Leggett & Platt Inc (NYSE:LEG)
$ 12.13 -0.03 (-0.25%) Market Cap: 1.63 Bil Enterprise Value: 3.43 Bil PE Ratio: 0 PB Ratio: 2.20 GF Score: 65/100
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Q2 2024 Leggett & Platt Inc Earnings Call Transcript

Aug 02, 2024 / 12:30PM GMT
Release Date Price: $13 (+1.01%)

Key Points

Positve
  • Restructuring plan is on track and some elements are progressing ahead of schedule.
  • Operational efficiency improvements are being realized earlier than expected.
  • Strong focus on transparent communication and quick wins to drive profitability.
  • Commitment to long-term investment in key businesses like bedding, automotive, and geo components.
  • Successful execution of real estate sales, generating significant proceeds.
Negative
  • Second quarter sales and adjusted earnings were lower than anticipated.
  • Weak demand in residential end markets and continued raw material deflation.
  • Significant non-cash goodwill impairment charge of $675 million.
  • Higher bad debt reserves and increased inventory write-downs impacting earnings.
  • Lower expected volumes across segments leading to revised sales guidance.
Operator

At this time, all participants are in a listen only mode. (Operator instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Cassie Branscum from Vice President of Investor Relations Thank you. Please go ahead.

Cassie Branscum
Leggett & Platt Inc - Vice President of Investor Relations

Good morning, and welcome to Leggett & Platt second quarter 2024 earnings call. With me on the call today are Karl Glassman, CEO; Ben Burns, CFO; Tyson Hagale, President of the Bedding Products segment; Sam Smith, President of the Furniture, Flooring and Textile Products segment, and Helena Tauber, Manager of Investor Relations.

The agenda for our call this morning is as follows. Karl will discuss our current priorities and demand trends. Ben will cover operating results and additional financial details, including a restructuring update and address our revised outlook for 2024 and the group will answer any questions you have.

This conference call is being recorded for Leggett & Platt and is

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