secwatch.observer — SEC 8-K summary
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Issuer:     LEGGETT & PLATT INC (LEG)
CIK:        0000058492
Form:       8-K
Filed at:   2024-04-30T23:59:59+00:00
Accession:  0001193125-24-125271
Event type: earnings
Sentiment:  negative
Materiality: 0.80
Item codes: 2.02, 7.01, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/58492/000119312524125271/0001193125-24-125271-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/58492/000119312524125271/d772534d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-24-125271

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer