Leggett & Platt Report Second Quarter Profits

Posted by MCC on July 24th, 2010 at 07:00am

Leggett & Platt, components supplier reported a second quarter rise in sales of 15.4 percent. This year’s second quarter profits were more than twice what the company’s profits were the same time last year. The company saw increases in all four of their business segments, including their largest segment, residential furnishings which rose 8.8 percent.

“We are encouraged to see continued sales growth,” said David Haffner, president and CEO. “This quarter’s 15% growth, and the associated higher capacity utilization, led to meaningful earnings improvement.Near term, growth should significantly exceed our 4-5% long-term goal as the economy recovers,” said Haffner. “With our excess production capacity, sales can rebound approximately 25%-33% (to $4 billion or more) before we anticipate the need for significant capital investment.”

The sales for the second quarter which ended on June 30 totaled $874.3 million. That total is up from the same time last year when the total was $757.4 million. The first six months of the year brought the company $891.8 million in sales.

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