CARTHAGE, Mo., May 2, 2022
/PRNewswire/ --
- Record 1Q sales1 of $1.32
billion, a 15% increase vs 1Q21
- Record 1Q EBIT of $138 million,
up $10 million vs 1Q21
- Record 1Q EPS of $.66, an
increase of $.02 vs 1Q21
- 2022 guidance unchanged: sales of $5.3–$5.6 billion; EPS of $2.70–$3.00
Diversified manufacturer Leggett & Platt reported record
first quarter sales1 of $1.32
billion, a 15% increase versus first quarter last year.
- Organic sales2 were up 13%
-
- Volume was down 4%, primarily from demand softness in U.S. and
European bedding markets, partially offset by growth in our Work
Furniture, Aerospace, and Hydraulic Cylinders businesses
- Raw material-related selling price increases added 18% to
sales
- Currency impact decreased sales 1%
- Acquisitions, net of divestitures, increased sales 2%
First quarter EBIT was $138
million, a first quarter record. EBIT was up $10 million or 8% from first quarter 2021
EBIT.
- EBIT increased primarily from metal margin expansion in our
Steel Rod business and pricing discipline in the Furniture,
Flooring & Textile Products segment, partially offset by lower
volume primarily in the Bedding segment, higher raw material and
transportation costs in Automotive generally, and production
inefficiencies and related premium freight costs in a North
American Automotive facility
- EBIT margin was 10.4%, down from 11.1% in the first quarter of
2021
First quarter EPS was $.66, also a first quarter record. EPS increased
$.02 versus first quarter 2021 EPS,
reflecting higher EBIT partially offset by higher tax rate
($.03/share) and interest expense
($.01/share).
CEO COMMENTS
President and CEO Mitch Dolloff commented, "We delivered another
quarter of record sales1 and EPS, as well as improved
cash from operations. Our employees around the world once
again successfully managed an incredibly dynamic operating
environment. Our full year guidance remains unchanged as we balance
strong first quarter results, which were in line with our
expectations, with continuing macro market uncertainties, including
supply chain constraints, inflation, tighter monetary policy, the
invasion of Ukraine, and COVID
lockdowns in China.
"The hard work and dedication of our employees have positioned
us well, both competitively and financially, to capitalize on
long-term opportunities in our various end markets. Our enduring
fundamentals give us confidence in our ability to continue creating
long-term value for our shareholders."
DEBT, CASH FLOW, AND LIQUIDITY
- Net Debt3 was 2.32x trailing 12-month
adjusted EBITDA3
- Operating cash flow was $39
million in the first quarter, an increase of $50 million versus first quarter 2021, primarily
from lower working capital increases this year as we began to
return to more normal levels of inventory
- Capital expenditures were $19
million
- Total liquidity was $1.5
billion
DIVIDEND
- In February, Leggett & Platt's Board of Directors declared
a $.42 first quarter dividend,
two cents higher than last year's
first quarter dividend
- At an annual indicated dividend of $1.68 per share, the yield is 4.7% based upon
Friday's closing stock price of $35.63 per share
STOCK REPURCHASES
- Repurchased .6 million shares at an average price of
$37.17
- Issued .7 million shares through employee benefit plans
- Shares outstanding at the end of the first quarter were 133.5
million
2022 GUIDANCE
- Full year 2022 sales and EPS guidance unchanged
- Sales are expected to be $5.3–$5.6 billion, +4% to +10% versus 2021
-
- Volume is expected to be roughly flat, with:
-
- Flat to down mid-single digits in Bedding Products Segment
- Up mid- to high-single digits in Specialized Products
Segment
- Roughly flat in Furniture, Flooring & Textile Products
Segment
- Raw material-related price increases expected to add sales
growth
- Small acquisitions completed in 2021, net of divestitures,
expected to add 1%
- EPS is expected to be $2.70–$3.00
- Based on this framework, EBIT margin should be 10.5% to
11.0%
- Additional expectations unchanged:
-
- Depreciation and amortization $200
million
- Net interest expense $80
million
- Effective tax rate 23%
- Operating cash flow approximately $600
million
- Capital expenditures $150
million
- Dividends $230 million
- Fully diluted shares 137 million
- Share repurchases to offset share issuances
SEGMENT RESULTS – First Quarter 2022 (versus 1Q
2021)
Bedding Products –
- Trade sales increased 19%
-
- Volume decreased 9%, primarily due to demand softness in U.S.
