Leggett & platt lowers full-year guidance and announces recent acquisitions

Carthage, mo. , oct. 10, 2022 /prnewswire/ -- full year 2022 sales guidance lowered to $5.1–$5.2 billion full year 2022 eps guidance reduced to $2.30–$2.45 acquired a hydraulic cylinders business and two textiles businesses diversified manufacturer leggett & platt lowered its full-year 2022 guidance: sales guidance now $5.1 to $5.2 billion (vs prior $5.2–$5.4 billion) decrease is primarily due to lower volume than previously expected eps guidance now $2.30 to $2.45 (vs prior $2.65–$2.80)  decrease is primarily from lower volume, reduced production, slower than anticipated cost recovery in automotive, and operational inefficiencies in specialty foam expect sequential improvement from 3q to 4q based upon this guidance, ebit margin range should be 9.5% to 10.0% (vs prior 10.5%–10.7%) cash from operations expected to be $400 to $450 million (vs prior $550–$600 million) president and ceo mitch dolloff commented, "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.
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