Stock Markets 1 hour ago (Oct 10, 2022 05:28PM ET)
© Reuters. Leggett & Platt Shares Plunge 8% on 2022 Guidance Cut
By Davit Kirakosyan
Leggett & Platt (NYSE:) shares plummeted more than 8% after-hours following the company’s 2022 EPS and revenue guidance cut.
The company lowered its fiscal 2022 Sales guidance to $5.1-$5.2 billion from $5.2–$5.4 billion, primarily due to lower volume than previously expected. The consensus estimate stands at $5.32 billion.
Full-year EPS guidance was cut to $2.30-$2.45 from $2.65–$2.80, primarily due to lower volume, reduced production, slower than anticipated cost recovery in Automotive, and operational inefficiencies in Specialty Foam. The consensus estimate stands at $2.70.
“The increasingly challenged global economic environment and consumer backdrop is expected to result in lower than previously anticipated sales and earnings in the third and fourth quarters of 2022,” said President and CEO Mitch Dolloff.