Leggett & Platt reiterates full-year guidance

The company anticipates earnings from continuing operations of between $1 and $1.30 per share.

Analysts polled by Thomson Financial, on average, estimate a profit of $1.09 per share.

The guidance now incorporates higher restructuring-related costs of 10 cents per share, versus a previous estimate of 5 cents per share, the company said. Guidance does not include earnings from discontinued operations, possible gains or losses from future divestitures or additional stock repurchases.

The company anticipates continued weak market demand overall. However, results should benefit from ongoing market share gains in bedding components, and as price increases catch up with escalating steel costs.

Leggett also expects total sales from continuing operations of $4.3 billion, representing a 2 percent increase over 2007 sales. Analysts estimate total sales of about $4.2 billion.

The increase reflects steel-related price inflation, the elimination of about $100 million of unprofitable revenue from the company's store fixtures business and minimal acquisition revenue, Leggett said.