LEG Leggett & Platt, Inc.
Leggett & Platt, Inc. engages in the manufacture and distribution of furniture and engineered components; and products among homes, offices, automobiles, and commercial aircraft. It operates through the following segments: Bedding, Flooring & Textile, and Specialized Products. The Bedding Products segment supplies of products and components for the home, including mattress springs and specialty foam, as well as adjustable beds, bedding machinery, steel rod, and drawn wire. The Flooring & Textile Products segment is a producer of an extensive line of components and engineered systems for office, residential, and contract furniture manufacturers. The Specialized Products segment supplies titanium, nickel, and stainless steel tubing for the aerospace industry, and serve the construction market with hydraulic cylinders group. The company was founded J. P. Productsand C. B. Platt in 1883 and is headquartered in Carthage, MO.
Company profile
Ticker
LEG
Exchange
Website
CEO
Karl G. Glassman
Employees
Incorporated in
Location
Fiscal year end
Sector
Industry (SEC)
SEC CIK
Corporate docs
IRS number
440324630
Investment data
Securities sold
Number of investors
Calendar
8 May 20
1 Jun 20
31 Dec 20
News
Company financial data Financial data
| Quarter (USD) | Mar 20 | Dec 19 | Sep 19 | Jun 19 | |
|---|---|---|---|---|---|
| Revenue | 1.06B | 1.22B | 1.32B | 1.3B | |
| Net income | 45.7M | 86.9M | 99.6M | 86.3M | |
| Diluted EPS | 0.34 | 0.64 | 0.74 | 0.64 | |
| Net profit margin | 4.31% | 7.12% | 7.53% | 6.66% | |
| Net change in cash | 258.2M | 5.6M | -47.7M | 26.4M | |
| Cash on hand | 505.8M | 247.6M | 242M | 289.7M | |
| Cost of revenue | 822.7M | 872.5M | 963.8M | 943.5M |
| Annual (USD) | Dec 19 | Dec 18 | Dec 17 | Dec 16 | |
|---|---|---|---|---|---|
| Revenue | 5.08B | 4.6B | 4.24B | 4.13B | |
| Net income | 333.9M | 306.1M | 292.7M | 386.2M | |
| Diluted EPS | 2.47 | 2.26 | 2.13 | 2.76 | |
| Net profit margin | 6.58% | 6.66% | 6.90% | 9.36% | |
| Operating income* | 520.7M | 445.1M | 475.4M | 525.5M | |
| Net change in cash | -20.5M | -258M | 244.2M | 28.7M | |
| Cash on hand | 247.6M | 268.1M | 526.1M | 281.9M | |
| Cost of revenue | 3.7B | 3.38B | 3.06B | 2.85B |
Financial data from company earnings reports. *Asterisk values are approximate.
Recent insider trades
| Date | Owner | Security | Transaction | Code | $Price | #Shares | $Value | #Remaining |
|---|---|---|---|---|---|---|---|---|
| 22 May 20 | Scott S Douglas | Common Stock | Grant | Aquire A | 23.992 | 30.875 | 740.74 | 48,214.609 |
| 22 May 20 | Scott S Douglas | Common Stock | Grant | Aquire A | 25.4915 | 14.776 | 376.65 | 48,183.734 |
| 22 May 20 | J Mitchell Dolloff | Common Stock | Grant | Aquire A | 23.992 | 154.372 | 3.7K | 163,304.572 |
| 22 May 20 | J Mitchell Dolloff | Common Stock | Grant | Aquire A | 25.4915 | 24.205 | 617.03 | 163,150.2 |
| 22 May 20 | Karl G Glassman | Common Stock | Grant | Aquire A | 23.992 | 981.898 | 23.56K | 587,665.848 |
| 22 May 20 | Karl G Glassman | Common Stock | Grant | Aquire A | 25.4915 | 44.008 | 1.12K | 586,683.95 |
| 22 May 20 | Russell J Iorio | Common Stock | Grant | Aquire A | 23.992 | 195.826 | 4.7K | 72,533.901 |
| 22 May 20 | Russell J Iorio | Common Stock | Grant | Aquire A | 25.4915 | 10.079 | 256.93 | 72,338.075 |
| 22 May 20 | Steven K Henderson | Common Stock | Grant | Aquire A | 23.992 | 50.979 | 1.22K | 31,640.218 |
| 22 May 20 | Steven K Henderson | Common Stock | Grant | Aquire A | 25.4915 | 17.793 | 453.57 | 31,589.24 |
Institutional ownership Q1 2020
68.9% owned by funds/institutions
13F holders |
Current |
|---|---|
| Total holders | 425 |
| Opened positions | 42 |
| Closed positions | 123 |
| Increased positions | 153 |
| Reduced positions | 158 |
13F shares |
Current |
|---|---|
| Total value | 22.66B |
| Total shares | 91.17M |
| Total puts | 174.1K |
| Total calls | 147.4K |
| Total put/call ratio | 1.2 |
Largest owners |
Shares | Value |
|---|---|---|
| Vanguard | 15.03M | $400.87M |
| BLK BlackRock | 12.83M | $342.29M |
| STT State Street | 11.27M | $305.14M |
| Charles Schwab Investment Management | 5.25M | $140.17M |
| Geode Capital Management | 2.37M | $63.02M |
| ProShare Advisors | 2.07M | $55.28M |
| USB Us Bancorp | 1.93M | $51.59M |
| Epoch Investment Partners | 1.86M | $49.73M |
| BK Bank Of New York Mellon | 1.76M | $47.04M |
| NTRS Northern Trust | 1.48M | $39.37M |
Financial report summary
?Risks
- The coronavirus named COVID-19, which was first detected in China, could adversely impact our operations’ ability to obtain necessary supplies, maintain appropriate labor levels and ship finished products to customers which could negatively impact our results of operations and cash flow.