and European bedding markets
- Raw material-related selling price increases added 26%
- Currency impact decreased sales 1%
- Acquisitions, net of divestitures, added 3% to sales
growth
-
- The Kayfoam acquisition completed in June 2021 contributed 4% to sales
- Divestitures of small operations in Drawn Wire and
International Bedding decreased sales by 1%
- EBIT increased $12 million,
primarily from higher metal margin, partially offset by lower
volume and lower overhead absorption as production and inventory
levels were adjusted to meet reduced demand
Specialized Products –
- Trade sales increased 2%
-
- Volume increased 3% from sales growth in Aerospace and
Hydraulic Cylinders, partially offset by slightly lower sales in
Automotive due to multiple supply chain constraints impacting
global automotive production
- Raw material-related price increases in Hydraulic Cylinders
added 1%
- Currency impact decreased sales 2%
- EBIT decreased $15 million,
primarily from higher raw material and transportation costs in
Automotive generally, and production inefficiencies and related
premium freight costs in a North American Automotive facility
Furniture, Flooring & Textile Products –
- Trade sales increased 17%
-
- Volume was flat, with growth in Work Furniture offset by
declines in Flooring, Textiles, and Home Furniture
- Raw material-related selling price increases added 17%
- EBIT increased $14 million,
primarily from pricing discipline
SLIDES AND CONFERENCE CALL
A set of slides containing
summary financial information is available from the Investor
Relations section of Leggett's website at www.leggett.com.
Management will host a conference call at 7:30 a.m. Central (8:30 a.m. Eastern) on Tuesday, May 3. The webcast can be accessed from
Leggett's website. The dial-in number is (201) 689-8341; there is
no passcode.
Second quarter results will be released after the
market closes on Monday, August 1,
2022, with a conference call the next morning.
- - - - - - - - - - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
- - - - - - - - - - -
FOR MORE INFORMATION: Visit Leggett's website at
www.leggett.com.
COMPANY DESCRIPTION: Leggett & Platt (NYSE: LEG) is a
diversified manufacturer that designs and produces a broad variety
of engineered components and products that can be found in most
homes and automobiles. The 139-year-old Company is comprised of 15
business units, approximately 20,000 employees, and 130
manufacturing facilities located in 17 countries.
Leggett & Platt is the leading U.S.-based manufacturer of:
a) bedding components; b) automotive seat support and lumbar
systems; c) specialty bedding foams and private label finished
mattresses; d) components for home furniture and work furniture; e)
flooring underlayment; f) adjustable beds; and g) bedding industry
machinery.
FORWARD-LOOKING STATEMENTS: This press release contains
"forward-looking statements," including, but not limited to, volume
growth; acquisition and divestiture activity; the amount of sales,
EPS, capital expenditures, depreciation and amortization, net
