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CARTHAGE, Mo., July 31, 2025 /PRNewswire/ --
President and CEO Karl Glassman commented, "We are pleased to report another quarter of profitability improvement. We further strengthened our balance sheet by reducing debt and favorably amending our revolving credit facility. We also remain on track to complete the sale of our Aerospace business this year. The continued progress on our strategic initiatives is a direct reflection of the dedication and talent of our employees.
"In the face of ongoing macroeconomic headwinds and uncertainty surrounding global trade policy, we remain confident in the strength and resilience of our business. Our focused execution and diversified portfolio give us the conviction to reaffirm our full-year guidance for both sales and adjusted EPS. We remain focused on creating long-term value for our shareholders. Our actions are aligned with our strategy to build a stronger, more agile company positioned for long-term, sustainable growth."
SECOND QUARTER RESULTS
Second quarter sales were $1.1 billion, a 6%2 decrease versus second quarter 2024
Second quarter EBIT was $90 million, a $705 million increase from second quarter 2024. Adjusted1 EBIT was $76 million, a $4 million increase from second quarter 2024 adjusted1 EBIT.
EBIT margin was 8.5%, up from (54.4%) in the second quarter of 2024, and adjusted1 EBIT margin was 7.1%, up from 6.3%.
Second quarter EPS was $.38 versus a loss of $4.39 in second quarter 2024. Second quarter adjusted1 EPS was $.30, up $.01 versus second quarter 2024 adjusted1 EPS of $.29.
Second Quarter Results 1 | |||||||||||||
EBIT (millions) | EPS | ||||||||||||
Bedding | Specialized | FF&T | Total | ||||||||||
Reported results | $27 | $39 | $24 | $90 | $.38 | ||||||||
Adjustment items: | |||||||||||||
Restructuring, restructuring- related, and impairment charges 2 | 2 | 1 | 1 | 4 | .02 | ||||||||
Gain from sale of restructuring real estate | (17) | — | — | (17) | (.09) | ||||||||
Gain from sale of idle real estate | — | (2) | — | (2) | (.01) | ||||||||
Total adjustments | (15) | (1) | 1 | (15) | (.08) | ||||||||
Adjusted results | $13 | $38 | $25 | $76 | $.30 | ||||||||
1 Calculations impacted by rounding 2 Includes <$1 million of divestiture-related expenses associated with the pending Aerospace sale in the Specialized Products segment | |||||||||||||
DEBT, CASH FLOW, AND LIQUIDITY
RESTRUCTURING PLAN UPDATE
Actual Restructuring | Full Year Restructuring | |||||||
2Q 2025 | YTD 2025 | 2024 | 2025 | Total | ||||
Net Cash Received from | $19 | $19 | $20 | $20–$30 | $70–$80 | |||
Total Costs | $3 | $9 | $48 | $15–$25 | $65–$75 | |||
Cash Costs | 2 | 7 | 30 | 10–15 | 40–45 | |||
Non-Cash Costs | 1 | 2 | 18 | 5–10 | 25–30 | |||
2025 GUIDANCE
SEGMENT RESULTS – Second Quarter 2025 (versus 2Q 2024)
Bedding Products –
Specialized Products –
Furniture, Flooring & Textile Products –
SLIDES AND CONFERENCE CALL
A set of slides containing summary financial information, tariff overview, and restructuring update is available from the Investor Relations section of Leggett's website at www.leggett.com. Management will host a conference call at 7:30 a.m. Central (8:30 a.m. Eastern) on Friday, August 1. The conference call may be accessed through Leggett's Investor Relations website, via Webcast | LEG 2Q25 Webcast & Earnings Conf Call, or by phone: (201) 689-8341; there is no passcode.
FOR MORE INFORMATION: Visit Leggett's website at www.leggett.com.
COMPANY DESCRIPTION: Leggett & Platt (NYSE: LEG) is a diversified manufacturer that designs and produces a broad variety of engineered components and products that can be found in many homes and automobiles. The 142-year-old Company is a leading supplier of bedding components and private label finished goods; automotive seat comfort and convenience systems; home and work furniture components; geo components; flooring underlayment; hydraulic cylinders for material handling and heavy construction applications; and aerospace tubing and fabricated assemblies.
