New Leggett & Platt parent releases first earnings report since acquisition

Dallas, Texas-based Somnigroup International Inc. (NYSE: SGI) posted its first quarterly report since buying Carthage-based manufacturer Leggett & Platt Inc.

Somnigroup's net income dropped by 7.8% to $163.5 million during the third quarter, according to a news release. Diluted share earnings fell to 74 cents from 83 cents per share.

The report includes financials from Leggett & Platt starting with the Aug. 26 purchase date through the end of the quarter on Sept. 30.

Officials said in the release that Somnigroup's total net sales increased 10.8% to a record $2.35 billion "primarily driven by the inclusion of $372.6 million of Leggett & Platt net sales for the stub period."

Operating income dropped by 5.5% to $297.4 million "primarily driven by costs incurred during the quarter related to the Leggett & Platt acquisition," the release notes.

Somnigroup purchased Leggett & Platt in an all-stock transaction valued at roughly $2.3 billion, according to past reporting. 

SGI shares were trading at $62.12 as of 8:56 a.m., compared with a 52-week range of $60.08 to $98.56 per share.