interest expense, fully diluted shares, operating cash flow; our
EBIT margin, effective tax rate, amount of dividends, and raw
material-related price increases. Such forward-looking statements
are expressly qualified by the cautionary statements described in
this provision and reflect only the beliefs of Leggett or its
management at the time the statement is made. Because all
forward-looking statements deal with the future, they are subject
to risks, uncertainties and developments which might cause actual
events or results to differ materially from those envisioned or
reflected in any forward-looking statement. Moreover, we do not
have, and do not undertake, any duty to update or revise any
forward-looking statement to reflect events or circumstances after
the date on which the statement was made. Some of these risks and
uncertainties include: the adverse impact on our sales, earnings,
liquidity, cash flow, costs, and financial condition caused by the
COVID-19 pandemic which has had, and depending on the length and
severity of the pandemic and the percentage of the population
vaccinated and effectiveness of any vaccines, could, in varying
degrees, negatively impact (a) the demand for our products and our
customers' products, growth rates in the industries in which we
participate, and opportunities in those industries, (b) our
manufacturing facilities' ability to remain open and fully
operational, obtain necessary raw materials and parts, maintain
appropriate labor levels and ship finished products to customers,
(c) our ability to collect trade and other notes receivables in
accordance with their terms, (d) impairment of goodwill and
long-lived assets, (e) restructuring-related costs, and (g) our
ability to access the commercial paper market or borrow under our
revolving credit facility, including compliance with restrictive
covenants that may limit our operational flexibility and our
ability to timely pay our debt; adverse impact from Russia's
invasion of Ukraine; adverse impact from supply chain disruptions;
our ability to deleverage; our ability to manage working capital;
increases or decreases in our capital needs, which may vary
depending on acquisition or divestiture activity, our working
capital needs and capital expenditures; market conditions; price
and product competition from foreign and domestic competitors; cost
and availability of raw materials (including microchips and
chemicals) due to supply chain disruptions or otherwise, labor, and
energy costs; cash generation sufficient to pay the dividend; cash
repatriation from foreign accounts; our ability to pass along raw
material cost increases through increased selling prices; changing
tax rates; increased trade costs; cybersecurity breaches; customer
losses and insolvencies; disruption to our steel rod mill; foreign
currency fluctuation; the imposition or continuation of
anti-dumping duties on innersprings, steel wire rod and mattresses;
data privacy; climate change and ESG obligations; litigation risks;
and risk factors in the "Forward-Looking Statements" and "Risk
Factors" sections in Leggett's most recent Form 10-K and Form 10-Q
