Leggett & Platt's quarterly earnings fall 41%

Leggett & Platt Inc. (NYSE: LEG) reported a first-quarter decrease in profits and revenue.

The Carthage-based manufacturer's net income was $53.5 million, down 41% from $90.4 million a year earlier, according to a news release. Diluted share earnings dropped to 39 cents from 66 cents per share year over year.

"We delivered first-quarter results that were above our expectations but lower than our record first-quarter results last year," President and CEO Mitch Dolloff said in the release. "We are focused on improving the things that we can control and continuing to mitigate the macroeconomic impacts on our business.

"Our financial discipline allows us to withstand periods of economic uncertainty and enables us to manage our company for long-term success."

The company's revenue during the quarter was down 8% year over year to $1.2 billion.

As of March 31, Leggett & Platt's assets were $5.3 billion, 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 $31.98 as of 9:51 a.m., compared with a 52-week range of $30.05 to $41.94 per share.