WASHINGTON (dpa-AFX) - Leggett & Platt (LEG) announced, for 2018, EPS guidance is reduced to $2.40-$2.50 versus the prior range of $2.55-$2.70. The company said this decrease is primarily from the negative impact of lower than previously expected sales in Automotive, a pricing lag on raw material increases in the European Spring, Flooring Products and Fabric businesses, continued volume weakness in Home Furniture and European Spring, and promotional activity and lower overhead recovery in Adjustable Bed.
For 2018, sales guidance is now approximately $4.25 billion (the low end of the prior range of $4.25-$4.35 billion), an increase of 8% versus 2017. The company expects low-single-digit volume growth for the full year.
Third quarter earnings were $0.67 per share, up 10% versus $0.61 per share in third quarter 2017 primarily from increased metal margin in Steel Rod business and volume growth. Sales were $1.09 billion, an increase of 8% versus third quarter 2017. Organic sales grew 6%, with volume up 3%.
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