Leggett & Platt reports 59% jump in full-year revenue

CARTHAGE, Mo. – Diversified manufacturer and industrial supplier Leggett & Platt reported net income of $105.5 million for the fourth quarter ended Dec. 31, down 2% from net income of $108 million during the same period in 2020.

Net income for the full year was $402.4 million, a 59% jump from revenue of $253 million in 2020.

Leggett & Platt reported sales of nearly $5.1 billion, or $2.94 per share, for the year, a 19% increase from sales of $4.3 billion, or 1, $86 per share, in 2020. The company’s sales for the fourth quarter were $1.3 billion, up 13%. increase from sales of $1.2 billion in the same quarter last year.

“We are delighted to have delivered record annual results in 2021 despite myriad macro challenges, including supply chain issues related to semiconductor shortages, foam chemical shortages, availability of labor and transportation challenges, as well as higher costs associated with each of these issues,” said Mitch Dolloff, President and Chief Executive Officer. “We also delivered record quarterly sales and strong fourth quarter operating results Despite these ongoing challenges, including inflation and a likely shift to tighter monetary policy, we expect continued improvement in 2022 as conditions gradually stabilize and growth continues in our activities most affected by the pandemic.

Full-year sales in the company’s bedding segment increased 20% to $2.5 billion. The company attributed the growth to price increases related to raw materials. Overall volume, the company said, was flat and growth in its sales of adjustable beds, rods and threads and international bedding were offset by lower specialty foams and US springs due to climate constraints. Supply Chain. The company’s acquisition of Kayfoam added 2% but was offset by small divestments.

Annual sales in the furniture, flooring and textiles segment also jumped 20% to $1.6 billion. Segment volume increased 9%, with Home Furniture, Work Furniture and Geographic Components leading the charge.