FORWARD-LOOKING STATEMENTS: This press release contains "forward-looking statements," identified by the context in which they appear or words such as "expect," "anticipated," "estimate," and "guidance," including, but not limited to volume; sales, EPS, adjusted EPS; capital expenditures; depreciation and amortization; net interest expense; fully diluted shares; operating cash flow; closing of the Aerospace disposition; EBIT margin; adjusted EBIT margin; effective tax rate; dividends; raw material related price increases; currency benefit; minimal acquisitions and share repurchases; capital allocation priorities; domestic bedding industry outlook; Restructuring Plan impacts including the timing and amount of annualized and incremental sales attrition and EBIT benefit, proceeds and gains from real estate sales, and restructuring and restructuring related cash and non-cash costs; non-cash pension settlement charge; metal margin expansion; and tariffs providing a net positive for our business. Such statements are expressly qualified by cautionary statements described in this provision and reflect only the beliefs, expectations, and assumptions of Leggett at the time the statement is made. Because all forward-looking statements deal with the future, they are subject to risks, uncertainties and developments which might cause actual events or results to differ materially from those envisioned or reflected in any forward-looking statement. Moreover, we do not have, and do not undertake, any duty to update or revise any forward-looking statement to reflect events or circumstances after the date on which the statement was made. Some of these risks include: increased trade costs, including tariffs; regarding the Restructuring Plan (the "Plan"), the possibility that estimates may change, our ability to timely implement the Plan, receive anticipated benefits, and timely receive expected proceeds from real estate sales, and the impact on employees, customers and vendors; regarding the Aerospace divestiture (the "Divestiture"), an event that causes termination of the Divestiture agreement, the possibility that closing conditions to the Divestiture may not be satisfied or waived, and the risk that the Divestiture may not be completed within the expected timeframe or at all; our ability to accurately forecast sales and earnings; the adverse impact on our sales, earnings, liquidity, margins, cash flow, costs, and financial condition caused by: global inflationary and deflationary impacts; the demand for our products and our customers' products; our manufacturing facilities' ability to obtain necessary raw materials, parts, and labor, and to ship finished products; the impairment of goodwill and long-lived assets; our ability to access the commercial paper market or borrow under our credit facility; supply chain shortages and disruptions; our ability to manage working capital; our ability to collect receivables; price and product competition; cost of raw materials, labor and energy; cash generation sufficient to pay our debts or the dividend; cash repatriation from foreign accounts; our ability to pass along cost increases through increased selling prices; conflict between China and Taiwan; our ability to maintain profit margins if customers change the quantity or mix of our products; political risks; tax rates; foreign operating risks; cybersecurity incidents; customer losses and insolvencies; disruption to our steel rod mill and wire mills and other operations because of severe weather-related events, natural disaster, fire, explosion, terrorism, pandemic, or governmental action; ability to develop innovative products; foreign currency fluctuation; share repurchases; anti-dumping duties on innersprings, steel wire rod and mattresses; data privacy; sustainability obligations; litigation risks; and risk factors in the "Forward-Looking Statements" and "Risk Factors" sections in Leggett's Form 10-K and subsequent Form 10-Qs.
