– моментальные уведомления о рынке акций
– моментальные уведомления о рынке акций
CARTHAGE, Mo., May 2, 2022 /PRNewswire/ --
Diversified manufacturer Leggett & Platt reported record first quarter sales1 of $1.32 billion, a 15% increase versus first quarter last year.
First quarter EBIT was $138 million, a first quarter record. EBIT was up $10 million or 8% from first quarter 2021 EBIT.
First quarter EPS was $.66, also a first quarter record. EPS increased $.02 versus first quarter 2021 EPS, reflecting higher EBIT partially offset by higher tax rate ($.03/share) and interest expense ($.01/share).
CEO COMMENTSPresident and CEO Mitch Dolloff commented, "We delivered another quarter of record sales1 and EPS, as well as improved cash from operations. Our employees around the world once again successfully managed an incredibly dynamic operating environment. Our full year guidance remains unchanged as we balance strong first quarter results, which were in line with our expectations, with continuing macro market uncertainties, including supply chain constraints, inflation, tighter monetary policy, the invasion of Ukraine, and COVID lockdowns in China.
"The hard work and dedication of our employees have positioned us well, both competitively and financially, to capitalize on long-term opportunities in our various end markets. Our enduring fundamentals give us confidence in our ability to continue creating long-term value for our shareholders."
DEBT, CASH FLOW, AND LIQUIDITY
STOCK REPURCHASES
SEGMENT RESULTS – First Quarter 2022 (versus 1Q 2021)
Bedding Products –
Specialized Products –
Furniture, Flooring & Textile Products –
SLIDES AND CONFERENCE CALLA set of slides containing summary financial information is available from the Investor Relations section of Leggett's website at www.leggett.com. Management will host a conference call at 7:30 a.m. Central (8:30 a.m. Eastern) on Tuesday, May 3. The webcast can be accessed from Leggett's website. The dial-in number is (201) 689-8341; there is no passcode.
Second quarter results will be released after the market closes on Monday, August 1, 2022, with a conference call the next morning.
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FOR MORE INFORMATION: Visit Leggett's website at www.leggett.com.
COMPANY DESCRIPTION: Leggett & Platt (NYSE: LEG) is a diversified manufacturer that designs and produces a broad variety of engineered components and products that can be found in most homes and automobiles. The 139-year-old Company is comprised of 15 business units, approximately 20,000 employees, and 130 manufacturing facilities located in 17 countries.
Leggett & Platt is the leading U.S.-based manufacturer of: a) bedding components; b) automotive seat support and lumbar systems; c) specialty bedding foams and private label finished mattresses; d) components for home furniture and work furniture; e) flooring underlayment; f) adjustable beds; and g) bedding industry machinery.
FORWARD-LOOKING STATEMENTS: This press release contains "forward-looking statements," including, but not limited to, volume growth; acquisition and divestiture activity; the amount of sales, EPS, capital expenditures, depreciation and amortization, net interest expense, fully diluted shares, operating cash flow; our EBIT margin, effective tax rate, amount of dividends, and raw material-related price increases. Such forward-looking statements are expressly qualified by the cautionary statements described in this provision and reflect only the beliefs of Leggett or its management at the time the statement is made. Because all forward-looking statements deal with the future, they are subject to risks, uncertainties and developments which might cause actual events or results to differ materially from those envisioned or reflected in any forward-looking statement. Moreover, we do not have, and do not undertake, any duty to update or revise any forward-looking statement to reflect events or circumstances after the date on which the statement was made. Some of these risks and uncertainties include: the adverse impact on our sales, earnings, liquidity, cash flow, costs, and financial condition caused by the COVID-19 pandemic which has had, and depending on the length and severity of the pandemic and the percentage of the population vaccinated and effectiveness of any vaccines, could, in varying degrees, negatively impact (a) the demand for our products and our customers' products, growth rates in the industries in which we participate, and opportunities in those industries, (b) our manufacturing facilities' ability to remain open and fully operational, obtain necessary raw materials and parts, maintain appropriate labor levels and ship finished products to customers, (c) our ability to collect trade and other notes receivables in accordance with their terms, (d) impairment of goodwill and long-lived assets, (e) restructuring-related costs, and (g) our ability to access the commercial paper market or borrow under our revolving credit facility, including compliance with restrictive covenants that may limit our operational flexibility and our ability to timely pay our debt; adverse impact from Russia's invasion of Ukraine; adverse impact from supply chain disruptions; our ability to deleverage; our ability to manage working capital; increases or decreases in our capital needs, which may vary depending on acquisition or divestiture activity, our working capital needs and capital expenditures; market conditions; price and product competition from foreign and domestic competitors; cost and availability of raw materials (including microchips and chemicals) due to supply chain disruptions or otherwise, labor, and energy costs; cash generation sufficient to pay the dividend; cash repatriation from foreign accounts; our ability to pass along raw material cost increases through increased selling prices; changing tax rates; increased trade costs; cybersecurity breaches; customer losses and insolvencies; disruption to our steel rod mill; foreign currency fluctuation; the imposition or continuation of anti-dumping duties on innersprings, steel wire rod and mattresses; data privacy; climate change and ESG obligations; litigation risks; and risk factors in the "Forward-Looking Statements" and "Risk Factors" sections in Leggett's most recent Form 10-K and Form 10-Q reports filed with the SEC.
