Leggett & Platt stock up as much as 5% as company's Q1 profit tops views

Shares of Leggett & Platt Inc. (LEG) rose by as much as 5% in the extended session Monday after the maker of mattresses, seating components and other home and industrial products reported first-quarter profit that topped Wall Street views and kept its guidance for the year intact. Leggett & Platt earned $54 million, or 39 cents a share, in the quarter, compared with $90 million, or 66 cents a share, in the year-ago period. FactSet consensus called for EPS of 26 cents. Revenue dropped 8% to $1.21 billion, meeting analyst expectations. Leggett & Platt is focusing on "improving the things that we can control and continuing to mitigate the macroeconomic impacts on our business," Chief Executive Mitch Dolloff said in a statement. "Our financial discipline allows us to withstand periods of economic uncertainty and enables us to manage our company for long-term success." Shares of Leggett & Platt ended the regular trading day down 2.9%. The company has guided for sales between $4.8 billion and $5.2 billion for the year and EPS between $1.50 and $1.90.

-Claudia Assis

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05-01-23 1650ET

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