Leggett & Platt Lowers FY22 Outlook

While reporting its results for the second quarter on Monday, diversified manufacturer Leggett & Platt Inc. (LEG) lowered its outlook for the full year 2022.

Looking forward, the company now expects sales to be $5.2 billion to $5.4 billion and earnings of $2.65 to $2.80 per share.

Previously, the company expected earnings of $2.70 to $3.00 per share and revenues of $5.3 billion to $5.6 billion.

Analysts polled by Thomson Reuters currently estimate earnings of $2.72 per share on revenues of $5.3 billion for the year.

President and CEO Mitch Dolloff commented, "We are lowering our full-year guidance to reflect macroeconomic uncertainties including impacts of inflation, tightening monetary policy, and softening consumer demand continuing through the back half of the year. We expect solid demand in our industrial and automotive end markets to partially offset softer consumer markets."

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