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Despite dip in Q4, Leggett & Platt has record year in 2022

Despite dip in Q4, Leggett & Platt has record year in 2022

What’s happening: Leggett & Platt President and CEO Mitch Dolloff says the company’s “diverse portfolio of businesses, strong cash discipline, and the ingenuity and agility of our employees” helped deliver solid results in 2022 despite weak demand in residential end markets and a decline in Q4 sales. 

Why it matters: Here are the highlights from the report:

  • 4Q sales were $1.2 billion, a 10% decrease vs 4Q21
  • 4Q EPS was $.39, a decrease of $.38 vs 4Q21
  • 2022 sales were a record $5.15 billion, a 1% increase vs 2021
  • 2022 EPS was $2.27, a decrease of $.67 vs 2021 EPS and a decrease of $.51 vs 2021 adjusted EPS
  • 2022 cash flow from operations was $441 million, a 63% increase vs 2021
  • 2023 guidance: sales of $4.8 billion–$5.2 billion and EPS of $1.50–$1.90

“We are focused on improving the things that we can control and continuing to mitigate the impacts of market challenges on our business,” Dolloff adds. “We are working with our customers on new product opportunities, continuing our focus on improving operating efficiency, and driving strong cash management. Our financial strength gives us confidence in our ability to successfully navigate challenging markets while investing in long-term opportunities.”

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