NYSE$LEG
Leggett & Platt Inc · Q2 2023 earnings
Q2 2023 earnings · · Investor relations
Briefing
Leggett & Platt's Q2 2023 earnings declined due to weak demand and destocking, but the company is executing cost reduction strategies and remains optimistic about long-term growth.
Leggett & Platt reported a decrease in sales and earnings for the second quarter of 2023. Weak demand and customer destocking impacted performance. The company is focused on cost reduction and operational efficiency to mitigate these challenges.
- Sales decreased 8% to $1.2 billion, reflecting volume decline partially offset by price.
- EPS was $0.44, and adjusted EPS was $0.48.
- The company is executing cost reduction strategies targeting $70-$80 million in savings this year.
- Leggett & Platt is revising its full-year sales and earnings guidance to reflect current market conditions.
Headline financials
Revenue & EPS history
Leggett & Platt · Revenue · Quarterly
$1.22B
Revenue by segment
Leggett & Platt · $1.18B total across 3 segments · Q3 2023
- Bedding Products$483M-17.0%41.1%
- Furniture, Flooring & Textile Products$373M—31.7%
- Specialized Products$319M—27.2%
Forward guidance
Leggett & Platt has revised its full-year 2023 guidance to reflect current market conditions, including lower sales and earnings expectations.
Tailwinds
- Focus on executing cost reduction strategies to improve profitability.
- Anticipate benefits from long-term growth trends in key markets.
- Committed to maintaining a strong balance sheet and returning cash to shareholders.
- Expect modest recovery in demand during the second half of the year.
- Continue to invest in innovation and new product development.
Headwinds
- Reduced full-year sales guidance to $4.8-$5.0 billion.
- Decreased full-year EPS guidance to $2.20-$2.40.
- Weak demand and customer destocking expected to persist in the near term.
- Macroeconomic uncertainty could further impact performance.
- Raw material and labor cost inflation may pressure margins.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q2 2023
-0.1%
Avg return
Earnings day
-1.0%
Avg return
5 days after
-1.5%
Avg return
30 days after
51%
35 / 68 earnings
Positive
+31.6%
Q1 2025
Best reaction
-27.7%
Q1 2024
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -2.3% | -8.7% | -2.8% | |
| Q4 2025 | -7.7% | -5.0% | -17.9% | |
| Q3 2025 | +15.1% | +1.7% | +10.5% | |
| Q1 2025 | +31.6% | +31.1% | +25.2% | |
| Q4 2024 | +4.5% | -0.7% | -18.9% | |
| Q3 2024 | +4.0% | -1.2% | +3.4% | |
| Q2 2024 | -1.3% | -3.2% | -4.0% | |
| Q1 2024 | -27.7% | -23.9% | -39.9% | |
| Q4 2023 | -11.6% | -14.0% | -11.6% | |
| Q3 2023 | +1.1% | +2.8% | -0.8% | |
| Q2 2023 | -0.7% | +2.7% | -7.0% | |
| Q1 2023 | +0.0% | +1.7% | -5.7% | |
| Q4 2022 | -6.5% | -9.0% | -10.8% | |
| Q3 2022 | -0.4% | -0.1% | +6.6% | |
| Q2 2022 | +0.1% | +2.2% | -3.6% | |
| Q1 2022 | +7.6% | +4.5% | +8.4% | |
| Q4 2021 | +1.4% | +0.9% | -2.4% | |
| Q3 2021 | -7.1% | -5.8% | -13.5% | |
| Q2 2021 | +1.6% | +0.3% | +0.5% | |
| Q1 2021 | +8.5% | +15.8% | +10.2% | |
| Q4 2020 | +0.0% | -1.6% | +14.6% | |
| Q3 2020 | -0.6% | -2.5% | +2.3% | |
| Q2 2020 | -5.3% | -2.3% | +8.7% | |
| Q1 2020 | -10.1% | -11.7% | +4.1% | |
| Q4 2019 | -0.1% | -5.3% | -14.9% | |
| Q3 2019 | +14.0% | +13.3% | +16.3% | |
| Q2 2019 | +2.5% | -2.0% | -6.8% | |
| Q1 2019 | -6.3% | -4.0% | -12.3% | |
| Q4 2018 | +9.5% | +6.1% | +10.0% | |
| Q3 2018 | -7.6% | -3.5% | +1.1% | |
| Q2 2018 | -1.3% | -2.5% | +1.1% | |
| Q1 2018 | -1.9% | -3.5% | -0.5% | |
| Q4 2017 | +1.2% | -1.7% | +0.0% | |
| Q3 2017 | +3.2% | -1.3% | -2.9% | |
| Q2 2017 | -4.3% | -7.2% | -12.6% | |
| Q1 2017 | -2.8% | -1.4% | -3.6% | |
| Q4 2016 | +0.7% | +2.8% | +5.3% | |
| Q3 2016 | +1.9% | +1.6% | +10.5% | |
| Q2 2016 | -1.8% | -4.4% | -3.4% | |
| Q1 2016 | +1.4% | — | — | |
| Q4 2015 | -1.7% | — | — | |
| Q3 2015 | +0.1% | — | — | |
| Q2 2015 | -4.0% | — | — | |
| Q1 2015 | +6.2% | — | — | |
| Q4 2014 | -4.2% | — | — | |
| Q3 2014 | +3.9% | — | — | |
| Q2 2014 | +2.0% | — | — | |
| Q1 2014 | -4.3% | — | — | |
| Q4 2013 | -1.7% | — | — | |
| Q3 2013 | +0.6% | — | — | |
| Q2 2013 | -2.6% | — | — | |
| Q1 2013 | -2.4% | — | — | |
| Q4 2012 | +0.1% | — | — | |
| Q3 2012 | +4.4% | — | — | |
| Q2 2012 | +3.6% | — | — | |
| Q1 2012 | -6.8% | — | — | |
| Q4 2008 | +1.8% | — | — | |
| Q4 2011 | +1.8% | — | — | |
| Q3 2011 | +1.2% | — | — | |
| Q2 2011 | -6.2% | — | — | |
| Q1 2010 | +0.2% | — | — | |
| Q1 2011 | -1.7% | — | — | |
| Q4 2010 | +2.5% | — | — | |
| Q3 2010 | +1.1% | — | — | |
| Q3 2009 | +1.1% | — | — | |
| Q2 2009 | -0.8% | — | — | |
| Q2 2010 | -0.8% | — | — | |
| Q4 2009 | -0.8% | — | — |
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