Leggett & Platt Inc, a maker of bed springs and store shelving, revised its first-quarter earnings to reflect increased bad debt expense due to the shutdown of one of its customers.
Leggett & Platt reported first-quarter earnings of 2 cents a share, compared with 6 cents a share, which it had reported last month.
The company said it increased its bad debt expense by $8.5 million to reflect the full amount of its credit exposure to Consolidated Bedding, which was a significant customer.
Leggett & Platt, which maintained its full-year outlook, said the volume of business from Consolidated Bedding will likely be dispersed among its other customers.
Shares of the Carthage, Missouri-based company were trading up 3 percent at $15.57 Friday morning on the New York Stock Exchange.
(Reporting by Renju Jose in Bangalore; Editing by Anne Pallivathuckal)