reports filed with the SEC.
CONTACT: Investor Relations,
(417) 358-8131 or invest@leggett.com
Susan R. McCoy, Senior Vice
President, Investor Relations
Cassie J. Branscum, Senior Director,
Investor Relations
____________________
1 Sales from continuing operations
2 Trade sales excluding acquisitions/divestitures in the
last 12 months
3 Please refer to attached tables for Non-GAAP
Reconciliations
LEGGETT &
PLATT
|
|
Page 5 of 7
|
|
|
|
|
|
May 2,
2022
|
RESULTS OF
OPERATIONS
|
|
FIRST
QUARTER
|
|
|
|
|
|
|
(In millions, except
per share data)
|
|
2022
|
|
2021
|
|
Change
|
|
|
|
|
|
|
Trade
sales
|
|
$
1,322.3
|
|
$
1,150.9
|
|
15 %
|
|
|
|
|
|
|
Cost of goods
sold
|
|
1,055.0
|
|
903.4
|
|
|
|
|
|
|
|
|
Gross
profit
|
|
267.3
|
|
247.5
|
|
8 %
|
|
|
|
|
|
|
Selling &
administrative expenses
|
|
111.7
|
|
106.3
|
|
5 %
|
|
|
|
|
|
|
Amortization
|
|
17.0
|
|
15.8
|
|
|
|
|
|
|
|
|
Other expense (income),
net
|
|
1.0
|
|
(2.3)
|
|
|
|
|
|
|
|
|
Earnings
before interest and taxes
|
|
137.6
|
|
127.7
|
|
8 %
|
|
|
|
|
|
|
Net interest
expense
|
|
19.5
|
|
18.4
|
|
|
|
|
|
|
|
|
Earnings
before income taxes
|
|
118.1
|
|
109.3
|
|
|
|
|
|
|
|
|
Income
taxes
|
|
27.7
|
|
21.8
|
|
|
|
|
|
|
|
|
Net
earnings
|
|
90.4
|
|
87.5
|
|
|
|
|
|
|
|
|
Less net income from
noncontrolling interest
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
Net
Earnings Attributable to L&P
|
|
$
90.4
|
|
$
87.5
|
|
3 %
|
|
|
|
|
|
|
Earnings per diluted
share
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings per
diluted share
|
|
$ 0.66
|
|
$ 0.64
|
|
3 %
|
|
|
|
|
|
|
Shares
outstanding
|
|
|
|
|
|
|
|
|
|
|
|
|
Common
stock (at end of period)
|
|
133.5
|
|
133.2
|
|
0.2 %
|
|
|
|
|
|
|
Basic
(average for period)
|
|
136.6
|
|
136.0
|
|
|
|
|
|
|
|
|
Diluted
(average for period)
|
|
136.9
|
|
136.3
|
|
0.4 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CASH
FLOW
|
|
FIRST
QUARTER
|
|
|
|
|
|
|
(In
millions)
|
|
2022
|
|
2021
|
|
Change
|
|
|
|
|
|
|
Net earnings
|
|
$ 90.4
|
|
$ 87.5
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
45.7
|
|
46.1
|
|
|
|
|
|
|
|
|
Working capital
decrease (increase)
|
|
(114.4)
|
|
(152.5)
|
|
|
|
|
|
|
|
|
Impairments
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
Other operating
activities
|
|
17.3
|
|
8.3
|
|
|
|
|
|
|
|
|
Net
Cash from Operating Activities
|
|
$
39.0
|
|
$
(10.6)
|
|
468 %
|
|
|
|
|
|
|
Additions to
PP&E
|
|
(18.7)
|
|
(24.0)
|
|
|
|
|
|
|
|
|
Purchase of companies,
net of cash
|
|
-
|
|
(27.3)
|
|
|
|
|
|
|
|
|
Proceeds from business
and asset sales
|
|
2.4
|
|
-
|
|
|
|
|
|
|
|
|
Dividends
paid
|
|
(56.0)
|
|
(53.0)
|
|
|
|
|
|
|
|
|
Repurchase of common
stock, net
|
|
(21.6)
|
|
(6.7)
|
|
|
|
|
|
|
|
|
Additions (payments) to
debt, net
|
|
20.9
|
|
109.2
|
|
|
|
|
|
|
|
|
Other
|
|
(0.4)
|
|
(2.7)
|
|
|
|
|
|
|
|
|
Increase (Decrease) in Cash & Equivalents
|
|
$
(34.4)
|
|
$
(15.1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIAL
POSITION
|
|
Mar
31,
|
|
Dec
31,
|
|
|
|
|
|
|
|
|
(In
millions)
|
|
2022
|
|
2021
|
|
Change
|
|
|
|
|
|
|
Cash and
equivalents
