Leggett & Platt 4Q Earnings Off

Carthage, MO, January 27, 2006--Leggett & Platt Inc., said Thursday its fourth-quarter net income declined, weighed by hefty restructuring costs, as sales rose. Leggett earned $45.3 million, or $0.24 a share, down 31 percent from $65.6 million, or $0.33 a share, during the prior-year period. Sales totaled $1.34 billion, up about 5 percent from last year's $1.28 billion. Analysts, on average, were looking for earnings of $0.26 per share on sales of $1.27 billion. For the full year, the company earned $251.3 million, or $1.30 per share, down 12 percent from $285.4 million, or $1.45 per share. Sales rose 4 percent to $5.3 billion from last year's $5.09 billion. The company said the year saw a "lack of improvement" in the company's fixture and display operations. Felix E. Wright, chairman and chief executive, said in a statement that while 2005 marked a new sales record for the company, "disappointments include performance that drove us to initiate a significant companywide restructuring effort." For the first quarter, Leggett said it expects earnings between $0.28 and $0.33 per share, and sales to remain just about flat sequentially. Analysts, on average, are looking for earnings of $0.37 per share on sales of $1.36 billion. The estimates do not reflect stock-based compensation expenses. For the full year, the company said it expects earnings between $1.50 and $1.75 per share, on sales growth of about 5 percent, implying revenue of approximately $5.56 billion. Analysts are looking for earnings of $1.60 per share on sales of $5.58 billion.