Yahoo Finance Leggett & Platt Earnings: What To Look For From LEG
Manufacturing company Leggett & Platt (NYSE:LEG) will be announcing earnings results tomorrow after market hours. Here's what investors should know.
Leggett & Platt met analysts' revenue expectations last quarter, reporting revenues of $1.12 billion, down 6.7% year on year. It was a weak quarter for the company, with full-year revenue guidance missing analysts' expectations.
Is Leggett & Platt a buy or sell going into earnings? Read our full analysis here, it's free.
This quarter, analysts are expecting Leggett & Platt's revenue to decline 7.7% year on year to $1.12 billion, in line with the 8.2% decrease it recorded in the same quarter last year. Adjusted earnings are expected to come in at $0.24 per share.
The majority of analysts covering the company have reconfirmed their estimates over the last 30 days, suggesting they are expecting the business to stay the course heading into earnings. Leggett & Platt has missed Wall Street's revenue estimates three times over the last two years.
Looking at Leggett & Platt's peers in the consumer discretionary segment, some have already reported their Q1 results, giving us a hint as to what we can expect. Mohawk Industries's revenues decreased 4.5% year on year, beating analysts' expectations by 1.4%, and Strategic Education reported revenues up 13.1%, topping Wall Street's consensus estimates by 5.8%. Mohawk Industries traded flat following the results while Strategic Education traded up 7.3%.
Read our full analysis of Mohawk Industries's results here and Strategic Education's results here.
Inflation fears have put pressure on growth stocks, and while some of the consumer discretionary stocks have fared somewhat better, they have not been spared, with share price declining 7% over the last month. Leggett & Platt is down 3.9% during the same time and is heading into earnings with an average analyst price target of $18 (compared to share price of $18.16).
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