CONTACT: Investor Relations, (417) 358-8131 or [email protected]Susan R. McCoy, Senior Vice President, Investor RelationsCassie J. Branscum, Senior Director, Investor Relations
____________________
1 Sales from continuing operations2 Trade sales excluding acquisitions/divestitures in the last 12 months3 Please refer to attached tables for Non-GAAP Reconciliations
LEGGETT & PLATT |
Page 5 of 7 |
May 2, 2022 |
||||||||||
RESULTS OF OPERATIONS |
FIRST QUARTER |
|||||||||||
(In millions, except per share data) |
2022 |
2021 |
Change |
|||||||||
Trade sales |
$ 1,322.3 |
$ 1,150.9 |
15 % |
|||||||||
Cost of goods sold |
1,055.0 |
903.4 |
||||||||||
Gross profit |
267.3 |
247.5 |
8 % |
|||||||||
Selling & administrative expenses |
111.7 |
106.3 |
5 % |
|||||||||
Amortization |
17.0 |
15.8 |
||||||||||
Other expense (income), net |
1.0 |
(2.3) |
||||||||||
Earnings before interest and taxes |
137.6 |
127.7 |
8 % |
|||||||||
Net interest expense |
19.5 |
18.4 |
||||||||||
Earnings before income taxes |
118.1 |
109.3 |
||||||||||
Income taxes |
27.7 |
21.8 |
||||||||||
Net earnings |
90.4 |
87.5 |
||||||||||
Less net income from noncontrolling interest |
- |
- |
||||||||||
Net Earnings Attributable to L&P |
$ 90.4 |
$ 87.5 |
3 % |
|||||||||
Earnings per diluted share |
||||||||||||
Net earnings per diluted share |
$ 0.66 |
$ 0.64 |
3 % |
|||||||||
Shares outstanding |
||||||||||||
Common stock (at end of period) |
133.5 |
133.2 |
0.2 % |
|||||||||
Basic (average for period) |
136.6 |
136.0 |
||||||||||
Diluted (average for period) |
136.9 |
136.3 |
0.4 % |
|||||||||
CASH FLOW |
FIRST QUARTER |
|||||||||||
(In millions) |
2022 |
2021 |
Change |
|||||||||
Net earnings |
$ 90.4 |
$ 87.5 |
||||||||||
Depreciation and amortization |
45.7 |
46.1 |
||||||||||
Working capital decrease (increase) |
(114.4) |
(152.5) |
||||||||||
Impairments |
- |
- |
||||||||||
Other operating activities |
17.3 |
8.3 |
||||||||||
Net Cash from Operating Activities |
$ 39.0 |
$ (10.6) |
468 % |
|||||||||
Additions to PP&E |
(18.7) |
(24.0) |
||||||||||
Purchase of companies, net of cash |
- |
(27.3) |
||||||||||
Proceeds from business and asset sales |
2.4 |
- |
||||||||||
Dividends paid |
(56.0) |
(53.0) |
||||||||||
Repurchase of common stock, net |
(21.6) |
(6.7) |
||||||||||
Additions (payments) to debt, net |
20.9 |
109.2 |
||||||||||
Other |
(0.4) |
(2.7) |
||||||||||
Increase (Decrease) in Cash & Equivalents |
$ (34.4) |
$ (15.1) |
||||||||||
FINANCIAL POSITION |
Mar 31, |
Dec 31, |
||||||||||
(In millions) |
2022 |
2021 |
Change |
|||||||||
Cash and equivalents |
$ 327.3 |
$ 361.7 |
||||||||||
Receivables |
704.9 |
651.5 |
||||||||||
Inventories |
1,045.8 |
993.2 |
||||||||||
Other current assets |
60.0 |
58.9 |
||||||||||
Total current assets |
2,138.0 |
2,065.3 |
4 % |
|||||||||
Net fixed assets |
768.6 |
781.5 |
||||||||||
Operating lease right-of-use assets |
190.8 |
192.6 |
||||||||||
Goodwill |
1,445.6 |
1,449.6 |
||||||||||
Intangible assets and deferred costs, both at net |
798.8 |
818.3 |
||||||||||
TOTAL ASSETS |
$ 5,341.8 |
$ 5,307.3 |
1 % |
|||||||||
Trade accounts payable |
$ 622.0 |
$ 613.8 |
||||||||||
Current debt maturities |
301.3 |
300.6 |
||||||||||
Current operating lease liabilities |
45.8 |
44.5 |
||||||||||
Other current liabilities |
382.1 |
376.8 |
||||||||||
Total current liabilities |
1,351.2 |
1,335.7 |
1 % |
|||||||||
Long-term debt |
1,803.1 |
1,789.7 |
1 % |
|||||||||
Operating lease liabilities |
150.0 |
153.0 |
||||||||||
Deferred taxes and other liabilities |
366.1 |
380.3 |
||||||||||
Equity |
1,671.4 |
1,648.6 |
1 % |
|||||||||
Total Capitalization |
3,990.6 |
3,971.6 |
0 % |
|||||||||
TOTAL LIABILITIES & EQUITY |
$ 5,341.8 |
