Leggett & Platt Inc.
05/03/2021 | Press release | Distributed by Public on 05/04/2021 01:06
Retrospectively adjusted Statement of Operations and Segment Earnings Data for the annual and quarterly periods from 2015 through 2020, and retrospectively adjusted Balance[...]
Exhibit 99.1
Retrospectively Adjusted Statement of Operations,
Segment Earnings, and Balance Sheet Data
(Unaudited)
| 2015 | 2016 | |||||||||||||||||||
| (In millions, except per share data) | 1Q15 | 2Q15 | 3Q15 | 4Q15 | FY15 | 1Q16 | 2Q16 | 3Q16 | 4Q16 | FY16 | ||||||||||
| CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||||||||||
| Net trade sales | $ | 966.2 | $ | 997.3 | $ | 1,009.1 | $ | 944.6 | $ | 3,917.2 | $ | 938.4 | $ | 958.9 | $ | 948.9 | $ | 903.7 | $ | 3,749.9 |
| Cost of goods sold | 753.4 | 772.8 | 782.0 | 732.2 | 3,040.4 | 705.1 | 718.2 | 726.2 | 687.0 | 2,836.5 | ||||||||||
| Gross profit | $ | 212.8 | $ | 224.5 | $ | 227.1 | $ | 212.4 | $ | 876.8 | $ | 233.3 | $ | 240.7 | $ | 222.7 | $ | 216.7 | $ | 913.4 |
| Selling and administrative expenses | 97.5 | 106.6 | 96.9 | 115.9 | 416.9 | 105.1 | 99.7 | 93.9 | 97.0 | 395.7 | ||||||||||
| Amortization of intangibles | 5.2 | 5.2 | 5.2 | 5.2 | 20.8 | 5.1 | 4.8 | 5.2 | 4.8 | 19.9 | ||||||||||
| Other (income) expense, net | 3.4 | (.3) | (2.5) | 2.4 | 3.0 | (3.7) | (18.8) | (1.9) | (13.5) | (37.9) | ||||||||||
| Earnings from continuing operations before interest and taxes | $ | 106.7 | $ | 113.0 | $ | 127.5 | $ | 88.9 | $ | 436.1 | $ | 126.8 | $ | 155.0 | $ | 125.5 | $ | 128.4 | $ | 535.7 |
| Interest expense | 11.0 | 11.2 | 10.3 | 8.6 | 41.1 | 9.2 | 10.3 | 9.9 | 9.4 | 38.8 | ||||||||||
| Interest income | 1.3 | 1.0 | 1.1 | 1.0 | 4.4 | .8 | 1.0 | .9 | 1.2 | 3.9 | ||||||||||
| Earnings from continuing operations before income taxes | $ | 97.0 | $ | 102.8 | $ | 118.3 | $ | 81.3 | $ | 399.4 | $ | 118.4 | $ | 145.7 | $ | 116.5 | $ | 120.2 | $ | 500.8 |
| Income taxes | 26.8 | 30.0 | 30.7 | 15.2 | 102.7 | 27.5 | 40.9 | 25.9 | 30.9 | 125.2 | ||||||||||
| Earnings from continuing operations | $ | 70.2 | $ | 72.8 | $ | 87.6 | $ | 66.1 | $ | 296.7 | $ | 90.9 | $ | 104.8 | $ | 90.6 | $ | 89.3 | $ | 375.6 |
| Earnings (loss) from discontinued operations, net of tax | (.5) | 1.8 | (.1) | - | 1.2 | .1 | 20.3 | - | (1.3) | 19.1 | ||||||||||
| Net earnings | $ | 69.7 | $ | 74.6 | $ | 87.5 | $ | 66.1 | $ | 297.9 | $ | 91.0 | $ | 125.1 | $ | 90.6 | $ | 88.0 | $ | 394.7 |
| (Earnings) attributable to noncontrolling interest, net of tax | 1.1 | .8 | .9 | 1.3 | 4.1 | 1.6 | (1.4) | .1 | .1 | .4 | ||||||||||
