Leggett & Platt 2Q profit falls 23 percent

The company reported net income of $46.3 million, or 27 cents per share, compared with $60 million, or 33 cents per share, in the year-ago period.

Results include 2 cents per share from discontinued operations. Per-share earnings from continuing operations of 25 cents included 1 cent of restructuring-related costs and a 2-cent charge for a nonrecurring tax item.

Revenue slipped to $1.06 billion from $1.07 billion in the second quarter of last year.

Analysts polled by Thomson Financial, on average, estimated earnings of 27 cents per share on sales of $1.07 billion. Analyst estimates typically exclude discontinued operations and other one-time items.

The company said the profit decline was primarily due to soft demand in several markets.

Total sales from the company's commercial fixturing and components segment, for example, fell 15 percent to $179.2 million, due to reduced spending by retailers. Total sales from Leggett's residential furnishings unit fell, 1 percent to $551.9 million.

The company said it expects full-year sales and profit to come in ahead of Wall Street expectations.

Shares rose $1.01, or 6.3 percent, to close at $17.06.