$ 5,307.3 |
1 % |
|||||||||
LEGGETT & PLATT |
Page 6 of 7 |
May 2, 2022 |
||||||||||
SEGMENT RESULTS 1 |
FIRST QUARTER |
|||||||||||
(In millions) |
2022 |
2021 |
Change |
|||||||||
Bedding Products |
||||||||||||
Trade sales |
$ 639.4 |
$ 535.8 |
19 % |
|||||||||
EBIT |
76.2 |
63.8 |
19 % |
|||||||||
EBIT margin |
11.9% |
11.9% |
0 bps |
2 |
||||||||
Depreciation and amortization |
26.2 |
26.1 |
||||||||||
EBITDA |
102.4 |
89.9 |
14 % |
|||||||||
EBITDA margin |
16.0% |
16.8% |
-80 bps |
|||||||||
Specialized Products |
||||||||||||
Trade sales |
$ 264.1 |
$ 257.6 |
2 % |
|||||||||
EBIT |
20.3 |
35.2 |
(42)% |
|||||||||
EBIT margin |
7.7% |
13.7% |
-600 bps |
|||||||||
Depreciation and amortization |
10.8 |
11.1 |
||||||||||
EBITDA |
31.1 |
46.3 |
(33)% |
|||||||||
EBITDA margin |
11.8% |
18.0% |
-620 bps |
|||||||||
Furniture, Flooring & Textile Products |
||||||||||||
Trade sales |
$ 418.8 |
$ 357.5 |
17 % |
|||||||||
EBIT |
42.7 |
28.3 |
51 % |
|||||||||
EBIT margin |
10.2% |
7.9% |
230 bps |
|||||||||
Depreciation and amortization |
5.9 |
6.1 |
||||||||||
EBITDA |
48.6 |
34.4 |
41 % |
|||||||||
EBITDA margin |
11.6% |
9.6% |
200 bps |
|||||||||
Total Company |
||||||||||||
Trade sales |
$ 1,322.3 |
$ 1,150.9 |
15 % |
|||||||||
EBIT - segments |
139.2 |
127.3 |
9 % |
|||||||||
Intersegment eliminations and other |
(1.6) |
0.4 |
||||||||||
EBIT |
137.6 |
127.7 |
8 % |
|||||||||
EBIT margin |
10.4% |
11.1% |
-70 bps |
|||||||||
Depreciation and amortization - segments |
42.9 |
43.3 |
||||||||||
Depreciation and amortization - unallocated 3 |
2.8 |
2.8 |
||||||||||
EBITDA |
$ 183.3 |
$ 173.8 |
5 % |
|||||||||
EBITDA margin |
13.9% |
15.1% |
-120 bps |
|||||||||
LAST SIX QUARTERS 4 |
2020 |
2021 |
2022 |
|||||||||
Selected Figures (In Millions) |
4Q |
1Q |
2Q |
3Q |
4Q |
1Q |
||||||
Trade sales |
1,182.0 |
1,150.9 |
1,269.6 |
1,319.2 |
1,332.9 |
1,322.3 |
||||||
Sales growth (vs. prior year) |
3 % |
10 % |
50 % |
9 % |
13 % |
15 % |
||||||
Volume growth (same locations vs. prior year) |
3 % |
4 % |
31 % |
(6)% |
(5)% |
(4)% |
||||||
Adjusted EBIT 5 |
156.0 |
127.7 |
143.7 |
144.2 |
152.2 |
137.6 |
||||||
Cash from operations |
218.8 |
(10.6) |
40.9 |
50.1 |
190.9 |
39.0 |
||||||
Adjusted EBITDA (trailing twelve months) 5 |
642.1 |
677.9 |
772.9 |
760.8 |
755.1 |
764.6 |
||||||
(Long-term debt + current maturities - cash and equivalents) / adj. EBITDA 3,6 |
2.42 |
2.46 |
2.32 |
2.41 |
2.29 |
2.32 |
||||||
Organic Sales (Vs. Prior Year) 7 |
4Q |
1Q |
2Q |
3Q |
4Q |
1Q |
||||||
Bedding Products |
5 % |
12 % |
50 % |
12 % |
15 % |
16 % |
||||||
Specialized Products |
1 % |
9 % |
69 % |
(4)% |
(4)% |
2 % |
||||||
Furniture, Flooring & Textile Products |
3 % |
12 % |
43 % |
12 % |
17 % |
17 % |
||||||
Overall |
3 % |
11 % |
50 % |
8 % |
11 % |
13 % |
||||||
1 Segment and overall company margins calculated on net trade sales. |
||||||||||||
2 bps = basis points; a unit of measure equal to 1/100th of 1%. |
||||||||||||
3 Consists primarily of depreciation of non-operating assets. |
||||||||||||
4 Effective 1/1/21: domestic steel-related inventory valuation methodology changed from LIFO to FIFO; 4Q 2020 presented has been adjusted to apply the effects of the change. |
||||||||||||
5 Refer to next page for non-GAAP reconciliations. |
||||||||||||
6 EBITDA based on trailing twelve months. |
||||||||||||
7 Trade sales excluding sales attributable to acquisitions and divestitures consummated in the last 12 months. |
||||||||||||
LEGGETT & PLATT |
Page 7 of 7 |
May 2, 2022 |
||||||||||
RECONCILIATION OF REPORTED (GAAP) TO ADJUSTED (Non-GAAP) FINANCIAL MEASURES 11 |
||||||||||||
Non-GAAP Adjustments 8 |
2020 |
2021 |
2022 |
|||||||||
(In millions, except per share data) |