| Net earnings attributable to Leggett & Platt, Inc. common shareholders | $ | 68.6 | $ | 73.8 | $ | 86.6 | $ | 64.8 | $ | 293.8 | $ | 89.4 | $ | 126.5 | $ | 90.5 | $ | 87.9 | $ | 394.3 |
| Earnings (loss) per share attributable to Leggett & Platt, Inc. common shareholders | ||||||||||||||||||||
| Diluted from continuing operations | $ | .48 | $ | .50 | $ | .61 | $ | .46 | $ | 2.05 | $ | .63 | $ | .76 | $ | .65 | $ | .64 | $ | 2.68 |
| Diluted from discontinued operations | $ | - | $ | .01 | $ | - | $ | - | $ | .01 | $ | - | $ | .15 | $ | - | $ | (.01) | $ | .14 |
| Total Diluted | $ | .48 | $ | .51 | $ | .61 | $ | .46 | $ | 2.06 | $ | .63 | $ | .91 | $ | .65 | $ | .63 | $ | 2.82 |
| SEGMENT DATA | ||||||||||||||||||||
| EBIT | ||||||||||||||||||||
| Bedding Products | $ | 43.0 | $ | 40.9 | $ | 50.9 | $ | 30.0 | $ | 164.8 | $ | 50.7 | $ | 59.8 | $ | 50.6 | $ | 53.4 | $ | 214.5 |
| Specialized Products | 37.3 | 36.2 | 36.2 | 38.4 | 148.1 | 43.5 | 56.2 | 40.8 | 43.2 | 183.7 | ||||||||||
| Furniture, Flooring & Textile Products | 26.8 | 36.0 | 40.3 | 32.6 | 135.7 | 32.7 | 38.7 | 34.3 | 31.8 | 137.5 | ||||||||||
| Intersegment Eliminations and Other | (.4) | (.1) | .1 | (12.1) | (12.5) | (.1) | .3 | (.2) | - | - | ||||||||||
| Total | $ | 106.7 | $ | 113.0 | $ | 127.5 | $ | 88.9 | $ | 436.1 | $ | 126.8 | $ | 155.0 | $ | 125.5 | $ | 128.4 | $ | 535.7 |
| EBIT Margin (EBIT / Trade Sales) | ||||||||||||||||||||
| Bedding Products | 9.7 | % | 9.5 | % | 11.3 | % | 7.5 | % | 9.6 | % | 12.9 | % | 15.5 | % | 13.0 | % | 15.1 | % | 14.1 | % |
| Specialized Products | 18.3 | % | 16.8 | % | 17.2 | % | 18.1 | % | 17.6 | % | 19.8 | % | 23.9 | % | 18.6 | % | 19.2 | % | 20.4 | % |
| Furniture, Flooring & Textile Products | 8.5 | % | 10.2 | % | 11.5 | % | 9.8 | % | 10.0 | % | 10.1 | % | 11.4 | % | 10.1 | % | 9.8 | % | 10.3 | % |
| Overall | 11.0 | % | 11.3 | % | 12.6 | % | 9.4 | % | 11.1 | % | 13.5 | % | 16.2 | % | 13.2 | % | 14.2 | % | 14.3 | % |
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| 2017 | 2018 | |||||||||||||||||||
| (In millions, except per share data) | 1Q17 | 2Q17 | 3Q17 | 4Q17 | FY17 | 1Q18 | 2Q18 | 3Q18 | 4Q18 | FY18 | ||||||||||
| CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||||||||||
| Net trade sales | $ | 960.3 | $ | 989.3 | $ | 1,009.7 | $ | 984.5 | $ | 3,943.8 | $ | 1,028.8 | $ | 1,102.5 | $ | 1,091.5 | $ | 1,046.7 | $ | 4,269.5 |
| Cost of goods sold | 733.8 | 756.9 | 786.5 | 770.0 | 3,047.2 | 805.5 | 859.0 | 859.2 | 833.7 | 3,357.4 | ||||||||||
| Gross profit | $ | 226.5 | $ | 232.4 | $ | 223.2 | $ | 214.5 | $ | 896.6 | $ | 223.3 | $ | 243.5 | $ | 232.3 | $ | 213.0 | $ | 912.1 |
