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CARTHAGE, Mo. — Leggett & Platt posted record sales and earnings per share in the second quarter amid double-digit sales growth in its U.S innerspring business and Fashion Bed Group unit.
Net sales for the quarter ended June 30 totaled $997.3 million, an increase of 4.3% from $956.1 million in the same quarter last year.
Net earnings from continuing operations totaled $76.7 million or 53 cents per share. That was up 10.2% from $69.6 million or 48 cents per share in last year’s second quarter.
“Nearly all of our businesses experienced volume growth during the quarter, despite strong prior- year comparisons,” said David Haffner, chairman and CEO. “During the quarter, we saw unit volume growth in excess of 70% in Comfort Core innersprings and in adjustable beds.”
The company said its residential furnishings segment, which includes its U.S. and international innerspring business and furniture components business, recorded sales of $522.2 million, a 10% increase from last year’s second quarter. Same-location sales were up 3%.
The commercial products segment, which includes Fashion Bed Group and its adjustable bed business, recorded sales of $135.4 million, a 20.1% jump from the same period last year. Same-location sales were up 18%, primarily due to strong demand for adjustable bed bases, the company said.
For the six months ended June 30, net income from continuing operations totaled $150 million or $1.03 per share. That was up 19.4% from $125.6 million or 86 cents per share, in the first half of 2014.
Six-month net sales totaled $1.96 billion, up 7.2% from $1.83 billion in the first half of last year.
The company also boosted its earnings forecast for 2015, projecting record earnings per share of $2 to $2.15. That was higher than an April forecast of $1.95 to $2.10.
Sales for the year are projected to be $3.95 billion to $4.1 billion. April’s 2015 sales forecast was $3.9 billion to $4.1 billion.