4Q |
1Q |
2Q |
3Q |
4Q |
1Q |
||||||
Gain on sale of real estate |
- |
- |
(28.2) |
- |
- |
- |
||||||
Non-GAAP Adjustments (Pretax) 9 |
- |
- |
(28.2) |
- |
- |
- |
||||||
Income tax impact |
- |
- |
6.9 |
- |
- |
- |
||||||
Non-GAAP Adjustments (After Tax) |
- |
- |
(21.3) |
- |
- |
- |
||||||
Diluted shares outstanding |
136.2 |
136.3 |
136.8 |
136.9 |
137.0 |
136.9 |
||||||
EPS Impact of Non-GAAP Adjustments |
- |
- |
(0.16) |
- |
- |
- |
||||||
Adjusted EBIT, EBITDA, Margin, and EPS 8 |
2020 |
2021 |
2022 |
|||||||||
(In millions, except per share data) |
4Q |
1Q |
2Q |
3Q |
4Q |
1Q |
||||||
Trade sales |
1,182.0 |
1,150.9 |
1,269.6 |
1,319.2 |
1,332.9 |
1,322.3 |
||||||
EBIT (earnings before interest and taxes) |
156.0 |
127.7 |
171.9 |
144.2 |
152.2 |
137.6 |
||||||
Non-GAAP adjustments (pretax and excluding interest) |
- |
- |
(28.2) |
- |
- |
- |
||||||
Adjusted EBIT |
156.0 |
127.7 |
143.7 |
144.2 |
152.2 |
137.6 |
||||||
EBIT margin |
13.2% |
11.1% |
13.5% |
10.9% |
11.4% |
10.4% |
||||||
Adjusted EBIT Margin |
13.2% |
11.1% |
11.3% |
10.9% |
11.4% |
10.4% |
||||||
EBIT |
156.0 |
127.7 |
171.9 |
144.2 |
152.2 |
137.6 |
||||||
Depreciation and amortization |
48.4 |
46.1 |
48.1 |
46.6 |
46.5 |
45.7 |
||||||
EBITDA |
204.4 |
173.8 |
220.0 |
190.8 |
198.7 |
183.3 |
||||||
Non-GAAP adjustments (pretax and excluding interest) |
- |
- |
(28.2) |
- |
- |
- |
||||||
Adjusted EBITDA |
204.4 |
173.8 |
191.8 |
190.8 |
198.7 |
183.3 |
||||||
EBITDA margin |
17.3% |
15.1% |
17.3% |
14.5% |
14.9% |
13.9% |
||||||
Adjusted EBITDA Margin |
17.3% |
15.1% |
15.1% |
14.5% |
14.9% |
13.9% |
||||||
Diluted EPS |
0.79 |
0.64 |
0.82 |
0.71 |
0.77 |
0.66 |
||||||
EPS impact of non-GAAP adjustments |
- |
- |
(0.16) |
- |
- |
- |
||||||
Adjusted EPS |
0.79 |
0.64 |
0.66 |
0.71 |
0.77 |
0.66 |
||||||
Net Debt to Adjusted EBITDA 10 |
2020 |
2021 |
2022 |
|||||||||
4Q |
1Q |
2Q |
3Q |
4Q |
1Q |
|||||||
Total debt |
1,900.2 |
2,003.7 |
2,025.7 |
2,066.0 |
2,090.3 |
2,104.4 |
||||||
Less: cash and equivalents |
(348.9) |
(333.8) |
(231.6) |
(234.7) |
(361.7) |
(327.3) |
||||||
Net debt |
1,551.3 |
1,669.9 |
1,794.1 |
1,831.3 |
1,728.6 |
1,777.1 |
||||||
Adjusted EBITDA, trailing 12 months |
642.1 |
677.9 |
772.9 |
760.8 |
755.1 |
764.6 |
||||||
Net Debt / 12-month Adjusted EBITDA |
2.42 |
2.46 |
2.32 |
2.41 |
2.29 |
2.32 |
||||||
8 Management and investors use these measures as supplemental information to assess operational performance. |
||||||||||||
9 The ($28.2) 2Q 2021 non-GAAP adjustment affected the Other income line on the income statement. |
||||||||||||
10 Management and investors use this ratio as supplemental information to assess ability to pay off debt. These ratios are calculated differently than the Company's credit facility |
||||||||||||
11 Calculations impacted by rounding. |
||||||||||||
SOURCE Leggett & Platt
КАРФАГЕН, Миссури, 2 мая 2022 года /PRNewswire/ --
Диверсифицированный производитель Leggett & Platt сообщил о рекордных продажах в первом квартале1 в размере 1,32 миллиарда долларов, что на 15% больше по сравнению с первым кварталом прошлого года.
Показатель EBIT в первом квартале составил 138 миллионов долларов, что стало рекордом первого квартала. Показатель EBIT вырос на 10 миллионов долларов, или на 8%, по сравнению с показателем EBIT в первом квартале 2021 года.
Прибыль на акцию в первом квартале составила $0,66, что также является рекордом первого квартала. Прибыль на акцию увеличилась на 0,02 доллара по сравнению с первым кварталом 2021 года, что отражает более высокий показатель EBIT, частично компенсированный более высокой налоговой ставкой (0,03 доллара на акцию) и процентными расходами (0,01 доллара на акцию).
