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Leggett & Platt (LEG) investor relations material
Leggett & Platt Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Second quarter 2025 sales were $1.1 billion, down 6% year-over-year, with volume down 7% due to soft demand and restructuring-related attrition.
Adjusted EBIT was $76 million, up $4 million year-over-year, with margin up 80 bps to 7.1%; adjusted EPS was $0.30, up $0.01 year-over-year.
Reported EPS was $0.38, up from $(4.39) in Q2 2024, reflecting real estate gains and absence of goodwill impairments.
Balance sheet strengthened by $143 million debt reduction, improving net debt to trailing 12-month adjusted EBITDA to 3.5x.
Restructuring activities are largely complete, with continued focus on operational execution, debt reduction, and divestiture of the Aerospace Products Group.
Financial highlights
Q2 2025 sales were $1,058 million, down 6% year-over-year; YTD sales were $2,080 million, down 7%.
Adjusted EBIT was $76 million (up 6%), with margin up to 7.1%; adjusted EBITDA was $105 million (up 1%).
Net earnings for Q2 2025 were $52.5 million, compared to a net loss of $602.2 million in Q2 2024.
Operating cash flow was $84 million, down $10 million year-over-year, mainly due to less benefit from working capital.
Q2 2025 included $0.02/share in restructuring charges and a $0.10/share gain from real estate sales.
Outlook and guidance
Full-year 2025 sales guidance maintained at $4.0–$4.3 billion, down 2%–9% versus 2024.
Adjusted EPS expected at $1.00–$1.20; reported EPS at $0.88–$1.17, including restructuring and pension impacts.
Adjusted EBIT margin range expected between 6.5%–6.9%; cash from operations projected at $275M–$325M; capex at $80M–$90M.
Annualized EBIT benefit from restructuring expected at $60M–$70M after full implementation.
Anticipated $65M in annual sales attrition post-restructuring, with $45M expected in 2025.
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