The following is a summary of the Leggett & Platt, Incorporated (LEG) Q3 2024 Earnings Call Transcript:

Financial Performance:

• Leggett & Platt reported Q3 sales of $1.1 billion, down 6% year-over-year.

• EBIT reached $78 million, with adjusted EBIT at $76 million, down $10 million from Q3 2023.

• Adjusted earnings per share were $0.32, an 11% decrease compared to $0.36 in Q3 2023.

Business Progress:

• Restructuring plan on track; key actions include exiting the Mexican innerspring operation, consolidating Specialty Foam operations, and closing one adjustable bed location.

• Continuation of portfolio simplification and potential sale of aerospace business is under exploration.

• Identified approximately $10 million in corporate cost savings expected to be realized in 2025 as part of an ongoing evaluation of the general and administrative cost structure.

Opportunities:

• Focused on operational efficiency improvements, and margin expansions as restructuring initiatives are executed.

• Potential divestitures to focus on core profitable areas, such as the ongoing strategic review potentially resulting in the sale of the aerospace segment.

Risks:

• Persistent weak demand across bedding, automotive, and home furniture segments expected to continue affecting sales and earnings.

• Anticipated sales attrition due to restructuring related actions.

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