CONTACT: Investor Relations, (417) 358-8131 or [email protected]
Steve West, Vice President, Investor Relations
Katelyn J. Pierce, Analyst, Investor Relations
1 Please refer to attached tables for Non-GAAP Reconciliations |
2 1% from restructuring-related sales attrition |
3 Trade sales excluding acquisitions/divestitures in the last 12 months |
4 Represents year-over-year change |
LEGGETT & PLATT | Page 6 of 8 | July 31, 2025 | ||||||||||
RESULTS OF OPERATIONS | SECOND QUARTER | YEAR TO DATE | ||||||||||
(In millions, except per share data) | 2025 | 2024 | Change | 2025 | 2024 | Change | ||||||
Trade sales | $ 1,058.0 | $ 1,128.6 | (6) % | $ 2,080.1 | $ 2,225.5 | (7) % | ||||||
Cost of goods sold | 865.4 | 942.1 | 1,697.5 | 1,852.6 | ||||||||
Gross profit | 192.6 | 186.5 | 3 % | 382.6 | 372.9 | 3 % | ||||||
Selling & administrative expenses | 118.4 | 131.5 | (10) % | 242.0 | 257.4 | (6) % | ||||||
Amortization | 3.6 | 4.7 | 8.6 | 9.6 | ||||||||
Other (income) expense, net | (19.8) | 664.6 | (21.3) | 657.2 | ||||||||
Earnings (loss) before interest and income taxes | 90.4 | (614.3) | NM | 153.3 | (551.3) | NM | ||||||
Net interest expense | 18.7 | 20.0 | 36.5 | 40.6 | ||||||||
Earnings (loss) before income taxes | 71.7 | (634.3) | 116.8 | (591.9) | ||||||||
Income taxes | 19.2 | (32.2) | 33.7 | (21.4) | ||||||||
Net earnings (loss) | 52.5 | (602.1) | 83.1 | (570.5) | ||||||||
Less net income from noncontrolling interest | — | (0.1) | — | (0.1) | ||||||||
Net Earnings (loss) Attributable to L&P | $ 52.5 | $ (602.2) | NM | $ 83.1 | $ (570.6) | NM | ||||||
Earnings (loss) per diluted share | ||||||||||||
Net earnings (loss) per diluted share | $ 0.38 | $ (4.39) | NM | $ 0.60 | $ (4.16) | NM | ||||||
Shares outstanding | ||||||||||||
Common stock (at end of period) | 135.3 | 134.1 | 0.9 % | 135.3 | 134.1 | 0.9 % | ||||||
Basic (average for period) | 138.5 | 137.3 | 138.2 | 137.0 | ||||||||
Diluted (average for period) | 139.6 | 137.3 | 1.7 % | 139.1 | 137.0 | 1.5 % | ||||||
CASH FLOW | SECOND QUARTER | YEAR TO DATE | ||||||||||
(In millions) | 2025 | 2024 | Change | 2025 | 2024 | Change | ||||||
Net earnings (loss) | $ 52.5 | $ (602.1) | $ 83.1 | $ (570.5) | ||||||||
Depreciation and amortization | 29.7 | 32.6 | 61.3 | 65.5 | ||||||||
Working capital decrease (increase) | 16.4 | 19.7 | (47.8) | (62.4) | ||||||||
Impairments | 0.9 | 675.6 | 1.2 | 677.9 | ||||||||
Deferred income tax benefit | (3.2) | (46.0) | (1.6) | (45.0) | ||||||||
Other operating activities | (12.3) | 14.2 | (5.4) | 22.4 | ||||||||
Net Cash from Operating Activities | $ 84.0 | $ 94.0 | (11) % | $ 90.8 | $ 87.9 | 3 % | ||||||
Additions to PP&E | (8.5) | (15.5) | (21.8) | (41.4) | ||||||||
Purchase of companies, net of cash | — | — | — | — | ||||||||
Proceeds from disposals of assets and businesses | 23.5 | 8.0 | 29.1 | 23.2 | ||||||||
Dividends paid | (6.8) | (61.7) | (13.5) | (123.0) | ||||||||
