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Leggett & Platt Raises Earnings Guidance; Narrows Sales Outlook

Leggett & Platt, Incorporated (LEG) said, for 2019, the company now projects adjusted earnings per share in a range of $2.48-$2.63, up from prior guidance range of $2.40-$2.60. Sales are expected to be $4.7-$4.8 billion. Organic sales are expected to decline 3 percent to 5 percent. Previously, sales were projected in a range of $4.7-$4.85 billion. Analysts polled by Thomson Reuters expect the company to report profit per share of $2.45 on revenue of $4.75 billion. Analysts' estimates typically exclude special items.

For the fourth-quarter, the company projects: adjusted earnings per share to be $0.59-$0.74; and sales to be $1.1-$1.2 billion. Analysts expect the company to report profit per share of $0.65 on revenue of $1.18 billion.

Third quarter adjusted earnings per share was $0.76, an increase from $0.66, last year. On average, five analysts polled by Thomson Reuters expected the company to report profit per share of $0.67, for the quarter.

Third-quarter sales grew 14 percent, to $1.24 billion. Analysts expected revenue of $1.21 billion for the quarter.

Leggett & Platt's Board declared a $0.40 third quarter dividend, two cents higher than last year's third quarter.

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