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Leggett & Platt Reports Mixed Q3 Results as Weaker Global Growth Dents Demand

By Yasin Ebrahim

Investing.com -- Leggett&Platt reported mixed third-quarter results Monday as earnings missed, but revenue beat Wall Street estimates as volumes were dragged lower by weaker demand amid a softer global economic backdrop.

Leggett&Platt (NYSE:LEG) was up less than 1% in afterhours following the report.

The diversified manufacturer reported earnings of 52 cents a share, missing estimates of 54 cents a share, but revenue of $1.30 billion topped estimates for $1.25 billion.

Volume fell 8%, primarily from "continued demand softness in residential end markets, partially offset by growth in automotive and industrial end markets," the company said.

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"The current global economic environment and its effect on the consumer negatively impacted our third quarter results," it added.

For Q4, the company forecasts earnings of $0.42 to $0.57 a share on sales of between $1.15 billion and $1.25 billion. That compared with estimates for $0.54 a share on revenue of $1.27 billion.

Looking ahead, the company kept its guidance unchanged for 2022. Earnings per share was expected to be between $2.40 to $2.45 per share on sales of between $5.1 billion and $5.2 billion. Volume was expected to be down high single digits.

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