Leggett & Platt Q2 sales $1.22B (-8% YoY); lowers FY2023 guidance

LEGGETT & PLATT INC

2023-Q2 EPS reported $0.79 revenue$2,434,800,000

EPS $0.40, down $0.30 YoY; adjusted EPS $0.38, down $0.32.
2023 guidance lowered: sales $4.75-4.95B (prev. $4.8-5.2B); EPS $1.50-1.70 (prev. $1.50-1.90).
Q2 cash from operations $111M, up $21M; net debt 3.1x adjusted EBITDA.
Bedding sales -18% YoY; Specialized Products +23%; Furniture/Flooring -14%.
Dividend raised to $0.46/share (Q2), annual indicated $1.84.

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