Leggett & Platt 1Q sales $1.1B (-10% YoY); dividend slashed to $0.05 from $0.46

LEGGETT & PLATT INC

2024-Q1 EPS reported $0.23 revenue$1,096,900,000

1Q EPS $0.23, down $0.16 YoY; adjusted EPS also $0.23.
Board cuts quarterly dividend to $0.05/share from $0.46, saving cash for deleveraging.
2024 guidance unchanged: sales $4.35-4.65B, EPS $0.95-1.25; operating cash flow guidance lowered to $300-350M.
Restructuring plan on track: $40-50M annualized EBIT benefit expected by late 2025; $11M costs in 1Q.
Net debt/EBITDA leverage at 3.61x; credit covenant amended to 4.0x through June 2025.

item 2.02 item 7.01 item 8.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

LEGGETT & PLATT INC reported first quarter ending March 31, 2024 results: revenue $1.1 billion, EPS $.23. Guidance reaffirmed.

Period: first quarter ending March 31, 2024
Revenue: $1.1 billion
EPS: $.23
Guidance: reaffirmed
Result: reported results

Exact text from the filing

APRIL 30, 2024 LEGGETT & PLATT REPORTS 1Q RESULTS, ANNOUNCES 2Q DIVIDEND OF $.05 AND UPDATES CAPITAL ALLOCATION PRIORITIES Carthage, MO, April 30, 2024 --- · 1Q sales of $1.1 billion, a 10% decrease vs 1Q23 · 1Q EPS and adjusted 1 EPS of $.23, a decrease of $.16 vs 1Q23 · Board declared second quarter dividend of $.05 per share · Company updated capital

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Source: SEC EDGAR

accession 0001193125-24-125271

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