|
|
$ 327.3
|
|
$ 361.7
|
|
|
|
|
|
|
|
|
Receivables
|
|
704.9
|
|
651.5
|
|
|
|
|
|
|
|
|
Inventories
|
|
1,045.8
|
|
993.2
|
|
|
|
|
|
|
|
|
Other current
assets
|
|
60.0
|
|
58.9
|
|
|
|
|
|
|
|
|
Total
current assets
|
|
2,138.0
|
|
2,065.3
|
|
4 %
|
|
|
|
|
|
|
Net fixed
assets
|
|
768.6
|
|
781.5
|
|
|
|
|
|
|
|
|
Operating lease
right-of-use assets
|
|
190.8
|
|
192.6
|
|
|
|
|
|
|
|
|
Goodwill
|
|
1,445.6
|
|
1,449.6
|
|
|
|
|
|
|
|
|
Intangible assets and
deferred costs, both at net
|
|
798.8
|
|
818.3
|
|
|
|
|
|
|
|
|
TOTAL
ASSETS
|
|
$
5,341.8
|
|
$
5,307.3
|
|
1 %
|
|
|
|
|
|
|
Trade accounts
payable
|
|
$ 622.0
|
|
$ 613.8
|
|
|
|
|
|
|
|
|
Current debt
maturities
|
|
301.3
|
|
300.6
|
|
|
|
|
|
|
|
|
Current operating lease
liabilities
|
|
45.8
|
|
44.5
|
|
|
|
|
|
|
|
|
Other current
liabilities
|
|
382.1
|
|
376.8
|
|
|
|
|
|
|
|
|
Total
current liabilities
|
|
1,351.2
|
|
1,335.7
|
|
1 %
|
|
|
|
|
|
|
Long-term
debt
|
|
1,803.1
|
|
1,789.7
|
|
1 %
|
|
|
|
|
|
|
Operating lease
liabilities
|
|
150.0
|
|
153.0
|
|
|
|
|
|
|
|
|
Deferred taxes and
other liabilities
|
|
366.1
|
|
380.3
|
|
|
|
|
|
|
|
|
Equity
|
|
1,671.4
|
|
1,648.6
|
|
1 %
|
|
|
|
|
|
|
Total
Capitalization
|
|
3,990.6
|
|
3,971.6
|
|
0 %
|
|
|
|
|
|
|
TOTAL
LIABILITIES & EQUITY
|
|
$
5,341.8
|
|
$
5,307.3
|
|
1 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LEGGETT &
PLATT
|
|
Page 6 of 7
|
|
|
|
|
|
May 2,
2022
|
SEGMENT RESULTS 1
|
|
FIRST
QUARTER
|
|
|
|
|
|
|
(In
millions)
|
|
2022
|
|
2021
|
|
Change
|
|
|
|
|
|
|
Bedding
Products
|
|
|
|
|
|
|
|
|
|
|
|
|
Trade sales
|
|
$ 639.4
|
|
$ 535.8
|
|
19 %
|
|
|
|
|
|
|
EBIT
|
|
76.2
|
|
63.8
|
|
19 %
|
|
|
|
|
|
|
EBIT
margin
|
|
11.9%
|
|
11.9%
|
|
0 bps
|
2
|
|
|
|
|
|
Depreciation and
amortization
|
|
26.2
|
|
26.1
|
|
|
|
|
|
|
|
|
EBITDA
|
|
102.4
|
|
89.9
|
|
14 %
|
|
|
|
|
|
|
EBITDA
margin
|
|
16.0%
|
|
16.8%
|
|
-80
bps
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Specialized
Products
|
|
|
|
|
|
|
|
|
|
|
|
|
Trade sales
|
|
$ 264.1
|
|
$ 257.6
|
|
2 %
|
|
|
|
|
|
|
EBIT
|
|
20.3
|
|
35.2
|
|
(42)%
|
|
|
|
|
|
|
EBIT
margin
|
|
7.7%
|
|
13.7%
|
|
-600
bps
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
10.8
|
|
11.1
|
|
|
|
|
|
|
|
|
EBITDA
|
|
31.1
|
|
46.3
|
|
(33)%
|
|
|
|
|
|
|
EBITDA
margin
|
|
11.8%
|
|
18.0%
|
|
-620
bps
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Furniture, Flooring
& Textile Products
|
|
|
|
|
|
|
|
|
|
|
|
|
Trade sales
|
|
$ 418.8
|
|
$ 357.5
|
|
17 %
|
|
|
|
|
|
|
EBIT
|
|
42.7
|
|
28.3
|
|
51 %
|
|
|
|
|
|
|
EBIT
margin
|
|
10.2%
|
|
7.9%
|
|
230
bps
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
5.9
|
|
6.1
|
|
|
|
|
|
|
|
|
EBITDA
|
|
48.6
|
|
34.4
|
|
41 %
|
|
|
|
|
|
|
EBITDA
margin
|
|
11.6%
|
|
9.6%
|
|
200
bps
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Company
|
|
|
|
|
|
|
|
|
|
|
|
|
Trade sales
|
|
$
1,322.3
|
|
$
1,150.9
|
|
15 %
|
|
|
|
|
|
|
EBIT -
segments
|
|
139.2
|
|
127.3
|
|
9 %
|
|
|
|
|
|
|
Intersegment
eliminations and other
|
|
(1.6)
|
|
0.4
|
|
|
|
|
|
|
|
|
EBIT
|
|
137.6
|
|
127.7
|
|
8 %
|
|
|
|
