Leggett & Platt's profits drop by 15% in third quarter

Amid a restructuring plan announced earlier this year, Leggett & Platt Inc. (NYSE: LEG) reported a 15% net income dip in the third quarter.

The Carthage-based manufacturer, which operates in industries including automotive, bedding and furniture, posted third-quarter profits of $44.9 million, down from $52.8 million a year earlier, according to a news release. Diluted share earnings decreased to 33 cents from 39 cents per share year over year.

Sales during the latest quarter were $1.1 billion, a 6% decrease from the same period in 2023.

"We continued to make solid progress on our restructuring and operating efficiency improvement initiatives, although demand headwinds were more challenging than anticipated in the third quarter," Leggett & Platt President and CEO Karl Glassman said in the release. "We expect weak demand in our residential end markets to persist into the fourth quarter due to a more challenging macro environment and softening in consumer spending."

Glassman added that the company is exploring a sale of its aerospace business and reducing guidance for the year in sales and earnings per share.

Glassman was reinstalled this year as president and CEO as part of the company's restructuring plan that includes plant closures and workforce reductions, according to past reporting.

As of Sept. 30, Leggett & Platt had $3.8 billion in assets, according to the release.

LEG shares were trading at $12.23 as of 9:42 a.m., compared with a 52-week range of $10.11 to $27.58 per share.