| Selling and administrative expenses | 106.1 | 104.7 | 95.4 | 94.3 | 400.5 | 104.7 | 107.8 | 100.7 | 111.9 | 425.1 | ||||||||||
| Amortization of intangibles | 5.1 | 4.7 | 6.2 | 4.7 | 20.7 | 5.0 | 5.1 | 5.2 | 5.2 | 20.5 | ||||||||||
| Other (income) expense, net | (.4) | (1.0) | 5.5 | (11.0) | (6.9) | .3 | (3.0) | (3.2) | 12.1 | 6.2 | ||||||||||
| Earnings from continuing operations before interest and taxes | $ | 115.7 | $ | 124.0 | $ | 116.1 | $ | 126.5 | $ | 482.3 | $ | 113.3 | $ | 133.6 | $ | 129.6 | $ | 83.8 | $ | 460.3 |
| Interest expense | 10.6 | 10.4 | 10.2 | 12.3 | 43.5 | 14.4 | 16.0 | 13.1 | 17.4 | 60.9 | ||||||||||
| Interest income | 2.0 | 1.5 | 1.7 | 2.4 | 7.6 | 2.4 | 2.4 | 2.0 | 1.6 | 8.4 | ||||||||||
| Earnings from continuing operations before income taxes | $ | 107.1 | $ | 115.1 | $ | 107.6 | $ | 116.6 | $ | 446.4 | $ | 101.3 | $ | 120.0 | $ | 118.5 | $ | 68.0 | $ | 407.8 |
| Income taxes | 21.1 | 26.5 | 19.8 | 71.0 | 138.4 | 19.0 | 25.5 | 24.6 | 15.0 | 84.1 | ||||||||||
| Earnings from continuing operations | $ | 86.0 | $ | 88.6 | $ | 87.8 | $ | 45.6 | $ | 308.0 | $ | 82.3 | $ | 94.5 | $ | 93.9 | $ | 53.0 | $ | 323.7 |
| Earnings (loss) from discontinued operations, net of tax | - | - | (.9) | - | (.9) | - | - | - | - | - | ||||||||||
| Net earnings | $ | 86.0 | $ | 88.6 | $ | 86.9 | $ | 45.6 | $ | 307.1 | $ | 82.3 | $ | 94.5 | $ | 93.9 | $ | 53.0 | $ | 323.7 |
| (Earnings) attributable to noncontrolling interest, net of tax | - | - | - | .1 | .1 | - | .1 | - | .1 | .2 | ||||||||||
| Net earnings attributable to Leggett & Platt, Inc. common shareholders | $ | 86.0 | $ | 88.6 | $ | 86.9 | $ | 45.5 | $ | 307.0 | $ | 82.3 | $ | 94.4 | $ | 93.9 | $ | 52.9 | $ | 323.5 |
| Earnings (loss) per share attributable to Leggett & Platt, Inc. common shareholders | ||||||||||||||||||||
| Diluted from continuing operations | $ | .62 | $ | .64 | $ | .65 | $ | .34 | $ | 2.25 | $ | .60 | $ | .70 | $ | .70 | $ | .39 | $ | 2.39 |
| Diluted from discontinued operations | $ | - | $ | - | $ | (.01) | $ | - | $ | (.01) | $ | - | $ | - | $ | - | $ | - | $ | - |
| Total Diluted | $ | .62 | $ | .64 | $ | .64 | $ | .34 | $ | 2.24 | $ | .60 | $ | .70 | $ | .70 | $ | .39 | $ | 2.39 |
| SEGMENT DATA | ||||||||||||||||||||
| EBIT | ||||||||||||||||||||
| Bedding Products | $ | 46.5 | $ | 44.7 | $ | 48.4 | $ | 36.2 | $ | 175.8 | $ | 45.1 | $ | 49.1 | $ | 59.5 | $ | 17.7 | $ | 171.4 |
| Specialized Products | 43.0 | 43.9 | 34.6 | 74.4 | 195.9 | 46.3 | 52.2 | 43.6 | 47.4 | 189.5 | ||||||||||
| Furniture, Flooring & Textile Products | 26.0 | 35.4 | 33.1 | 31.2 | 125.7 | 22.0 | 32.5 | 26.6 | 18.8 | 99.9 | ||||||||||