|
|
|
EBIT
margin
|
|
10.4%
|
|
11.1%
|
|
-70
bps
|
|
|
|
|
|
|
Depreciation and
amortization - segments
|
|
42.9
|
|
43.3
|
|
|
|
|
|
|
|
|
Depreciation and
amortization - unallocated 3
|
|
2.8
|
|
2.8
|
|
|
|
|
|
|
|
|
EBITDA
|
|
$ 183.3
|
|
$ 173.8
|
|
5 %
|
|
|
|
|
|
|
EBITDA
margin
|
|
13.9%
|
|
15.1%
|
|
-120
bps
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LAST SIX QUARTERS 4
|
|
2020
|
|
2021
|
|
2022
|
Selected Figures (In
Millions)
|
|
4Q
|
|
1Q
|
|
2Q
|
|
3Q
|
|
4Q
|
|
1Q
|
Trade sales
|
|
1,182.0
|
|
1,150.9
|
|
1,269.6
|
|
1,319.2
|
|
1,332.9
|
|
1,322.3
|
Sales growth (vs. prior
year)
|
|
3 %
|
|
10 %
|
|
50 %
|
|
9 %
|
|
13 %
|
|
15 %
|
Volume growth (same
locations vs. prior year)
|
|
3 %
|
|
4 %
|
|
31 %
|
|
(6)%
|
|
(5)%
|
|
(4)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBIT
5
|
|
156.0
|
|
127.7
|
|
143.7
|
|
144.2
|
|
152.2
|
|
137.6
|
Cash from
operations
|
|
218.8
|
|
(10.6)
|
|
40.9
|
|
50.1
|
|
190.9
|
|
39.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA
(trailing twelve months) 5
|
|
642.1
|
|
677.9
|
|
772.9
|
|
760.8
|
|
755.1
|
|
764.6
|
(Long-term debt +
current maturities - cash and equivalents) / adj. EBITDA
3,6
|
|
2.42
|
|
2.46
|
|
2.32
|
|
2.41
|
|
2.29
|
|
2.32
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Organic Sales (Vs. Prior Year) 7
|
|
4Q
|
|
1Q
|
|
2Q
|
|
3Q
|
|
4Q
|
|
1Q
|
Bedding
Products
|
|
5 %
|
|
12 %
|
|
50 %
|
|
12 %
|
|
15 %
|
|
16 %
|
Specialized
Products
|
|
1 %
|
|
9 %
|
|
69 %
|
|
(4)%
|
|
(4)%
|
|
2 %
|
Furniture, Flooring
& Textile Products
|
|
3 %
|
|
12 %
|
|
43 %
|
|
12 %
|
|
17 %
|
|
17 %
|
Overall
|
|
3 %
|
|
11 %
|
|
50 %
|
|
8 %
|
|
11 %
|
|
13 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1
Segment and overall company margins
calculated on net trade sales.
|
2
bps = basis points; a unit of measure
equal to 1/100th of 1%.
|
3
Consists primarily of depreciation of
non-operating assets.
|
4
Effective 1/1/21: domestic
steel-related inventory valuation
methodology changed from LIFO to FIFO; 4Q 2020 presented
has been adjusted to apply the effects of the
change.
|
5
Refer to next page for non-GAAP
reconciliations.
|
6
EBITDA based on trailing twelve
months.
|
|
|
|
|
|
|
|
|
|
|
|
|
7
Trade sales excluding sales attributable
to acquisitions and divestitures consummated in the last 12
months.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LEGGETT &
PLATT
|
|
Page 7 of 7
|
|
|
|
|
|
May 2,
2022
|
RECONCILIATION OF
REPORTED (GAAP) TO ADJUSTED (Non-GAAP) FINANCIAL MEASURES
11
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Adjustments
8
|
|
2020
|
|
2021
|
|
2022
|
(In millions, except
per share data)
|
|
4Q
|
|
1Q
|
|
2Q
|
|
3Q
|
|
4Q
|
|
1Q
|
Gain on sale of real
estate
|
|
-
|
|
-
|
|
(28.2)
|
|
-
|
|
-
|
|
-
|
Non-GAAP Adjustments (Pretax) 9
|
|
-
|
|
-
|
|
(28.2)
|
|
-
|
|
-
|
|
-
|
Income tax
impact
|
|
-
|
|
-
|
|
6.9
|
|
-
|
|
-
|
|
-
|
Non-GAAP Adjustments
(After Tax)
|
|
-
|
|
-
|
|
(21.3)
|
|
-
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted shares
outstanding
|
|
136.2
|
|
136.3
|
|
136.8
|
|
136.9
|
|
137.0
|
|
