Leggett & Platt, Incorporated · NYSE:LEG
Leggett & Platt — Q1 2024 Earnings Presentation
13 slides from Leggett & Platt's earnings presentation, May 1, 2024
Slide 1: First Quarter 2024 Summary Financial Information and Strategic Business Update
Firstt Quarterr 2024 Summaryy Financiall Information n and d Strategicc Businesss Update April 30, 2024 Forward-Looking Statements Statements in this presentation that are not historical in nature are “forward-looking.” These statements are identified either by the context in which they appear or by
Slide 2: Financial Summary
Financial Summary Overview o Q1 sales of $1.1 billion, a 10% decrease vs. Q1-23 • Volume was down 6% • Raw material-related price decreases reduced sales 4% o Q1 adjusted1 EBIT of $64 million, down $25 million vs. Q1-23 EBIT o Adjusted1 EBIT margin 5.8%, down 160 bps vs. Q1-23 EBIT margin of 7.4% o
Slide 3: Q1 2024 Financial Highlights and Sales & EBIT Bridge
Q1 2024 Financial Highlights $’ss in n millionss Reported Adj.1 Adj.. Q1-23 Change (except EPS) Q1-24 Q1-24 Sales $1,097 $1,097 $1,214 (10%) EBIT 63 1 64 89 (29%) EBIT T Margin 5.7% 5.8% 7.4% (160 bps) EPS .23 .00 .23 .39 (41%) Cash h from m Operations ($6) ($6) $97 (106%) EBITDA 96 1 97 135 (28%) E
Slide 4: Q1 2024 Earnings and Adjusted Working Capital
Q1 2024 Earnings $’ss in n millionss Reported Adj.1 Adj.. Q1-23 Change (except EPS) Q1-24 Q1-24 EBIT $63 $1 $64 $89 (29%) Nett interest 21 21 21 Pre-taxx earnings 42 1 43 68 (37%) Income e taxes 11 0 11 15 Tax rate 25.5% 21.7% Nett earnings 32 0 32 54 (40%) Noncontrolling g interests — — — Nett earn
Slide 5: Net Debt to Adjusted EBITDA
Net Debt to Adjusted EBITDA $’ss in n millionss 3/31 12/31 3/31 2024 2023 2023 Long-term debt $1,773 $1,680 $2,109 Current maturities 304 308 9 Total debt 2,077 1,988 2,118 Less: Cash & equivalents (361) (365) (345) Nett debt 1,715 1,622 1,773 EBIT, trailing 12 months (117) (90) 437 Depreciation & a
Slide 6: 2024 Sales and EPS Guidance Unchanged
2024 Sales and EPS Guidance Unchanged o Sales:: $4.35–$4.65 5 billion;; down n 2% % to o down n 8% % versuss 2023 • Volume is expected to be down low to mid-single digits • Volume at the midpoint: * Down high single digits in Bedding Products Segment * Up low single digits in Specialized Products Se
Slide 7: Refreshed Capital Allocation Priorities
Strategic Business Update Refreshed Capital Allocation Priorities A balanced d approach h focused on driving g shareholderr value e Nearr Term m Focus: 9 Upholding long-held balance sheet strength and continuing to invest in our businesses 9 Targeting long-term ratio of 2.0x Net Debt to Adjusted EBI
Slide 8: Restructuring Initiatives Are Underway
Restructuring Initiatives Are Underway Bedding g Products Home e Furniture Flooring g Products 9 Closed four small U.S. Spring 9 Closed one plant and shifted 9 Closed one production line and distribution facilities production to remaining transferred manufacturing to 9 Shifted manufacturing from fac
Slide 9: Segment Detail: Q1 2024 Segment Summary
Segment Detail Q1 2024 Segment Summary Q1-24 Q1-24 ¨ vss Q1-23 Q1-24 ¨ vss Q1-23 Organic c Adj.. EBIT T2 EBIT Adj.. EBITDA A2 EBITDA A2 Saless Margin n Marginn Margin Margin Growth 1,, 2 Bedding g Products (15%) 3.8% -250 bps 7.1% -400 bps Specialized d Products (1%) 7.5% -140 bps 10.7% -160 bps Fur
Slide 10: Bedding Products
Bedding Products Trade e Sales mln n $’s % change 1st Qtr 2023 $528 Organic Sales 1 (80) (15%) 1st Qtrr 2024 $448 (15%) 1 Lower volume (10%) and raw material-related selling price decreases (5%) mln $’s EBIT EBIT T D&A EBITDA EBITDA A margin margin 1st Qtr 2023 $33 6.3% $26 $59 11.1% Change 2 (16) (
Slide 11: Specialized Products
Specialized Products Trade e Sales mln n $’s % change 1st Qtr 2023 $321 Organic Sales 1 (5) (1%) 1st Qtrr 2024 $316 (1%) 1 Raw material-related selling price decreases and currency impact (1%) mln $’s EBIT EBIT T D&A EBITDA EBITDA A margin margin 1st Qtr 2023 $29 8.9% $11 $39 12.3% Change 2 (5) (1)
Slide 12: Furniture, Flooring & Textile Products
Furniture, Flooring & Textile Products Trade e Sales mln n $’s % change 1st Qtr 2023 $364 Organic Sales 1 (31) (9%) 1st Qtrr 2024 $333 (9%) 1 Lower volume (5%) and raw material-related price decreases (4%) mln $’s EBIT EBIT T D&A EBITDA EBITDA A margin margin 1st Qtr 2023 $28 7.8% $6 $34 9.4% Change
Slide 13: Contact Us for Additional Information; Non-GAAP Adjustments
CONTACT US FOR ADDITIONAL INFORMATION Ticker: LEG G (NYSE) Website: www.leggett.com Email: invest@leggett.com Phone: (417)) 358--8131 Cassie Branscum Kolina Talbert Vice President, Investor Relations Manager, Investor Relations Webcast replay and Company Fact Book are available at www.leggett.com No