Leggett & Platt Reports 2Q Results And Announces 3Q Dividend

CARTHAGE, Mo., Aug. 3, 2020 /PRNewswire/ --A 

2Q sales were down 30% vs 2Q19, significantly impacted by the COVID-19 pandemic

2Q EPS was ($.05), a decrease of $.69 vs 2Q19; 2Q adjusted1 EPS was $.16, down $.48 vs 2Q19

Liquidity at June 30, 2020 was $1.3 billion

Board declared third quarter dividend of $.40 per share

Diversified manufacturer Leggett & Platt reported second quarter sales of $845 million, a 30% decrease versus second quarter last year.

Organic sales were down 31%:

Volume was down 29%2, largely due to the economic impact of COVID-19

Raw material-related selling price decreases and negative currency impact reduced sales 2%

Acquisitions added 1% to sales growth

Second quarter EBITA was $23 million, down $113 million or 83% from second quarter last year, and adjusted1 EBIT was $51 million, an $85 million decrease.

EBIT and adjusted1 EBIT declined primarily as a result of lower volume, partially offset by fixed cost reductions

2Q 2020 adjustments include a $25 million non-cash goodwill impairment charge related to our Hydraulic Cylinders business and $3 million of restructuring charges primarily from pandemic-related cost reductions

EBIT margin was 2.7% and adjusted1 EBIT margin was 6.0%, down from 11.2% in the second quarter of 2019

There was no LIFO benefit or expense in the second quarter of 2020, versus a benefit of $10.4 million (pretax) in the second quarter of 2019

Second quarter EPSA was a loss of $.05, a $.69 decrease versus second quarter 2019, and included a goodwill impairment charge of $.19 and restructuring charges of $.02.A  Second quarter adjusted1 EPS was $.16, a decrease of $.48, primarily from lower EBIT. Debt, Cash Flow and Dividend
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