Leggett & Platt said third-quarter sales fell 6% to $1.04 billion, but the company’s net income was more than double last year’s third quarter as a restructuring effort launched in early 2024 boosted the bottom line.
Net income for the quarter totaled $127.1 million, or 91 cents per share. That’s up from $44.9 million, or 33 cents per share, in the same quarter last year. The most recent quarter included about $4 million in restructuring charges and an $87 million gain from the August sale of its aerospace products group.
The company said sales from the bedding products segment — its largest business unit — fell 10% to $402.5 million amid continued weak demand and retail merchandising changes in adjustable bed and specialty foam products.
Sales in the furniture, flooring and textiles segment were essentially flat at $356.4 million, while sales in the specialized products segment were down 7% to $277.5 million.
“We are pleased to report solid results for the quarter, achieved amid ongoing macroeconomic challenges. Our performance reflects continued progress on strategic priorities and disciplined execution across the company,” said Karl Glassman, president and CEO.
Glassman noted that the aerospace products sale helped the company reduce debt by $296 million and said operating cash flow was $126 million — a $30 million increase from last year’s third quarter.
“The dedication and hard work of our employees is creating a stronger, more agile company positioned for profitable growth,” he said. “We remain focused on generating strong cash flow, strengthening our balance sheet, and creating long-term shareholder value.”
The company reaffirmed the midpoint of its previous 2025 sales and adjusted earnings per share guidance but narrowed the projected range.
Sales are now projected at $4 billion to $4.1 billion — versus a July estimate of $3.9 billion to $4.2 billion, while adjusted earnings per share are now expected to be $1.52 to $1.72. That compares with a July estimate of $1.43 to $1.72.
For the first nine months of 2025, companywide sales totaled $3.12 billion, down from $3.33 billion in the first nine months of 2024.
Nine-month net income totaled $210.2 million, or $1.51 per share. In the same period in 2024, the company recorded a net loss of $525.7 million, or $3.83 per share.