Комментарии генерального Директорапрезидент и генеральный директор Митч Доллофф прокомментировал: "Мы обеспечили еще один квартал рекордных продаж1 и прибыли на акцию, а также увеличили денежные средства от операционной деятельности. Наши сотрудники по всему миру в очередной раз успешно справились с невероятно динамичной операционной средой. Наш прогноз на весь год остается неизменным, поскольку мы уравновешиваем высокие результаты первого квартала, которые соответствовали нашим ожиданиям, с сохраняющейся неопределенностью на макроэкономическом рынке, включая ограничения в цепочке поставок, инфляцию, ужесточение денежно-кредитной политики, вторжение в Украину и карантин из-за COVID в Китае.
"Упорный труд и самоотверженность наших сотрудников обеспечили нам хорошие позиции, как в конкурентной, так и в финансовой плане, чтобы извлечь выгоду из долгосрочных возможностей на наших различных конечных рынках. Наши устойчивые фундаментальные показатели дают нам уверенность в нашей способности продолжать создавать долгосрочную ценность для наших акционеров".
долг, денежный поток и ликвидность
выкуп акций
РЕЗУЛЬТАТЫ СЕГМЕНТА – Первый квартал 2022 года (по сравнению с 1 кварталом 2021 года)
Постельные принадлежности –
Специализированные Продукты –
Мебель, Напольные покрытия и Текстильные изделия –
СЛАЙДЫ И КОНФЕРЕНЦ-СВЯЗЬ Набор слайдов, содержащих сводную финансовую информацию, доступен в разделе по связям с инвесторами веб-сайта Leggett по адресу www.leggett.com . Руководство проведет селекторное совещание в 7:30 утра по Центральному времени (8:30 утра по восточному времени) во вторник, 3 мая. Доступ к веб-трансляции можно получить с веб-сайта Леггетта. Набираемый номер - (201) 689-8341; пароль отсутствует.
Результаты второго квартала будут опубликованы после закрытия рынка в понедельник, 1 августа 2022 года, а на следующее утро состоится телефонная конференция.
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
ДЛЯ ПОЛУЧЕНИЯ ДОПОЛНИТЕЛЬНОЙ ИНФОРМАЦИИ: Посетите веб-сайт Leggett по адресу www.leggett.com .
ОПИСАНИЕ КОМПАНИИ: Leggett & Platt (NYSE: LEG) - многопрофильный производитель, который разрабатывает и производит широкий спектр инженерных компонентов и продуктов, которые можно найти в большинстве домов и автомобилей. 139-летняя компания состоит из 15 бизнес-подразделений, примерно 20 000 сотрудников и 130 производственных мощностей, расположенных в 17 странах.
Leggett & Platt является ведущим американским производителем: а) компонентов для постельных принадлежностей; б) автомобильных опор для сидений и поясничных систем; в) специальных пеноматериалов для постельных принадлежностей и готовых матрасов под собственной торговой маркой; г) компонентов для домашней мебели и рабочей мебели; д) подстилающего слоя для полов; е) регулируемых кроватей; и ж) индустрии постельных принадлежностей машины.
ПРОГНОЗНЫЕ ЗАЯВЛЕНИЯ: Этот пресс-релиз содержит "прогнозные заявления", включая, но не ограничиваясь, рост объема продаж; деятельность по приобретению и продаже; объем продаж, прибыль на акцию, капитальные затраты, износ и амортизацию, чистые процентные расходы, полностью разводненные акции, операционный денежный поток; наша рентабельность по EBIT, эффективная налоговая ставка, размер дивидендов и рост цен, связанный с сырьем. Такие прогнозные заявления прямо квалифицируются предостерегающими заявлениями, описанными в этом положении, и отражают только убеждения Leggett или ее руководства на момент составления заявления. Поскольку все прогнозные заявления касаются будущего, они подвержены рискам, неопределенностям и событиям, которые могут привести к тому, что фактические события или результаты будут существенно отличаться от тех, которые предусмотрены или отражены в любом прогнозном заявлении. Более того, мы не несем и не берем на себя никаких обязательств по обновлению или пересмотру каких-либо прогнозных заявлений, чтобы отразить события или обстоятельства после даты, на которую было сделано заявление. Некоторые из этих рисков и неопределенностей относятся: неблагоприятное воздействие на наши продажи, прибыли, ликвидности, денежных потоков, расходов и финансового состояния, вызванного COVID-19 пандемией, которая была, и в зависимости от продолжительности и тяжести пандемии, и процент населения привиты и эффективность любой вакцины, могут, в той или иной степени, негативно сказываются (а) спроса на нашу продукцию и наших клиентов-продукты, темпы роста отраслей, в которых мы участвуем, и возможности в тех отраслях, (б) наши производственные возможности остаются открытыми и в полном объеме, получение необходимого сырья и комплектующих, поддержание соответствующих уровней труда и отправки готовой продукции клиентам (с) наша способность собрать торговля и другие Примечания дебиторской задолженности в соответствии с их условиями, (г) обесценение гудвила и долгосрочных активов, (е) реструктуризация расходы, и (Г) наши возможности выхода на рынок коммерческих бумаг или взять под возобновляемой кредитной линии, в том числе с соблюдением ограничительных условий, которые могут ограничить нашу операционную гибкость и способность своевременно выплатить долг; негативное воздействие от вторжения России в Украину; негативные последствия, связанные с цепочкой поставок, перебои; наша способность сокращения доли заемных средств; нашу способность управлять оборотных средств; снижение или увеличение капитала, которые могут различаться в зависимости от приобретения или выбытия деятельности, потребностей в оборотном капитале и капитальных затрат; конъюнктуру рынка; цена продукта и конкуренция со стороны зарубежных и отечественных конкурентов; стоимость и доступность сырья (в том числе микрочипов и химическими веществами) из-за цепочки поставок, перебои или иначе, трудовых и энергетических затрат; генерирование денежных средств, достаточной для оплаты дивидендов; по репатриации денежных средств с иностранных счетов, наша способность пройти вдоль сырья, роста себестоимости за счет роста отпускных цен, изменение налоговых ставок; увеличение торговых издержек; кибербезопасность нарушений; заказчику убытки и банкротства; нарушение наших стальная стержневая мельница; валютные колебания; сохранение или продление антидемпинговых пошлин на innersprings, стальную катанку и матрасы; конфиденциальность данных; изменение климата и ЭСГ обязательства; судебных рисков; и факторов риска в "прогнозные заявления" и "факторы риска", которые рассматриваются в последней форме Леггетта 10-K и форму 10-Q отчетов, поданных в SEC.
