Leggett & Platt Net Jumps 177 Percent in Second Quarter
CARTHAGE, Mo.--Second-quarter net income for Leggett & Platt totaled $52.7 million, up an impressive 177 percent over the second quarter of 2009.
Healthy sales growth and expense controls produced the strong result. Leggett & Platt's net sales rose 15 percent to $874.3 million, and selling, general and administrative expenses were flat compared with a year ago. Gross margin increased 112 basis points to 20.5 percent.
David S. Haffner, the company's president and chief executive officer, said the second-quarter results have improved the outlook for all of 2010. "We acknowledge the recent weakness in both investor and consumer sentiment, but remain guarded optimistic," Haffner said.