Carthage, MO, April 20, 2020 -- Leggett & Platt (NYSE:LEG), a diversified manufacturer of engineered products serving several major markets, will release first quarter.
Leggett & Platt's (LEG) earnings are likely to have been hurt by lower selling price and soft volume in first-quarter 2020.
As the world processed the COVID-19 shutdowns, industrials like Leggett & Platt bounced off their lows.
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Second quarter dividend of $.40 per share
Sales have fallen by nearly half under the COVID-19 shutdown, and the bedding and flooring company may have to cut its dividend for the first time in almost a half-century.
Withdraws 2020 Guidance
Leggett & Platt (NYSE:LEG) shareholders are no doubt pleased to see that the share price has bounced 49% in the last...
Leggett & Platt Inc. said late Thursday it was pulling its guidance for the year in response to the COVID-19 coronavirus pandemic. In a statement, the bed component and furniture maker said it "has experienced significant reductions in demand in many of its markets," and as a result it "has temporarily closed some facilities." Leggett shares rose 1.9% after hours, following a 0.9% decline to close the regular session at $24.21. Analysts surveyed by FactSet had forecast full-year earnings of $2.42 a share on revenue of $4.75 billion, after Leggett had forecast earnings of $2.40 to $2.60 a share on revenue of $4.7 billion to $4.9 billion back in early February.
Q1 2020 Leggett & Platt Inc Earnings Call
Leggett & Platt (LEG) suspends its guidance and temporarily closes some of its facilities in response to the impact of COVID-19 pandemic.
Diversified manufacturer Leggett & Platt reported its first quarter 2020 results of operations, impacts from the COVID-19 pandemic on its business, and responsive actions.
Unfortunately for some shareholders, the Leggett & Platt (NYSE:LEG) share price has dived 34% in the last thirty days...
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The latest analyst coverage could presage a bad day for Leggett & Platt, Incorporated (NYSE:LEG), with the analysts...
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Furniture Industry Near-Term Outlook Shadowed by Coronavirus
Leggett & Platt's (LEG) first-quarter performance is impacted by a decline in organic sales. Yet, projection of lower fixed costs and capital expenditure for 2020 is commendable.
Moody's Investors Service, ("Moody's") downgraded Leggett & Platt, Incorporated's (Leggett & Platt) senior unsecured rating to Baa2 from Baa1. The Prime-2 rating for commercial paper was affirmed. The downgrade reflects Moody's belief that Leggett & Platt's operating performance and operating cash flow will deteriorate over the next 6-12 months and impede deleveraging progress from the January 2019 Elite Comfort Solutions, Inc. (ECS) acquisition.