Leggett & Platt reports Q4 adjusted EPS 26c, consensus 27c

Reports Q4 revenue $1.1B, consensus $1.11B. President and CEO Mitch Dolloff commented, “2023 was another challenging year for residential end markets as our Bedding Products and Furniture, Flooring & Textile Products segments faced ongoing weak market demand. Encouragingly, our Specialized Products segment benefited from sustained demand strength as industrial end markets continue to recover post-pandemic. “On January 16, we announced a restructuring plan primarily impacting our Bedding Products segment. We are taking actions to create a more focused, agile organization with a portfolio of products and an operating footprint aligned with the markets we serve. Looking forward, these initiatives are expected to enable us to advance key product growth, improve profitability, and create enhanced value for our customers and shareholders. “Our 2024 guidance reflects continued soft residential end market demand. Our actions to improve operating efficiency across our businesses, drive cash flow, and execute our restructuring plan will allow us to navigate the challenging near-term environment and better position us for long-term success. We are focused on maintaining our investment grade credit rating and managing debt leverage while balancing continued investment in our business for future growth and our dividend track record.”