| Intersegment Eliminations and Other | .2 | - | - | (15.3) | (15.1) | (.1) | (.2) | (.1) | (.1) | (.5) | ||||||||||
| Total | $ | 115.7 | $ | 124.0 | $ | 116.1 | $ | 126.5 | $ | 482.3 | $ | 113.3 | $ | 133.6 | $ | 129.6 | $ | 83.8 | $ | 460.3 |
| EBIT Margin (EBIT / Trade Sales) | ||||||||||||||||||||
| Bedding Products | 11.9 | % | 11.5 | % | 11.5 | % | 9.0 | % | 11.0 | % | 10.5 | % | 10.8 | % | 12.4 | % | 4.1 | % | 9.5 | % |
| Specialized Products | 18.3 | % | 18.4 | % | 15.2 | % | 31.7 | % | 20.9 | % | 17.3 | % | 18.9 | % | 17.2 | % | 18.3 | % | 17.9 | % |
| Furniture, Flooring & Textile Products | 7.8 | % | 9.8 | % | 9.2 | % | 9.0 | % | 9.0 | % | 6.6 | % | 8.7 | % | 7.4 | % | 5.3 | % | 7.0 | % |
| Overall | 12.0 | % | 12.5 | % | 11.5 | % | 12.8 | % | 12.2 | % | 11.0 | % | 12.1 | % | 11.9 | % | 8.0 | % | 10.8 | % |
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| 2019 | 2020 | |||||||||||||||||||
| (In millions, except per share data) | 1Q19 | 2Q19 | 3Q19 | 4Q19 | FY19 | 1Q20 | 2Q20 | 3Q20 | 4Q20 | FY20 | ||||||||||
| CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||||||||||
| Net trade sales | $ | 1,155.1 | $ | 1,213.2 | $ | 1,239.3 | $ | 1,144.9 | $ | 4,752.5 | $ | 1,045.5 | $ | 845.1 | $ | 1,207.6 | $ | 1,182.0 | $ | 4,280.2 |
| Cost of goods sold | 921.0 | 953.0 | 969.7 | 884.8 | 3,728.5 | 824.8 | 698.5 | 937.9 | 914.9 | 3,376.1 | ||||||||||
| Gross profit | $ | 234.1 | $ | 260.2 | $ | 269.6 | $ | 260.1 | $ | 1,024.0 | $ | 220.7 | $ | 146.6 | $ | 269.7 | $ | 267.1 | $ | 904.1 |
| Selling and administrative expenses | 118.6 | 118.3 | 115.2 | 117.6 | 469.7 | 117.8 | 97.2 | 105.6 | 103.8 | 424.4 | ||||||||||
| Amortization of intangibles | 14.1 | 16.9 | 16.3 | 16.0 | 63.3 | 16.4 | 16.3 | 16.2 | 16.3 | 65.2 | ||||||||||
| Other (income) expense, net | 2.1 | (1.5) | (.1) | 3.7 | 4.2 | 7.9 | 10.4 | (2.3) | (9.0) | 7.0 | ||||||||||
| Earnings from continuing operations before interest and taxes | $ | 99.3 | $ | 126.5 | $ | 138.2 | $ | 122.8 | $ | 486.8 | $ | 78.6 | $ | 22.7 | $ | 150.2 | $ | 156.0 | $ | 407.5 |
| Interest expense | 21.4 | 24.5 | 22.6 | 22.2 | 90.7 | 20.9 | 21.4 | 20.9 | 19.5 | 82.7 | ||||||||||
| Interest income | 1.4 | 2.6 | 1.5 | 1.9 | 7.4 | .9 | 1.0 | .5 | .7 | 3.1 | ||||||||||
| Earnings from continuing operations before income taxes | $ | 79.3 | $ | 104.6 | $ | 117.1 | $ | 102.5 | $ | 403.5 | $ | 58.6 | $ | 2.3 | $ | 129.8 | $ | 137.2 | $ | 327.9 |
| Income taxes | 17.2 | 25.4 | 22.0 | 24.8 | 89.4 | 14.5 | 8.4 | 22.7 | 29.2 | 74.8 | ||||||||||