Repurchase of common stock, net | (0.3) | (0.2) | (2.3) | (4.3) | ||||||||
Additions (payments) to debt, net | (146.4) | (73.0) | (77.4) | 11.9 | ||||||||
Other | 10.7 | (5.9) | 13.7 | (12.8) | ||||||||
Increase (Decrease) in Cash & Equivalents | $ (43.8) | $ (54.3) | $ 18.6 | $ (58.5) | ||||||||
FINANCIAL POSITION | Jun 30, | Dec 31, | ||||||||||
(In millions) | 2025 | 2024 | Change | |||||||||
Cash and equivalents | $ 368.8 | $ 350.2 | ||||||||||
Receivables | 577.2 | 559.4 | ||||||||||
Inventories | 648.6 | 722.6 | ||||||||||
Other current assets | 53.3 | 55.8 | ||||||||||
Current assets held for sale 1 | 94.8 | 2.5 | ||||||||||
Total current assets | 1,742.7 | 1,690.5 | 3 % | |||||||||
Net fixed assets | 686.4 | 724.4 | ||||||||||
Operating lease right-of-use assets | 154.9 | 175.7 | ||||||||||
Goodwill | 751.2 | 794.4 | ||||||||||
Intangible assets and deferred costs, both at net | 224.8 | 271.9 | ||||||||||
Non-current assets held for sale 1 | 143.7 | 4.7 | ||||||||||
TOTAL ASSETS | $ 3,703.7 | $ 3,661.6 | 1 % | |||||||||
Trade accounts payable | $ 468.4 | $ 497.7 | ||||||||||
Current debt maturities | 1.3 | 1.3 | ||||||||||
Current operating lease liabilities | 50.9 | 53.4 | ||||||||||
Other current liabilities | 242.1 | 294.0 | ||||||||||
Current liabilities held for sale 1 | 39.6 | — | ||||||||||
Total current liabilities | 802.3 | 846.4 | (5) % | |||||||||
Long-term debt | 1,792.2 | 1,862.8 | (4) % | |||||||||
Operating lease liabilities | 111.2 | 131.1 | ||||||||||
Long-term liabilities held for sale 1 | 8.4 | — | ||||||||||
Deferred taxes and other liabilities | 133.8 | 131.1 | ||||||||||
Equity | 855.8 | 690.2 | 24 % | |||||||||
Total Capitalization | 2,901.4 | 2,815.2 | 3 % | |||||||||
TOTAL LIABILITIES & EQUITY | $ 3,703.7 | $ 3,661.6 | 1 % | |||||||||
1 Our Aerospace Products Group met held for sale criteria as of March 31, 2025. | ||||||||||||
LEGGETT & PLATT | Page 7 of 8 | July 31, 2025 | ||||||||||
SEGMENT RESULTS 2 | SECOND QUARTER | YEAR TO DATE | ||||||||||
(In millions) | 2025 | 2024 | Change | 2025 | 2024 | Change | ||||||
Bedding Products | ||||||||||||
Trade sales | $ 391.4 | $ 438.0 | (11) % | $ 782.1 | $ 886.0 | (12) % | ||||||
EBIT | 27.2 | (591.8) | NM | 36.8 | (576.1) | NM | ||||||
EBIT margin | 6.9 % | (135.1) % | NM | 4.7 % | (65.0) % | NM | ||||||
Goodwill impairment | — | 587.2 | — | 587.2 | ||||||||
Restructuring, restructuring-related, and impairment charges | 2.1 | 9.9 | 5.5 | 19.2 | ||||||||
Gain on sale of real estate | (16.7) | (4.7) | (16.7) | (12.6) | ||||||||
Adjusted EBIT 4 | 12.6 | 0.6 | NM | 25.6 | 17.7 | 45 % | ||||||
Adjusted EBIT margin 4 | 3.2 % | 0.1 % | 310 bps | 3 | 3.3 % | 2.0 % | 130 bps | |||||
Depreciation and amortization | 13.3 | 14.3 | 26.3 | 28.9 | ||||||||
Adjusted EBITDA | 25.9 | 14.9 | 74 % | 51.9 | 46.6 | 11 % | ||||||
Adjusted EBITDA margin | 6.6 % | 3.4 % | 320 bps | 6.6 % | 5.3 % | 130 bps | ||||||