контакт: По связям с инвесторами, (417) 358-8131 или [email protected]Сьюзан Р. Маккой, старший вице-президент по связям с инвесторами Кэсси Дж. Бранскам, Старший директор по связям с инвесторами
____________________
1 Продажи от продолжающихся операций 2 Торговые продажи без учета приобретений /отчуждений за последние 12 месяцев3 Пожалуйста, обратитесь к прилагаемым таблицам для выверки не по ОПБУ
LEGGETT & PLATT |
Page 5 of 7 |
May 2, 2022 |
||||||||||
RESULTS OF OPERATIONS |
FIRST QUARTER |
|||||||||||
(In millions, except per share data) |
2022 |
2021 |
Change |
|||||||||
Trade sales |
$ 1,322.3 |
$ 1,150.9 |
15 % |
|||||||||
Cost of goods sold |
1,055.0 |
903.4 |
||||||||||
Gross profit |
267.3 |
247.5 |
8 % |
|||||||||
Selling & administrative expenses |
111.7 |
106.3 |
5 % |
|||||||||
Amortization |
17.0 |
15.8 |
||||||||||
Other expense (income), net |
1.0 |
(2.3) |
||||||||||
Earnings before interest and taxes |
137.6 |
127.7 |
8 % |
|||||||||
Net interest expense |
19.5 |
18.4 |
||||||||||
Earnings before income taxes |
118.1 |
109.3 |
||||||||||
Income taxes |
27.7 |
21.8 |
||||||||||
Net earnings |
90.4 |
87.5 |
||||||||||
Less net income from noncontrolling interest |
- |
- |
||||||||||
Net Earnings Attributable to L&P |
$ 90.4 |
$ 87.5 |
3 % |
|||||||||
Earnings per diluted share |
||||||||||||
Net earnings per diluted share |
$ 0.66 |
$ 0.64 |
3 % |
|||||||||
Shares outstanding |
||||||||||||
Common stock (at end of period) |
133.5 |
133.2 |
0.2 % |
|||||||||
Basic (average for period) |
136.6 |
136.0 |
||||||||||
Diluted (average for period) |
136.9 |
136.3 |
0.4 % |
|||||||||
CASH FLOW |
FIRST QUARTER |
|||||||||||
(In millions) |
2022 |
2021 |
Change |
|||||||||
Net earnings |
$ 90.4 |
$ 87.5 |
||||||||||
Depreciation and amortization |
45.7 |
46.1 |
||||||||||
Working capital decrease (increase) |
(114.4) |
(152.5) |
||||||||||
Impairments |
- |
- |
||||||||||
Other operating activities |
17.3 |
8.3 |
||||||||||
Net Cash from Operating Activities |
$ 39.0 |
$ (10.6) |
468 % |
|||||||||
Additions to PP&E |
(18.7) |
(24.0) |
||||||||||
Purchase of companies, net of cash |
- |
(27.3) |
||||||||||
Proceeds from business and asset sales |
2.4 |
- |
||||||||||
Dividends paid |
(56.0) |
(53.0) |
||||||||||
Repurchase of common stock, net |
(21.6) |
(6.7) |
||||||||||
Additions (payments) to debt, net |
20.9 |
109.2 |
||||||||||
Other |
(0.4) |
(2.7) |
||||||||||
Increase (Decrease) in Cash & Equivalents |
$ (34.4) |
$ (15.1) |
||||||||||
FINANCIAL POSITION |
Mar 31, |
Dec 31, |
||||||||||
(In millions) |
2022 |
2021 |
Change |
|||||||||
Cash and equivalents |
$ 327.3 |
$ 361.7 |
||||||||||
Receivables |
704.9 |
651.5 |
||||||||||
Inventories |
1,045.8 |
993.2 |
||||||||||
Other current assets |
60.0 |
58.9 |
||||||||||
Total current assets |
2,138.0 |
2,065.3 |
4 % |
|||||||||
Net fixed assets |
768.6 |
781.5 |
||||||||||
Operating lease right-of-use assets |
190.8 |
192.6 |
||||||||||
Goodwill |
1,445.6 |
1,449.6 |
||||||||||
Intangible assets and deferred costs, both at net |
798.8 |
818.3 |
||||||||||
TOTAL ASSETS |
$ 5,341.8 |
$ 5,307.3 |
1 % |
|||||||||
Trade accounts payable |
$ 622.0 |
$ 613.8 |
||||||||||
Current debt maturities |
301.3 |
300.6 |
||||||||||
Current operating lease liabilities |
45.8 |
44.5 |
||||||||||
Other current liabilities |
382.1 |
376.8 |
||||||||||
Total current liabilities |
1,351.2 |
1,335.7 |
1 % |
|||||||||
Long-term debt |
1,803.1 |
1,789.7 |
1 % |
|||||||||
Operating lease liabilities |
