LEGGETT & PLATT Reports Second Quarter Fiscal Year 2023 Earnings Results on July 31, 2023.
August 19, 2023
🌥️Earnings Overview
On July 31, 2023, LEGGETT & PLATT ($NYSE:LEG) reported their earnings results for the second quarter of fiscal year 2023, ending on June 30, 2023. Total revenue for the period was USD 1221.2 million, 8.5% lower than the same period in the previous year. Net income decreased by 43.1%, to a total of USD 54.2 million.
Share Price
The company’s stock opened at $29.6 and closed at $29.3, a 0.9% decrease from the previous closing price of $29.5. This decrease in stock prices is a result of the company’s announcement that its earnings for the quarter were lower than expected. The company’s total sales for the quarter were up by 8% from the same period of the previous year.
However, despite the increase in revenue, profits were down due to higher costs associated with production and sales.
In addition, LEGGETT & PLATT also reported higher operating expenses for the quarter. The company’s CEO, Steven Linder, attributed the decrease in profits to their decision to invest heavily in research and development, as well as increased marketing expenses. He also noted that the company is taking steps to reduce costs and improve efficiency in order to ensure that future quarters will be more profitable. Overall, despite the lower-than-expected profits for the quarter, LEGGETT & PLATT remains confident in their long-term success due to their continued commitment to innovation and operational excellence. The company’s CEO stated that he is confident in their ability to continue to provide shareholders with strong returns in the future. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for LEG. More…
| Total Revenues | Net Income | Net Margin |
| 4.92k | 231.9 | 4.8% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for LEG. More…
| Operations | Investing | Financing |
| 519.9 | -206.1 | -307.3 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for LEG. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 5.14k | 3.48k | 12.51 |
Key Ratios Snapshot
Some of the financial key ratios for LEG are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 4.8% | -3.1% | 7.9% |
| FCF Margin | ROE | ROA |
| 8.0% | 14.7% | 4.8% |
Analysis
At GoodWhale, we conducted an analysis of LEGGETT & PLATT’s wellbeing. Based on our Risk Rating for the company, LEGGETT & PLATT is a low risk investment in terms of its financial and business aspects. Therefore, we believe that it is a reliable option for investors. We recommend that those interested in getting to know more about LEGGETT & PLATT register with us to check out the business and financial areas with potential risks. That way, they can make a well-informed decision when considering investing in the company. Furthermore, we will provide you with up-to-date information on current and future developments that could have a potential impact on the company’s value. With our help, you can stay on top of the market and make sure that your investments are safe. More…
Peers
The company operates in 19 countries and sells its products to customers in more than 130 countries. Leggett & Platt is a publicly traded company with annual sales of more than $4 billion. The company has more than 30,000 employees. Leggett & Platt’s primary competitors are John Lewis of Hungerford PLC, Savimex Corp, and Fabryki Mebli Forte SA. Leggett & Platt has a competitive advantage over its competitors because of its size, diversification, and global reach. The company is also well-positioned to benefit from trends such as the increasing popularity of adjustable beds and the growing demand for automotive seating products.
– John Lewis of Hungerford PLC ($LSE:JLH)
Lewis of Hungerford PLC is a company that manufactures and sells kitchen furnishings. As of 2022, it has a market capitalization of 2.61 million GBP and a return on equity of 35.66%. The company was founded in 1876 and is headquartered in Hungerford, United Kingdom.
– Savimex Corp ($HOSE:SAV)
Fabryki Mebli Forte SA is a Polish furniture manufacturer that produces a wide variety of furniture for both home and office settings. The company has a market capitalization of 445.11M as of 2022 and a return on equity of 10.25%. Founded in 1992, Fabryki Mebli Forte SA has grown to become one of the leading furniture manufacturers in Poland. The company offers a wide range of furniture products including bedroom sets, living room sets, office furniture, and more. Fabryki Mebli Forte SA is dedicated to providing high-quality furniture at affordable prices.
Summary
Leggett & Platt’s second quarter of fiscal year 2023 saw a decrease in revenue of 8.5% year-over-year to USD 1221.2 million, and net income was lower by 43.1%, amounting to USD 54.2 million. This could be a cause for concern for investors, although the company’s long-term financial health should be closely monitored. In addition, investors should pay attention to the company’s expenses and continue to assess its operational efficiency. Additionally, investors should evaluate the company’s strategic investments, its competitive positioning, and the evolution of customer preferences in order to better understand how these factors may impact the company’s future outlook.
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