Specialized Products | ||||||||||||
Trade sales | $ 304.1 | $ 319.6 | (5) % | $ 604.2 | $ 635.5 | (5) % | ||||||
EBIT | 38.7 | (9.5) | NM | 67.1 | 14.2 | NM | ||||||
EBIT margin | 12.7 % | (3.0) % | NM | 11.1 % | 2.2 % | NM | ||||||
Goodwill impairment | — | 43.6 | — | 43.6 | ||||||||
Restructuring, restructuring-related, and impairment charges | 0.6 | 1.3 | 4.0 | 1.3 | ||||||||
Gain on sale of real estate | (1.7) | — | (1.7) | — | ||||||||
Adjusted EBIT 4 | 37.6 | 35.4 | 6 % | 69.4 | 59.1 | 17 % | ||||||
Adjusted EBIT margin 4 | 12.4 % | 11.1 % | 130 bps | 11.5 % | 9.3 % | 220 bps | ||||||
Depreciation and amortization | 8.2 | 10.3 | 18.6 | 20.4 | ||||||||
Adjusted EBITDA | 45.8 | 45.7 | — % | 88.0 | 79.5 | 11 % | ||||||
Adjusted EBITDA margin | 15.1 % | 14.3 % | 80 bps | 14.6 % | 12.5 % | 210 bps | ||||||
Furniture, Flooring & Textile Products | ||||||||||||
Trade sales | $ 362.5 | $ 371.0 | (2) % | $ 693.8 | $ 704.0 | (1) % | ||||||
EBIT | 24.4 | (9.4) | NM | 49.2 | 14.2 | NM | ||||||
EBIT margin | 6.7 % | (2.5) % | NM | 7.1 % | 2.0 % | NM | ||||||
Goodwill impairment | — | 44.5 | — | 44.5 | ||||||||
Restructuring, restructuring-related, and impairment charges | 0.9 | — | 1.0 | 1.5 | ||||||||
Gain on sale of real estate | — | — | (3.2) | — | ||||||||
Gain from net insurance proceeds from tornado damage | — | — | — | (2.2) | ||||||||
Adjusted EBIT 4 | 25.3 | 35.1 | (28) % | 47.0 | 58.0 | (19) % | ||||||
Adjusted EBIT margin 4 | 7.0 % | 9.5 % | (250) bps | 6.8 % | 8.2 % | (140) bps | ||||||
Depreciation and amortization | 4.6 | 5.5 | 9.5 | 10.8 | ||||||||
Adjusted EBITDA | 29.9 | 40.6 | (26) % | 56.5 | 68.8 | (18) % | ||||||
Adjusted EBITDA margin | 8.2 % | 10.9 % | (270) bps | 8.1 % | 9.8 % | (170) bps | ||||||
Total Company | ||||||||||||
Trade sales | $ 1,058.0 | $ 1,128.6 | (6) % | $ 2,080.1 | $ 2,225.5 | (7) % | ||||||
EBIT - segments | 90.3 | (610.7) | NM | 153.1 | (547.7) | NM | ||||||
Intersegment eliminations and other | 0.1 | (3.6) | 0.2 | (3.6) | ||||||||
EBIT | 90.4 | (614.3) | NM | 153.3 | (551.3) | NM | ||||||
EBIT margin | 8.5 % | (54.4) % | NM | 7.4 % | (24.8) % | NM | ||||||
Goodwill impairment | — | 675.3 | — | 675.3 | ||||||||
Restructuring, restructuring-related, and impairment charges | 3.6 | 11.2 | 10.5 | 22.0 | ||||||||
Gain on sale of real estate | (18.4) | (4.7) | (21.6) | (12.6) | ||||||||
Gain from net insurance proceeds from tornado damage | — | — | — | (2.2) | ||||||||
CEO transition compensation costs | — | 3.7 | — | 3.7 | ||||||||
Adjusted EBIT 4 | 75.6 | 71.2 | 6 % | 142.2 | 134.9 | 5 % | ||||||
Adjusted EBIT margin 4 | 7.1 % | 6.3 % | 80 bps | 6.8 % | 6.1 % | 70 bps | ||||||
Depreciation and amortization - segments | 26.1 | 30.1 | 54.4 | 60.1 | ||||||||
Depreciation and amortization - unallocated 5 | 3.6 | 2.5 | 6.9 | 5.4 | ||||||||
Adjusted EBITDA | $ 105.3 | $ 103.8 | 1 % | $ 203.5 | $ 200.4 | 2 % | ||||||
