Leggett & Platt 2Q Up 64%

Carthage, MO, July 23--Diversifed manufacturer Leggett & Platt's second-quarter sales improved 21% to $1.28 billion from $1.05 billion, with acquisitions contributing 7% of the growth. The company, which produces carpet cushion, acquired two firms during the second quarter and expects the acquisitions to contribute about $16 million to annual sales. For the third quarter, Leggett & Platt expects earnings of 38 cents to 43 cents a share. The company anticipates third-quarter trade sales of $1.28 billion to $1.33 billion, representing organic sales growth of about 10%. For the full year, Leggett expects organic sales to increase 8% to 11%. Acquisitions should contribute $150 million to $200 million of incremental revenue, resulting in full-year trade sales of $4.8 billion to $5.1 billion. The company updated its full year earnings-per-share guidance, raising the lower end of its prior range by a nickel. Accordingly, full-year earnings are now expected to be $1.35 a share to $1.45 a share. On June 16, Leggett had said it expected organic sales growth for 2004 of 7% to 11%, with earnings per share of $1.30 to $1.45, and full-year trade sales of $4.8 billion to $5.1 billion. Wall Street analysts expect third-quarter earnings of 36 cents a share, on revenue of $1.29 billion. Analysts project fiscal 2004 earnings of $1.41, on revenue of $4.97 billion.