Leggett & Platt Q2 loss of $4.39/share on $675M goodwill impairment; lowers FY2024 guidance, cuts dividend to $0.05

LEGGETT & PLATT INC

2024-Q2 EPS reported -$4.16 revenue$2,225,500,000

Q2 sales $1.1B (-8% YoY); GAAP EPS loss $4.39 includes $675M non-cash goodwill impairment.
Adjusted EPS $0.29 vs $0.38 YoY; adjusted EBIT $71M, margin 6.3% vs 7.5%.
FY2024 sales guidance lowered to $4.3–$4.5B; adjusted EPS narrowed to $1.10–$1.25 (prior $1.05–$1.35).
Quarterly dividend slashed to $0.05/share from $0.46; debt reduced by $73M in Q2.
Restructuring on track: $3M EBIT benefit in Q2; FY2024 benefit expected $10–$15M; real estate sales expected $15–$25M in 2024.

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