In the third quarter of fiscal 2021, diversified manufacturer Leggett & Platt Inc. posted a quarterly sales record of $1.32 billion, a 9% increase over the third quarter of 2020. The Carthage, Missouri-based company reported earnings before interest and taxes of $144 million, and earnings per share were $0.71.
“Like many other companies, our teams continue to navigate myriad macro market changes, including supply chain issues related to semiconductor shortages, foam chemical shortages, labor availability, freight challenges, as well as higher costs associated with each of these issues,” said Karl Glassman, L&P chair and chief executive officer. “Despite these headwinds, we delivered record quarterly sales and solid operating results in the third quarter.”
“Leggett remains well-
positioned, both competitively and financially, to capitalize on long-term opportunities in our various end markets,” Glassman continued. “Our enduring long-term fundamentals give us confidence in our ability to continue creating long-term value for our shareholders.”
Third-quarter sales in Bedding Products (which includes all products sold to the bedding industry — adjustable beds, steel rod and wire, foam, springs and all bed- and spring-making machinery) increased 13%. In Furniture, Flooring & Textile Products, sales grew 12%, and in Specialized Products, sales dropped 3%.