| Earnings from continuing operations | $ | 62.1 | $ | 79.2 | $ | 95.1 | $ | 77.7 | $ | 314.1 | $ | 44.1 | $ | (6.1) | $ | 107.1 | $ | 108.0 | $ | 253.1 |
| Earnings (loss) from discontinued operations, net of tax | - | - | - | - | - | - | - | - | - | - | ||||||||||
| Net earnings | $ | 62.1 | $ | 79.2 | $ | 95.1 | $ | 77.7 | $ | 314.1 | $ | 44.1 | $ | (6.1) | $ | 107.1 | $ | 108.0 | $ | 253.1 |
| (Earnings) attributable to noncontrolling interest, net of tax | (.1) | .1 | - | .1 | .1 | - | - | .1 | - | .1 | ||||||||||
| Net earnings attributable to Leggett & Platt, Inc. common shareholders | $ | 62.2 | $ | 79.1 | $ | 95.1 | $ | 77.6 | $ | 314.0 | $ | 44.1 | $ | (6.1) | $ | 107.0 | $ | 108.0 | $ | 253.0 |
| Earnings (loss) per share attributable to Leggett & Platt, Inc. common shareholders | ||||||||||||||||||||
| Diluted from continuing operations | $ | .46 | $ | .59 | $ | .70 | $ | .57 | $ | 2.32 | $ | .33 | $ | (.05) | $ | .79 | $ | .79 | $ | 1.86 |
| Diluted from discontinued operations | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - |
| Total Diluted | $ | .46 | $ | .59 | $ | .70 | $ | .57 | $ | 2.32 | $ | .33 | $ | (.05) | $ | .79 | $ | .79 | $ | 1.86 |
| SEGMENT DATA | ||||||||||||||||||||
| EBIT | ||||||||||||||||||||
| Bedding Products | $ | 44.6 | $ | 55.1 | $ | 67.2 | $ | 48.0 | $ | 214.9 | $ | 28.3 | $ | 18.9 | $ | 75.8 | $ | 69.4 | $ | 192.4 |
| Specialized Products | 35.6 | 41.5 | 44.1 | 48.7 | 169.9 | 27.7 | (19.7) | 32.6 | 51.4 | 92.0 | ||||||||||
| Furniture, Flooring & Textile Products | 19.1 | 30.5 | 27.2 | 25.5 | 102.3 | 26.1 | 23.0 | 42.5 | 34.9 | 126.5 | ||||||||||
| Intersegment Eliminations and Other | - | (.6) | (.3) | .6 | (.3) | (3.5) | .5 | (.7) | .3 | (3.4) | ||||||||||
| Total | $ | 99.3 | $ | 126.5 | $ | 138.2 | $ | 122.8 | $ | 486.8 | $ | 78.6 | $ | 22.7 | $ | 150.2 | $ | 156.0 | $ | 407.5 |
| EBIT Margin (EBIT / Trade Sales) | ||||||||||||||||||||
| Bedding Products | 8.0 | % | 9.7 | % | 11.2 | % | 9.1 | % | 9.5 | % | 5.8 | % | 4.6 | % | 12.9 | % | 12.7 | % | 9.4 | % |
| Specialized Products | 13.5 | % | 15.5 | % | 16.5 | % | 18.1 | % | 15.9 | % | 11.8 | % | (14.0) | % | 13.4 | % | 18.8 | % | 10.3 | % |
| Furniture, Flooring & Textile Products | 5.7 | % | 8.1 | % | 7.3 | % | 7.4 | % | 7.1 | % | 8.1 | % | 7.8 | % | 11.3 | % | 9.7 | % | 9.4 | % |
| Overall | 8.6 | % | 10.4 | % | 11.2 | % | 10.7 | % | 10.2 | % | 7.5 | % | 2.7 | % | 12.4 | % | 13.2 | % | 9.5 | % |
| 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | |||||||||||||||
| (In millions) | FY | FY | FY | FY | FY | 1Q20 | 2Q20 | 3Q20 | 4Q20 | FY20 | ||||||||||