- Climate change laws and related regulations could negatively impact the Company’s business, capital expenditures, results of operations, financial condition and competitive position.
- Regulator, shareholder and customer focus on environmental, social and governance responsibility could expose us to additional costs or risks and adversely impact our business, the market value of our stock and our results of operations.
Management Discussion
- Trade Sales were $1,045.5 million in the current quarter, a 9% decrease versus the first quarter 2019. Organic sales decreased 12%, from 9% lower volume and 3% from the combination of raw material-related selling price deflation and negative currency impact. The planned exit of business, in connection with restructuring activities, reduced trade sales 3% in the quarter. Acquisitions added 3% to trade sales growth in the quarter.
- Earnings Per Share (EPS) decreased to $.34 in the current year, versus $.45 in the first quarter of 2019, primarily from lower trade sales volume, higher bad debt expense, and a higher effective tax rate, partially offset by lower raw material costs.
- Earnings Before Interest and Taxes (EBIT) decreased 18%, to $80.7 million, primarily from lower volume and higher bad debt expense, partially offset by lower raw material costs. First quarter 2020 included an $8 million non-cash impairment charge related to a note receivable and a $4 million non-cash charge to write off stock associated with a business we divested in 2008, partially offset by the non-recurrence of first quarter 2019 restructuring-related charges of $6 million and $1 million of costs incurred with the ECS acquisition.
Content analysis
?
| Positive | ||
| Negative | ||
| Uncertain | ||
| Constraining | ||
| Legalese | ||
| Litigous | ||
| Readability |
8th grade Good
|
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New words:
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Removed:
accounted, add, arising, ASC, attempt, attractive, attrition, averaged, buyback, calculate, carefully, carry, center, clarify, classification, comfortably, ComfortCore, commenced, comparable, comparative, compensated, content, continuation, contributory, deemed, deleveraging, development, difficult, discount, discretion, disposable, distinct, durable, earlier, earliest, Edge, emphasize, ending, entitled, entity, ESUP, exercised, existed, expedient, expire, factor, finalizing, forecast, framework, GDP, growing, hindsight, implicit, impose, improved, increasing, ineffective, initial, initially, insolvent, insurance, interpretative, lead, leaseback, leased, lessor, LLC, longer, low, merged, minimal, minimum, newer, objective, obtained, ordinary, package, PHC, platform, practical, practice, Precision, predecessor, predicting, predominantly, prepaid, priority, profitably, proud, Quantum, ratably, realigned, recording, recurrence, reducing, refinancing, remedy, reminder, renewal, rent, repatriated, requirement, requiring, residual, restate, restructured, revocation, royalty, SBP, screened, Sealy, selected, Serta, simplify, single, space, strongly, sublease, sustainable, TCJA, Tempur, termination, track, trucking, ultimate, undergo, undiscounted, unfair, utilization, variation, vehicle, vested, violate
Financial reports
10-Q
2020 Q1
Quarterly report
8 May 20
10-K
2019 FY
Annual report
20 Feb 20
10-Q
2019 Q3
Quarterly report
5 Nov 19
10-Q
2019 Q2
Quarterly report
6 Aug 19
10-Q
2019 Q1
Quarterly report
7 May 19
10-K
2018 FY
Annual report
27 Feb 19
10-Q
2018 Q3
Quarterly report
7 Nov 18
10-Q
2018 Q2
Quarterly report
3 Aug 18
10-Q
2018 Q1
Quarterly report
8 May 18
10-K
2017 FY
Annual report
22 Feb 18
Current reports
8-K
Departure of Directors or Certain Officers
18 May 20
8-K
Leggett Announces Dividend, Annual Meeting Results
15 May 20
8-K
Entry into a Material Definitive Agreement
7 May 20
8-K
