Leggett & Platt's quarterly profits fall 43%

Leggett & Platt Inc. (NYSE: LEG) reported a 43% drop in second-quarter profits on lower sales.

The Carthage-based manufacturer produced earnings of $54.2 million, which was down from $95.2 million a year earlier, according to a news release. Diluted share earnings dropped to 40 cents from 70 cents per share year over year.

"Second-quarter earnings were in line with expectations on lower-than-anticipated sales," President and CEO Mitch Dolloff said in the release. "We saw sustained strength in the specialized products segment results, although weak consumer demand continued to affect results in the bedding products and furniture, flooring and textile products segments."

Sales during the quarter were down 8% to $1.2 billion.

Leggett & Platt's assets were $5.1 billion as of June 30, according to the release. With 15 business units, approximately 20,000 employees and 135 manufacturing facilities in 18 countries, the company makes engineered components and products for homes and automobiles.

LEG shares were trading at $30.25 per share as of 9:11 a.m., compared with a 52-week range of $28.26 to $41.94 per share.