Leggett & Platt (NYSE: LEG) reported Q2 EPS of $0.16, $0.09 better than the analyst estimate of $0.07. Revenue for the quarter came in at $845.1 million versus the consensus estimate of $919.93 million.

• 2Q sales were down 30% vs 2Q19, significantly impacted by the COVID-19 pandemic
• 2Q EPS was ($.05), a decrease of $.69 vs 2Q19; 2Q adjusted1 EPS was $.16, down $.48 vs 2Q19
• Liquidity at June 30, 2020 was $1.3 billion
• Board declared third quarter dividend of $.40 per share

Diversified manufacturer Leggett & Platt reported second quarter sales of $845 million, a 30% decrease versus second quarter last year.

• Organic sales were down 31%:
• Volume was down 29%2, largely due to the economic impact of COVID-19
• Raw material-related selling price decreases and negative currency impact reduced sales 2%
• Acquisitions added 1% to sales growth

CEO COMMENTS

Chairman and CEO Karl Glassman commented, "Our second quarter results were significantly impacted by the economic effects of the COVID-19 pandemic. We were pleased to see sales improve sequentially throughout the quarter as demand improved in most of our markets. The swift cost reduction actions implemented at the onset of the pandemic helped to mitigate some of the earnings impact from lower demand levels.

"We continue to see demand recovering through July, although at varied rates across our markets and geographies given the ongoing effects of the pandemic and continuing economic uncertainty. We have improved our liquidity and will continue to carefully manage our cash and expenses. We are committed to maintaining our strong balance sheet, investment grade credit rating, and position as a Dividend Aristocrat.

"Our focus remains on the health and safety of our employees and their families, along with our customers, suppliers and communities we serve around the world. I am extremely proud of how our employees are working together to keep each other safe and healthy while serving our customers during this challenging time.

"Our long-term fundamentals have not changed. We continue to be leaders in most of our markets, focused on innovation and working closely with our customers to provide more of what they need to be successful. Our capabilities are unmatched in our large and expanding addressable markets. We are dedicated to our long-term vision for the Company and are confident that we will emerge from this crisis strong and focused on the future."

GUIDANCE

• Company is not providing guidance at this time given continued macroeconomic uncertainty related to the effects of COVID-19

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