CARTHAGE, Mo. — While sales saw a dip for the first quarter of 2025, Leggett & Platt reported it earnings before interest and income taxes (EBIT) were virtually flat for the period ended March 31.
Trade sales for the period were $1.022 billion, down 7% from last year’s $1.97 billion. After figuring cost of goods sold, the company saw a gross profit increase of 2%, from $186.4 million last year to $190 million this year.
Operating cash flow for the quarter was $7 million, a $13 million increase year over year.
EBIT came in at $62.9 million for the period, compared with last year’s $63 million. Net earnings per diluted share were 22 cents for the first quarter, down 4% from 23 cents per share in the 2024 Q1.
“We are pleased to report better than anticipated first quarter earnings,” said Karl Glassman, president and CEO. “Our earnings improvement is a testament to the excellent execution of our restructuring plan and operational efficiency improvement initiatives, as well as disciplined cost management.”
He noted that tariffs overall may end up as a net positive for the company, but added, “we are concerned about potential negative effects on inflation, consumer confidence, and discretionary demand.”
Glassman reiterated the company’s commitment to its restructuring plan, and noted the divestment of a small U.S. machinery business in March and an agreement to sell its Aerospace business this year.
“Given our conservative outlook due to macroeconomic uncertainties as we entered the year and despite the current trade policy uncertainties, we are maintaining our sales and adjusted EPS guidance for 2025,” he said. “Although the domestic bedding industry is now expected to be more challenged than previously anticipated, the resulting lower volume will likely be offset primarily by steel-related tariff benefits.
“Our business is resilient, and with the support of our dedicated employees, we remain confident in our ability to successfully execute our strategic priorities and deliver long-term shareholder value.”
Leggett & Platt’s guidance for 2025 is for sales to be $4 billion to $4.3 billion, down 2% to 9% compared with 2024. EPS is expected to be 85 cents to $1.26, and its EBIT margin is expected to be 5.8% to 7.1% for the year.
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