| CONSOLIDATED BALANCE SHEETS | ||||||||||||||||||||
| Cash and cash equivalents | $ | 253.2 | $ | 281.9 | $ | 526.1 | $ | 268.1 | $ | 247.6 | $ | 505.8 | $ | 208.8 | $ | 245.0 | $ | 348.9 | $ | 348.9 |
| Total receivables, net | 520.2 | 486.6 | 595.1 | 571.6 | 591.9 | 568.2 | 577.3 | 642.3 | 563.6 | 563.6 | ||||||||||
| Total inventories, net | 518.7 | 547.4 | 613.3 | 699.5 | 675.7 | 692.3 | 610.9 | 625.0 | 691.5 | 691.5 | ||||||||||
| Prepaid expenses and other current assets | 33.2 | 36.8 | 74.2 | 51.0 | 61.9 | 52.5 | 50.1 | 45.7 | 54.1 | 54.1 | ||||||||||
| Current Assets | 1,325.3 | 1,352.7 | 1,808.7 | 1,590.2 | 1,577.1 | 1,818.8 | 1,447.1 | 1,558.0 | 1,658.1 | 1,658.1 | ||||||||||
| Property, Plant and Equipment - at cost | 540.8 | 565.5 | 663.9 | 728.5 | 830.8 | 809.5 | 797.4 | 785.7 | 784.8 | 784.8 | ||||||||||
| Other Assets | 1,111.7 | 1,093.7 | 1,120.4 | 1,128.9 | 2,447.5 | 2,390.5 | 2,374.4 | 2,359.8 | 2,357.1 | 2,357.1 | ||||||||||
| Total Assets | $ | 2,977.8 | $ | 3,011.9 | $ | 3,593.0 | $ | 3,447.6 | $ | 4,855.4 | $ | 5,018.8 | $ | 4,618.9 | $ | 4,703.5 | $ | 4,800.0 | $ | 4,800.0 |
| Accounts payable | $ | 307.2 | $ | 351.1 | $ | 430.3 | $ | 465.4 | $ | 463.4 | $ | 429.1 | $ | 361.4 | $ | 494.1 | $ | 552.2 | $ | 552.2 |
| Current maturities of long-term debt | 3.4 | 3.6 | 153.8 | 1.2 | 51.1 | 51.2 | 51.1 | 51.1 | 50.9 | 50.9 | ||||||||||
| Current portion of operating lease liabilities | - | - | - | - | 39.3 | 39.6 | 41.8 | 41.9 | 42.4 | 42.4 | ||||||||||
| Accrued expenses and other current liabilities | 390.6 | 351.9 | 392.1 | 349.1 | 374.3 | 334.8 | 321.2 | 360.3 | 360.5 | 360.5 | ||||||||||
| Current Liabilities | 701.2 | 706.6 | 976.2 | 815.7 | 928.1 | 854.7 | 775.5 | 947.4 | 1,006.0 | 1,006.0 | ||||||||||
| Long-term debt | 941.5 | 956.2 | 1,097.9 | 1,167.8 | 2,066.5 | 2,415.2 | 2,083.2 | 1,909.1 | 1,849.3 | 1,849.3 | ||||||||||
| Operating lease liabilities | - | - | - | - | 121.6 | 117.9 | 128.6 | 125.3 | 122.1 | 122.1 | ||||||||||
| Deferred income taxes and other long-term liabilities | 228.7 | 237.8 | 296.5 | 257.3 | 397.3 | 364.6 | 389.2 | 391.7 | 397.5 | 397.5 | ||||||||||
| Equity | 1,106.4 | 1,111.3 | 1,222.4 | 1,206.8 | 1,341.9 | 1,266.4 | 1,242.4 | 1,330.0 | 1,425.1 | 1,425.1 | ||||||||||
| Capitalization | 2,276.6 | 2,305.3 | 2,616.8 | 2,631.9 | 3,927.3 | 4,164.1 | 3,843.4 | 3,756.1 | 3,794.0 | 3,794.0 | ||||||||||
| Total Liabilities and Equity | $ | 2,977.8 | $ | 3,011.9 | $ | 3,593.0 | $ | 3,447.6 | $ | 4,855.4 | $ | 5,018.8 | $ | 4,618.9 | $ | 4,703.5 | $ | 4,800.0 | $ | 4,800.0 |
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