Why Leggett & Platt Stock Dropped Today
Shares of Leggett & Platt (NYSE: LEG) were down 12.1% on Friday after the diversified manufacturer announced mixed quarterly results relative to Wall Street's expectations.
Leggett & Platt's fourth-quarter revenue fell 7% year over year, to just under $1.12 billion, while adjusted (non-GAAP) net income fell by a third to $0.26 per share. Analysts, on average, were looking for slightly higher earnings of $0.27 per share on roughly the same revenue.
CEO Mitch Dolloff called it "another challenging year for residential end markets," citing weak demand for the company's bedding products and furniture, flooring and textile products segments. That weakness was only partially offset by continued improvements from Leggett & Platt's specialized products segment, which has benefited from a rebound in industrial end markets.
Source Fool.com
