Leggett & Platt lowers FY2022 guidance; cuts EPS view to $2.30-2.45, sales to $5.1-5.2B

LEGGETT & PLATT INC

2022-Q3 EPS reported $1.88 revenue$3,996,800,000

Sales guidance lowered to $5.1-5.2B from $5.2-5.4B; EPS down to $2.30-2.45 from $2.65-2.80.
EBIT margin now 9.5%-10.0% (prior 10.5%-10.7%); cash from ops $400-450M (prior $550-600M).
Guidance cut driven by lower volume, reduced production, slower Auto cost recovery, Specialty Foam inefficiencies.
Acquired hydraulic cylinders business (~$65M 2021 sales) and two textiles businesses each <$10M.
CEO cites challenging global economy and consumer backdrop; actions to align costs and production.

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