Leggett & Platt Q2 Profit Rises; Cuts FY13 Outlook - Quick Facts

(RTTNews) - Leggett & Platt Inc. (LEG) reported second-quarter net income attributable to the company of $71.3 million or $0.48 per share, compared to $64.9 million or $0.45 per share for the year-ago quarter.

Second quarter 2013 sales were $958.8 million, up 3% from $934.6 million in the second quarter of 2012. Same location sales increased 2%, with a 3% increase in unit volume partially offset by lower rod mill trade sales. Acquisitions increased sales by nearly 1%.

On average, six analysts polled by Thomson Reuters expected the company to earn $0.44 per share on revenue of $982.52 million for the second quarter. Analysts' estimates typically exclude special items.

For 2013, Leggett & Platt lowered its earnings guidance, and now projects earnings for continuing operations of $1.50-1.65 per share, a 2% - 12% improvement compared to 2012's Continuing Operations adjusted earnings of $1.47. Earlier, the company expected 2013 earnings of $1.55-1.75.

The company expects earnings of $1.55 to $1.70 per share for 2013.

The company now anticipates sales growth between 1% and 4%, resulting in sales of $3.75-3.85 billion. Earlier, the company anticipated sales of $3.80-3.95 billion.

Analysts currently expect the company to earn $1.60 per share on revenue of $3.82 billion.