Leggett & Platt's earnings drop 26%

Leggett & Platt Inc. (NYSE: LEG) posted a 26% drop in profits on sluggish sales during the third quarter.

The Carthage-based manufacturer reported net income of $52.8 million, or 39 cents per diluted share, compared with $71.4 million, or 52 cents per diluted share, a year earlier, according to a news release. Sales during the latest quarter dropped by 9% to $1.2 billion.

"Ongoing weak demand impacted our bedding products and furniture, flooring and textile products segments but was partially offset by continued demand strength in our specialized products segment," said President and CEO Mitch Dolloff in the release, where he characterized the period as “another challenging quarter.”

Leggett & Platt leaders additionally lowered the company's full-year projections. The company now expects earnings per share of $1.45 to $1.55 and sales of $4.7 billion to $4.75 billion, compared with prior full-year guidance of $1.50 to $1.70 in earnings per share and $4.75 billion to $4.95 billion in sales.

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

LEG shares hit a 52-week low this morning of $22.69 per share. The stock's 52-week high is $38.55 per share.