Why Leggett & Platt Stock Was Lagging This Week
One of the steeper declines on the stock market these past few days has been that of Leggett & Platt (NYSE: LEG).
The company, which manufactures a range of industrial products from furniture parts to aerospace tubing, published its latest set of quarterly earnings on Tuesday. These weren't greeted warmly by the market, nor was news of a dividend cut. In fact, according to data compiled by S&P Global Market Intelligence, the stock's price had declined by almost 25% week to date as of early Friday morning.
Leggett & Platt's first-quarter headline numbers certainly didn't look very handsome. Sales for the period landed at just under $1.1 billion, which represented a 10% decline year over year. Generally accepted accounting principles (GAAP) net income fell harder, tumbling to under $32 million from the first-quarter 2023 profit of over $53 million. According to non-GAAP (adjusted) standards, the bottom line eroded to $0.23 per share from the year-ago number of $0.39.
Source Fool.com
