Leggett & Platt
The 10-second takeaway
For the quarter ended June 30 (Q2), Leggett & Platt missed estimates on revenues and missed estimates on earnings per share.
Compared to the prior-year quarter, revenue expanded slightly. Non-GAAP earnings per share expanded. GAAP earnings per share increased.
Margins expanded across the board.
Leggett & Platt logged revenue of $958.8 million. The five analysts polled by S&P Capital IQ expected to see revenue of $987.8 million on the same basis. GAAP reported sales were the same as the prior-year quarter's.
Source: S&P Capital IQ. Quarterly periods. Dollar amounts in millions. Non-GAAP figures may vary to maintain comparability with estimates.
EPS came in at $0.44. The six earnings estimates compiled by S&P Capital IQ forecast $0.45 per share. Non-GAAP EPS of $0.44 for Q2 were 13% higher than the prior-year quarter's $0.39 per share. (The prior-year quarter included $0.02 per share in earnings from discontinued operations.) GAAP EPS of $0.49 for Q2 were 8.9% higher than the prior-year quarter's $0.45 per share. (The prior-year quarter included $0.02 per share in earnings from discontinued operations.)
Source: S&P Capital IQ. Quarterly periods. Non-GAAP figures may vary to maintain comparability with estimates.
For the quarter, gross margin was 20.8%, 90 basis points better than the prior-year quarter. Operating margin was 10.3%, 90 basis points better than the prior-year quarter. Net margin was 7.4%, 50 basis points better than the prior-year quarter. (Margins calculated in GAAP terms.)
Next quarter's average estimate for revenue is $1.01 billion. On the bottom line, the average EPS estimate is $0.46.
Next year's average estimate for revenue is $3.83 billion. The average EPS estimate is $1.62.
The stock has a four-star rating (out of five) at Motley Fool CAPS, with 221 members out of 263 rating the stock outperform, and 42 members rating it underperform. Among 88 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 79 give Leggett & Platt a green thumbs-up, and nine give it a red thumbs-down.
Of Wall Street recommendations tracked by S&P Capital IQ, the average opinion on Leggett & Platt is hold, with an average price target of $34.00.
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