shannon, Mississippi.
- On October 3, Leggett & Platt acquired a distributor of geo components located in Ottawa, Canada.
- Price Action: LEG shares are trading lower by 7.15% at $32.20 in premarket on the last check Tuesday.
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Leggett & Platt Shares Plunge After FY22 Guidance Cut
Published 11/10/2022, 12:30
Updated 11/10/2022, 13:10
Leggett & Platt Shares Plunge After FY22 Guidance Cut
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