136.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EPS Impact of
Non-GAAP Adjustments
|
|
-
|
|
-
|
|
(0.16)
|
|
-
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBIT, EBITDA, Margin, and EPS
8
|
|
2020
|
|
2021
|
|
2022
|
(In millions, except
per share data)
|
|
4Q
|
|
1Q
|
|
2Q
|
|
3Q
|
|
4Q
|
|
1Q
|
Trade sales
|
|
1,182.0
|
|
1,150.9
|
|
1,269.6
|
|
1,319.2
|
|
1,332.9
|
|
1,322.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBIT (earnings before
interest and taxes)
|
|
156.0
|
|
127.7
|
|
171.9
|
|
144.2
|
|
152.2
|
|
137.6
|
Non-GAAP adjustments
(pretax and excluding interest)
|
|
-
|
|
-
|
|
(28.2)
|
|
-
|
|
-
|
|
-
|
Adjusted
EBIT
|
|
156.0
|
|
127.7
|
|
143.7
|
|
144.2
|
|
152.2
|
|
137.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBIT margin
|
|
13.2%
|
|
11.1%
|
|
13.5%
|
|
10.9%
|
|
11.4%
|
|
10.4%
|
Adjusted EBIT
Margin
|
|
13.2%
|
|
11.1%
|
|
11.3%
|
|
10.9%
|
|
11.4%
|
|
10.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBIT
|
|
156.0
|
|
127.7
|
|
171.9
|
|
144.2
|
|
152.2
|
|
137.6
|
Depreciation and
amortization
|
|
48.4
|
|
46.1
|
|
48.1
|
|
46.6
|
|
46.5
|
|
45.7
|
EBITDA
|
|
204.4
|
|
173.8
|
|
220.0
|
|
190.8
|
|
198.7
|
|
183.3
|
Non-GAAP adjustments
(pretax and excluding interest)
|
|
-
|
|
-
|
|
(28.2)
|
|
-
|
|
-
|
|
-
|
Adjusted
EBITDA
|
|
204.4
|
|
173.8
|
|
191.8
|
|
190.8
|
|
198.7
|
|
183.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA
margin
|
|
17.3%
|
|
15.1%
|
|
17.3%
|
|
14.5%
|
|
14.9%
|
|
13.9%
|
Adjusted EBITDA
Margin
|
|
17.3%
|
|
15.1%
|
|
15.1%
|
|
14.5%
|
|
14.9%
|
|
13.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted EPS
|
|
0.79
|
|
0.64
|
|
0.82
|
|
0.71
|
|
0.77
|
|
0.66
|
EPS impact of non-GAAP
adjustments
|
|
-
|
|
-
|
|
(0.16)
|
|
-
|
|
-
|
|
-
|
Adjusted
EPS
|
|
0.79
|
|
0.64
|
|
0.66
|
|
0.71
|
|
0.77
|
|
0.66
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Debt to Adjusted EBITDA 10
|
|
2020
|
|
2021
|
|
2022
|
|
|
4Q
|
|
1Q
|
|
2Q
|
|
3Q
|
|
4Q
|
|
1Q
|
Total debt
|
|
1,900.2
|
|
2,003.7
|
|
2,025.7
|
|
2,066.0
|
|
2,090.3
|
|
2,104.4
|
Less: cash and
equivalents
|
|
(348.9)
|
|
(333.8)
|
|
(231.6)
|
|
(234.7)
|
|
(361.7)
|
|
(327.3)
|
Net debt
|
|
1,551.3
|
|
1,669.9
|
|
1,794.1
|
|
1,831.3
|
|
1,728.6
|
|
1,777.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA,
trailing 12 months
|
|
642.1
|
|
677.9
|
|
772.9
|
|
760.8
|
|
755.1
|
|
764.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Debt / 12-month
Adjusted EBITDA
|
|
2.42
|
|
2.46
|
|
2.32
|
|
2.41
|
|
2.29
|
|
2.32
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8
Management and investors use these measures as supplemental
information to assess operational performance.
|
9 The ($28.2)
2Q 2021 non-GAAP adjustment affected the Other income line on the
income statement.
|
10
Management and investors use this ratio
as supplemental information to assess ability to pay off
debt. These ratios are calculated differently than the
Company's credit facility
covenant ratio.
|
11 Calculations impacted by rounding.
|
|
|
|
|
|
|
|
|
|
|
|
|
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