150.0 |
153.0 |
||||||||||
Deferred taxes and other liabilities |
366.1 |
380.3 |
||||||||||
Equity |
1,671.4 |
1,648.6 |
1 % |
|||||||||
Total Capitalization |
3,990.6 |
3,971.6 |
0 % |
|||||||||
TOTAL LIABILITIES & EQUITY |
$ 5,341.8 |
$ 5,307.3 |
1 % |
|||||||||
LEGGETT & PLATT |
Page 6 of 7 |
May 2, 2022 |
||||||||||
SEGMENT RESULTS 1 |
FIRST QUARTER |
|||||||||||
(In millions) |
2022 |
2021 |
Change |
|||||||||
Bedding Products |
||||||||||||
Trade sales |
$ 639.4 |
$ 535.8 |
19 % |
|||||||||
EBIT |
76.2 |
63.8 |
19 % |
|||||||||
EBIT margin |
11.9% |
11.9% |
0 bps |
2 |
||||||||
Depreciation and amortization |
26.2 |
26.1 |
||||||||||
EBITDA |
102.4 |
89.9 |
14 % |
|||||||||
EBITDA margin |
16.0% |
16.8% |
-80 bps |
|||||||||
Specialized Products |
||||||||||||
Trade sales |
$ 264.1 |
$ 257.6 |
2 % |
|||||||||
EBIT |
20.3 |
35.2 |
(42)% |
|||||||||
EBIT margin |
7.7% |
13.7% |
-600 bps |
|||||||||
Depreciation and amortization |
10.8 |
11.1 |
||||||||||
EBITDA |
31.1 |
46.3 |
(33)% |
|||||||||
EBITDA margin |
11.8% |
18.0% |
-620 bps |
|||||||||
Furniture, Flooring & Textile Products |
||||||||||||
Trade sales |
$ 418.8 |
$ 357.5 |
17 % |
|||||||||
EBIT |
42.7 |
28.3 |
51 % |
|||||||||
EBIT margin |
10.2% |
7.9% |
230 bps |
|||||||||
Depreciation and amortization |
5.9 |
6.1 |
||||||||||
EBITDA |
48.6 |
34.4 |
41 % |
|||||||||
EBITDA margin |
11.6% |
9.6% |
200 bps |
|||||||||
Total Company |
||||||||||||
Trade sales |
$ 1,322.3 |
$ 1,150.9 |
15 % |
|||||||||
EBIT - segments |
139.2 |
127.3 |
9 % |
|||||||||
Intersegment eliminations and other |
(1.6) |
0.4 |
||||||||||
EBIT |
137.6 |
127.7 |
8 % |
|||||||||
EBIT margin |
10.4% |
11.1% |
-70 bps |
|||||||||
Depreciation and amortization - segments |
42.9 |
43.3 |
||||||||||
Depreciation and amortization - unallocated 3 |
2.8 |
2.8 |
||||||||||
EBITDA |
$ 183.3 |
$ 173.8 |
5 % |
|||||||||
EBITDA margin |
13.9% |
15.1% |
-120 bps |
|||||||||
LAST SIX QUARTERS 4 |
2020 |
2021 |
2022 |
|||||||||
Selected Figures (In Millions) |
4Q |
1Q |
2Q |
3Q |
4Q |
1Q |
||||||
Trade sales |
1,182.0 |
1,150.9 |
1,269.6 |
1,319.2 |
1,332.9 |
1,322.3 |
||||||
Sales growth (vs. prior year) |
3 % |
10 % |
50 % |
9 % |
13 % |
15 % |
||||||
Volume growth (same locations vs. prior year) |
3 % |
4 % |
31 % |
(6)% |
(5)% |
(4)% |
||||||
Adjusted EBIT 5 |
156.0 |
127.7 |
143.7 |
144.2 |
152.2 |
137.6 |
||||||
Cash from operations |
218.8 |
(10.6) |
40.9 |
50.1 |
190.9 |
39.0 |
||||||
Adjusted EBITDA (trailing twelve months) 5 |
642.1 |
677.9 |
772.9 |
760.8 |
755.1 |
764.6 |
||||||
(Long-term debt + current maturities - cash and equivalents) / adj. EBITDA 3,6 |
2.42 |
2.46 |
2.32 |
2.41 |
2.29 |
2.32 |
||||||
Organic Sales (Vs. Prior Year) 7 |
4Q |
1Q |
2Q |
3Q |
4Q |
1Q |
||||||
Bedding Products |
5 % |
12 % |
50 % |
12 % |
15 % |
16 % |
||||||
Specialized Products |
1 % |
9 % |
69 % |
(4)% |
(4)% |
2 % |
||||||
Furniture, Flooring & Textile Products |
3 % |
12 % |
43 % |
12 % |
17 % |
17 % |
||||||
Overall |
3 % |
11 % |
50 % |
8 % |
11 % |
13 % |
||||||
1 Segment and overall company margins calculated on net trade sales. |
||||||||||||
2 bps = basis points; a unit of measure equal to 1/100th of 1%. |
||||||||||||
3 Consists primarily of depreciation of non-operating assets. |
||||||||||||
4 Effective 1/1/21: domestic steel-related inventory valuation methodology changed from LIFO to FIFO; 4Q 2020 presented has been adjusted to apply the effects of the change. |
||||||||||||
5 Refer to next page for non-GAAP reconciliations. |
