Current:Home > Exhibition > 2019

L&P says acquisitions added 16% to 3Q sales growth

Time:2019-11-07 12:33:03    Share:

Diversified manufacturer Leggett & Platt reported third quarter sales of $1.24 billion, a 13.5% increase vs. the third quarter last year.

The company said acquisitions added 16% to sales growth and noted that organic sales were down 2%. Absent declines from exited business, volume was up 3%.

President and CEO Karl G. Glassman said, “Sales grew 14% in the third quarter, primarily from the Elite Comfort Solutions acquisition. Sales were stronger in Automotive, U.S. Spring and Work Furniture, but this improvement was more than offset by planned lower volume from business exited in Fashion Bed and Home Furniture and weak trade demand in the Industrial Products segment.”

“In our U.S. bedding businesses, we continue to see strong demand. U.S. Spring sales dollars were up 6%. Finished mattress units were up 28% in the third quarter, including ECS’s year-over-year growth.”

The company also announced 2019 guidance, saying that sales are expected to be $4.7 billion to $4.8 billion, an increase of 10%-12% vs. 2018. It said organic sales are expected to decline 3% to 5%, including a 3% decline from exited business, and it said acquisitions should add 15% to sales.