Leggett & Platt (LEG) Sees Q411 non-Cash Charge of $36M Related to Restructuring

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LEG Hot Sheet

Revenue Growth %: +5.7%

Financial Fact:
Income taxes: 22.3M

Today's EPS Names:
TARO, BRLI, TLB, More

Leggett & Platt (NYSE: LEG) anticipates a fourth quarter, largely non-cash, pre-tax charge of approximately $36 million. The expense primarily reflects restructuring-related activity including the closure of additional manufacturing facilities. Production capacity should decline only slightly, due to the relocation of equipment to other facilities.

Apart from this special charge, the company's full year EPS expectation has not changed from the $1.15 - 1.20 guidance issued in October. The special charge is expected to reduce after-tax earnings by roughly $.16 per share; as a result, full year EPS is expected to be in the range of $.99 - 1.04.

Fourth quarter results will be released after the market closes on Monday, February 6, 2012, with a conference call the next morning.

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