In its third-quarter report, Leggett & Platt (LEG) has revised its financial forecast for the entire year of 2024, indicating a more cautious outlook.
The company has attributed this adjustment to weaker-than-expected demand, notably within the Specialized Products and Furniture, Flooring & Textile Products segments.
For the full year, Leggett & Platt now projects sales to range between $4.3 billion and $4.4 billion, a slight downgrade from the previous estimate of $4.3 billion to $4.5 billion. The anticipated volume decline has been adjusted to mid-single digits from an earlier forecast of low to mid-single digits.
The company predicts a significant loss of $3.56 to $3.71 per share for the year. When adjusted, earnings are expected to be between $1.00 and $1.10 per share, which is a reduction from the prior guidance of $1.10 to $1.25 per share.
Industry analysts currently forecast the company will earn $1.13 per share on sales of approximately $4.42 billion for the full year.
Looking into the fourth quarter, Leggett & Platt anticipates sales to fall between $973 million and $1,073 million. The company also projects earnings per share to be within the $0.12 to $0.27 range, with adjusted earnings expected between $0.16 and $0.26 per share. In contrast, analysts' estimates suggest an earnings expectation of $0.28 per share and sales reaching $1.08 billion for the quarter.
