Leggett & Platt Incorporated (NYSE: LEG), a diversified manufacturer of engineered components and products, reported mixed results for the second quarter of 2024 during its earnings call. The company faced challenges in the bedding industry and weak demand in residential markets, leading to a downward revision of its sales outlook for 2024. Despite these headwinds, Leggett & Platt is making progress with its restructuring plan and remains focused on improving profitability and efficiency.

The company reported second-quarter sales of $1.1 billion and adjusted earnings per share of $0.29, reflecting a decrease from the previous year. The CEO emphasized the company's commitment to transparency, profitability improvement, and long-term growth, while the CFO provided updates on financials and debt reduction efforts.

It’s expected that 2024 sales guidance revised to between $4.3 billion and $4.5 billion, a decrease of 5% to 9% compared to 2023. Adjusted EBIT margin range for the full year is expected to be between 6.5% and 6.9%.

Source: Investing.com