Leggett & Platt reported third-quarter 2024 sales of $1.1 billion, a 6% decrease compared to the third quarter of the previous year. Adjusted EBIT for the quarter was $76 million, down $10 million from the prior year, primarily due to unfavorable sales mix, lower volume, and metal margin compression.
The company's adjusted EPS for the third quarter was $0.32, a $0.04 decrease versus the third quarter of 2023. Demand headwinds in residential end markets and softness in the Automotive business were cited as primary challenges impacting these results.
In response to weaker-than-anticipated demand, Leggett & Platt lowered its full-year 2024 guidance, projecting sales between $4.3 billion and $4.4 billion and adjusted EPS in the range of $1.00 to $1.10. The company also announced it is exploring the potential sale of its Aerospace business as part of a strategic portfolio review.
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