Adjusted EBITDA margin | 10.0 % | 9.2 % | 80 bps | 9.8 % | 9.0 % | 80 bps | ||||||
LAST SIX QUARTERS | 2024 | 2025 | ||||||||||
Selected Figures (In Millions) | 1Q | 2Q | 3Q | 4Q | 1Q | 2Q | ||||||
Trade sales | 1,096.9 | 1,128.6 | 1,101.7 | 1,056.4 | 1,022.1 | 1,058.0 | ||||||
Sales growth (vs. prior year) | (10) % | (8) % | (6) % | (5) % | (7) % | (6) % | ||||||
Volume growth (same locations vs. prior year) | (6) % | (4) % | (4) % | (4) % | (5) % | (7) % | ||||||
Adjusted EBIT 4 | 63.7 | 71.2 | 76.0 | 55.6 | 66.6 | 75.6 | ||||||
Cash from operations | (6.1) | 94.0 | 95.5 | 122.3 | 6.8 | 84.0 | ||||||
Adjusted EBITDA (trailing twelve months) 4 | 475.3 | 442.3 | 423.7 | 402.5 | 404.1 | 405.6 | ||||||
(Long-term debt + current maturities - cash and equivalents) / adj. EBITDA 4,6 | 3.61 | 3.83 | 3.78 | 3.76 | 3.77 | 3.51 | ||||||
Organic Sales (Vs. Prior Year) 7 | 1Q | 2Q | 3Q | 4Q | 1Q | 2Q | ||||||
Bedding Products | (15) % | (13) % | (8) % | (6) % | (12) % | (10) % | ||||||
Specialized Products | (1) % | — % | (6) % | (5) % | (5) % | (5) % | ||||||
Furniture, Flooring & Textile Products | (9) % | (6) % | (4) % | (4) % | (1) % | (2) % | ||||||
Overall | (10) % | (8) % | (6) % | (5) % | (7) % | (6) % | ||||||
2 Segment and overall company margins calculated on net trade sales. | ||||||||||||
3 bps = basis points; a unit of measure equal to 1/100th of 1%. | ||||||||||||
4 Refer to next page for non-GAAP reconciliations. | ||||||||||||
5 Consists primarily of depreciation of non-operating assets. | ||||||||||||
6 EBITDA based on trailing twelve months. | ||||||||||||
7 Trade sales excluding sales attributable to acquisitions and divestitures consummated in the last 12 months. | ||||||||||||
LEGGETT & PLATT | Page 8 of 8 | July 31, 2025 | ||||||||||
RECONCILIATION OF REPORTED (GAAP) TO ADJUSTED (Non-GAAP) FINANCIAL MEASURES 12 | ||||||||||||
Non-GAAP Adjustments 8 | 2024 | 2025 | ||||||||||
(In millions, except per share data) | 1Q | 2Q | 3Q | 4Q | 1Q | 2Q | ||||||
Goodwill impairment | — | 675.3 | — | 0.7 | — | — | ||||||
Restructuring, restructuring-related, and impairment charges | 10.8 | 11.2 | 12.3 | 15.5 | 6.9 | 3.6 | ||||||
Gain on sale of real estate | (7.9) | (4.7) | (14.0) | (4.3) | (3.2) | (18.4) | ||||||
Gain from net insurance proceeds from tornado damage | (2.2) | — | — | — | — | — | ||||||
CEO transition compensation costs | — | 3.7 | — | — | — | — | ||||||
Non-GAAP Adjustments (Pretax) 9 | 0.7 | 685.5 | (1.7) | 11.9 | 3.7 | (14.8) | ||||||
Income tax impact | (0.2) | (43.6) | 0.4 | (2.7) | (1.3) | 3.6 | ||||||
Special tax item 10 | — | — | — | 5.4 | — | — | ||||||
Non-GAAP Adjustments (After Tax) | 0.5 | 641.9 | (1.3) | 14.6 | 2.4 | (11.2) | ||||||
Diluted shares outstanding | 137.3 | 137.3 | 138.0 | 138.2 | 138.6 | 139.6 | ||||||
EPS Impact of Non-GAAP Adjustments | — | 4.68 | (0.01) | 0.11 | 0.02 | (0.08) | ||||||
