Leggett & Platt ends year with 26% earnings drop

While Leggett & Platt Inc. (NYSE: LEG) gained ground in the fourth quarter, its full-year earnings were down 26% as the coronavirus pandemic impacted the company's financial performance.

The Carthage-based manufacturer reported 2020 profits of $247.6 million, or $1.82 per diluted share, compared with $333.8 million, or $2.47 per diluted share, a year earlier, according to a news release.

"I would like to thank our employees for their dedication, ingenuity and tenacity in what was a very challenging year as a result of the COVID-19 pandemic," said Karl Glassman, chairperson and CEO, in the release. "Our teams across our corporate functions and businesses came together to find solutions and navigate the many issues that resulted from the global pandemic."

During 2020, Leggett & Platt's sales dipped 10% to $4.3 billion.

The fourth quarter showed improvement, as the company's earnings rose 19% to $103.2 million on a 3% increase in sales to $1.2 billion, according to the release.

"We expect continued recovery into 2021 as a result of strong consumer demand for home-related items and global automotive, and modest improvement in our businesses in industries that are experiencing ongoing impacts from COVID-19," Glassman said in the release.

As of Dec. 31, Leggett & Platt's assets were $4.8 billion, according to the release. The manufacturer of engineered components and products for homes, offices and vehicles has 15 business units and 132 manufacturing plants in 17 countries.

LEG shares were trading at $41.86 as of 8:50 a.m., compared with a 52-week range of $22.03 to $46.14 per share.