Leggett & Platt Reports 1Q Results ANDCOVID-19 Impacts
4 May 20
8-K
Departure of Directors or Certain Officers
14 Apr 20
8-K
Regulation FD Disclosure
3 Apr 20
8-K
Leggett & Platt Provides Update In Response TOCOVID-19 Impact
2 Apr 20
8-K
Departure of Directors or Certain Officers
19 Feb 20
8-K
Leggett & Platt Reports 4Q and Full Year 2019 Results
3 Feb 20
8-K
Leggett & Platt Announces Executive Promotions and Revised Segment Structure
5 Nov 19
Registration and prospectus
S-8 POS
Registration of securities for employees (post-effective amendment)
9 Aug 19
424B2
Prospectus for primary offering
5 Mar 19
FWP
Free writing prospectus
4 Mar 19
424B5
Prospectus supplement for primary offering
4 Mar 19
15-15D
Suspension of duty to report
17 Jan 19
15-15D
Suspension of duty to report
17 Jan 19
S-8 POS
Registration of securities for employees (post-effective amendment)
15 Jan 19
S-8 POS
Registration of securities for employees (post-effective amendment)
15 Jan 19
S-8
Registration of securities for employees
6 Nov 18
S-3ASR
Automatic shelf registration
13 Mar 18
Proxies
DEF 14A
Definitive proxy
31 Mar 20
DEF 14A
Definitive proxy
26 Mar 19
DEF 14A
Definitive proxy
28 Mar 18
DEF 14A
Definitive proxy
30 Mar 17
DEF 14A
Definitive proxy
30 Mar 16
DEF 14A
Definitive proxy
25 Mar 15
DEF 14A
Definitive proxy
25 Mar 14
DEF 14A
Definitive proxy
28 Mar 13
DEF 14A
Definitive proxy
30 Mar 12
DEF 14A
Definitive proxy
30 Mar 11
Other
SD
Conflict minerals disclosure
28 May 20
SD
Conflict minerals disclosure
15 May 19
SD
Conflict minerals disclosure
30 May 18
UPLOAD
Letter from SEC
12 Jun 17
CORRESP
Correspondence with SEC
5 Jun 17
SD
Conflict minerals disclosure
26 May 17
UPLOAD
Letter from SEC
24 May 17
SD
Conflict minerals disclosure
27 May 16
UPLOAD
Letter from SEC
22 Jun 15
CORRESP
Correspondence with SEC
17 Jun 15
Ownership
4
LEGGETT & PLATT / TAMMY M TRENT ownership change
26 May 20
4
LEGGETT & PLATT / Jeffrey L. Tate ownership change
26 May 20
4
LEGGETT & PLATT / SUSAN R MCCOY ownership change
26 May 20
4
LEGGETT & PLATT / Russell J Iorio ownership change
26 May 20
4
LEGGETT & PLATT / STEVEN K HENDERSON ownership change
26 May 20
4
LEGGETT & PLATT / KARL G GLASSMAN ownership change
26 May 20
4
LEGGETT & PLATT / Scott S Douglas ownership change
26 May 20
4
LEGGETT & PLATT / J MITCHELL DOLLOFF ownership change
26 May 20
4
LEGGETT & PLATT / PHOEBE A WOOD ownership change
18 May 20
4
LEGGETT & PLATT / Jai Shah ownership change
18 May 20
Patents
GRANT
Design
Insect killing light bulb
26 May 20
Inventors: Robert F. Howland
GRANT
Reissue
Anti-snore bedding having adjustable portions
26 May 20
An adjustable bed includes a stationary frame, a first head deck mattress support member supported by the frame, a second seat deck mattress support member supported by the frame and pivotally coupled to the head deck mattress support member, a sensor assembly adapted to detect a sound associated with human snoring, and a motorized drive assembly operatively coupled to the sensor assembly and to the first mattress support member.
GRANT
Utility
Rocker/glider recline linkage with projected back pivot point
19 May 20
A linkage for use in reclining furniture may include a back bracket supported by forward and rear back pivot links.
APP
Utility
Enhanced Thermally Conductive Latex Cushioning Foams by Addition of Metal Materials
7 May 20
Methods and combinations for making and using one or more thermally conductive cellular foam layers comprising flexible cellular foam and metallic material particulates, and said thermally-conductive cellular foam layers may be located on, under, or in cushioning foams and mattresses or placed between on, under, within, or between other layering substrates to increase the overall cooling capability of the composite.
GRANT
Design
Continuous spring
5 May 20
Inventors: Guido Eigenmann, Darrell A. Richmond, Thomas W. Wells