Adjusted EBIT, EBITDA, Margin, and EPS 8 | 2024 | 2025 | ||||||||||
(In millions, except per share data) | 1Q | 2Q | 3Q | 4Q | 1Q | 2Q | ||||||
Trade sales | 1,096.9 | 1,128.6 | 1,101.7 | 1,056.4 | 1,022.1 | 1,058.0 | ||||||
EBIT (earnings before interest and taxes) | 63.0 | (614.3) | 77.7 | 43.7 | 62.9 | 90.4 | ||||||
Non-GAAP adjustments (pretax) | 0.7 | 685.5 | (1.7) | 11.9 | 3.7 | (14.8) | ||||||
Adjusted EBIT | 63.7 | 71.2 | 76.0 | 55.6 | 66.6 | 75.6 | ||||||
EBIT margin | 5.7 % | (54.4) % | 7.1 % | 4.1 % | 6.2 % | 8.5 % | ||||||
Adjusted EBIT Margin | 5.8 % | 6.3 % | 6.9 % | 5.3 % | 6.5 % | 7.1 % | ||||||
EBIT | 63.0 | (614.3) | 77.7 | 43.7 | 62.9 | 90.4 | ||||||
Depreciation and amortization | 32.9 | 32.6 | 36.4 | 34.1 | 31.6 | 29.7 | ||||||
EBITDA | 95.9 | (581.7) | 114.1 | 77.8 | 94.5 | 120.1 | ||||||
Non-GAAP adjustments (pretax) | 0.7 | 685.5 | (1.7) | 11.9 | 3.7 | (14.8) | ||||||
Adjusted EBITDA | 96.6 | 103.8 | 112.4 | 89.7 | 98.2 | 105.3 | ||||||
EBITDA margin | 8.7 % | (51.5) % | 10.4 % | 7.4 % | 9.2 % | 11.4 % | ||||||
Adjusted EBITDA Margin | 8.8 % | 9.2 % | 10.2 % | 8.5 % | 9.6 % | 10.0 % | ||||||
Diluted EPS | 0.23 | (4.39) | 0.33 | 0.10 | 0.22 | 0.38 | ||||||
EPS impact of non-GAAP adjustments | — | 4.68 | (0.01) | 0.11 | 0.02 | (0.08) | ||||||
Adjusted EPS | 0.23 | 0.29 | 0.32 | 0.21 | 0.24 | 0.30 | ||||||
Net Debt to Adjusted EBITDA 11 | 2024 | 2025 | ||||||||||
1Q | 2Q | 3Q | 4Q | 1Q | 2Q | |||||||
Total debt | 2,076.7 | 2,003.1 | 1,879.3 | 1,864.1 | 1,936.4 | 1,793.5 | ||||||
Less: cash and equivalents | (361.3) | (307.0) | (277.2) | (350.2) | (412.6) | (368.8) | ||||||
Net debt | 1,715.4 | 1,696.1 | 1,602.1 | 1,513.9 | 1,523.8 | 1,424.7 | ||||||
Adjusted EBITDA, trailing 12 months | 475.3 | 442.3 | 423.7 | 402.5 | 404.1 | 405.6 | ||||||
Net Debt / 12-month Adjusted EBITDA | 3.61 | 3.83 | 3.78 | 3.76 | 3.77 | 3.51 | ||||||
8 Management and investors use these measures as supplemental information to assess operational performance. | ||||||||||||
9 The non-GAAP adjustments are included in the following lines of the income statement: | ||||||||||||
2024 | 2025 | |||||||||||
1Q | 2Q | 3Q | 4Q | 1Q | 2Q | |||||||
Cost of goods sold | 2.3 | 1.4 | 0.8 | 8.7 | 0.5 | — | ||||||
Selling & administrative expenses | 0.5 | 8.7 | 6.2 | 4.5 | 1.7 | — | ||||||
Other (income) expense, net | (2.1) | 675.4 | (8.7) | (1.3) | 1.5 | (14.8) | ||||||
Total Non-GAAP Adjustments (Pretax) | 0.7 | 685.5 | (1.7) | 11.9 | 3.7 | (14.8) | ||||||
10 Deferred tax asset valuation allowance related to a 2022 acquisition in the Specialized Products segment. | ||||||||||||
11 Management and investors use this ratio as supplemental information to assess ability to pay off debt. These ratios are calculated differently than the Company's credit | ||||||||||||
12 Calculations impacted by rounding. |
SOURCE Leggett & Platt Incorporated
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