||||||||||||
6 EBITDA based on trailing twelve months. |
||||||||||||
7 Trade sales excluding sales attributable to acquisitions and divestitures consummated in the last 12 months. |
||||||||||||
LEGGETT & PLATT |
Page 7 of 7 |
May 2, 2022 |
||||||||||
RECONCILIATION OF REPORTED (GAAP) TO ADJUSTED (Non-GAAP) FINANCIAL MEASURES 11 |
||||||||||||
Non-GAAP Adjustments 8 |
2020 |
2021 |
2022 |
|||||||||
(In millions, except per share data) |
4Q |
1Q |
2Q |
3Q |
4Q |
1Q |
||||||
Gain on sale of real estate |
- |
- |
(28.2) |
- |
- |
- |
||||||
Non-GAAP Adjustments (Pretax) 9 |
- |
- |
(28.2) |
- |
- |
- |
||||||
Income tax impact |
- |
- |
6.9 |
- |
- |
- |
||||||
Non-GAAP Adjustments (After Tax) |
- |
- |
(21.3) |
- |
- |
- |
||||||
Diluted shares outstanding |
136.2 |
136.3 |
136.8 |
136.9 |
137.0 |
136.9 |
||||||
EPS Impact of Non-GAAP Adjustments |
- |
- |
(0.16) |
- |
- |
- |
||||||
Adjusted EBIT, EBITDA, Margin, and EPS 8 |
2020 |
2021 |
2022 |
|||||||||
(In millions, except per share data) |
4Q |
1Q |
2Q |
3Q |
4Q |
1Q |
||||||
Trade sales |
1,182.0 |
1,150.9 |
1,269.6 |
1,319.2 |
1,332.9 |
1,322.3 |
||||||
EBIT (earnings before interest and taxes) |
156.0 |
127.7 |
171.9 |
144.2 |
152.2 |
137.6 |
||||||
Non-GAAP adjustments (pretax and excluding interest) |
- |
- |
(28.2) |
- |
- |
- |
||||||
Adjusted EBIT |
156.0 |
127.7 |
143.7 |
144.2 |
152.2 |
137.6 |
||||||
EBIT margin |
13.2% |
11.1% |
13.5% |
10.9% |
11.4% |
10.4% |
||||||
Adjusted EBIT Margin |
13.2% |
11.1% |
11.3% |
10.9% |
11.4% |
10.4% |
||||||
EBIT |
156.0 |
127.7 |
171.9 |
144.2 |
152.2 |
137.6 |
||||||
Depreciation and amortization |
48.4 |
46.1 |
48.1 |
46.6 |
46.5 |
45.7 |
||||||
EBITDA |
204.4 |
173.8 |
220.0 |
190.8 |
198.7 |
183.3 |
||||||
Non-GAAP adjustments (pretax and excluding interest) |
- |
- |
(28.2) |
- |
- |
- |
||||||
Adjusted EBITDA |
204.4 |
173.8 |
191.8 |
190.8 |
198.7 |
183.3 |
||||||
EBITDA margin |
17.3% |
15.1% |
17.3% |
14.5% |
14.9% |
13.9% |
||||||
Adjusted EBITDA Margin |
17.3% |
15.1% |
15.1% |
14.5% |
14.9% |
13.9% |
||||||
Diluted EPS |
0.79 |
0.64 |
0.82 |
0.71 |
0.77 |
0.66 |
||||||
EPS impact of non-GAAP adjustments |
- |
- |
(0.16) |
- |
- |
- |
||||||
Adjusted EPS |
0.79 |
0.64 |
0.66 |
0.71 |
0.77 |
0.66 |
||||||
Net Debt to Adjusted EBITDA 10 |
2020 |
2021 |
2022 |
|||||||||
4Q |
1Q |
2Q |
3Q |
4Q |
1Q |
|||||||
Total debt |
1,900.2 |
2,003.7 |
2,025.7 |
2,066.0 |
2,090.3 |
2,104.4 |
||||||
Less: cash and equivalents |
(348.9) |
(333.8) |
(231.6) |
(234.7) |
(361.7) |
(327.3) |
||||||
Net debt |
1,551.3 |
1,669.9 |
1,794.1 |
1,831.3 |
1,728.6 |
1,777.1 |
||||||
Adjusted EBITDA, trailing 12 months |
642.1 |
677.9 |
772.9 |
760.8 |
755.1 |
764.6 |
||||||
Net Debt / 12-month Adjusted EBITDA |
2.42 |
2.46 |
2.32 |
2.41 |
2.29 |
2.32 |
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8 Management and investors use these measures as supplemental information to assess operational performance. |
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9 The ($28.2) 2Q 2021 non-GAAP adjustment affected the Other income line on the income statement. |
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10 Management and investors use this ratio as supplemental information to assess ability to pay off debt. These ratios are calculated differently than the Company's credit facility |
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11 Calculations impacted by rounding. |
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