Leggett & Platt, Incorporated · NYSE:LEG
Leggett & Platt — Q2 2022 Earnings Presentation
12 slides from Leggett & Platt's earnings presentation, Aug 2, 2022
Slide 1: Second Quarter Summary Financial Information
Second Quarter Summary Financial Information August 1, 2022 Forward-Looking Statements Statements in this presentation that are not historical in nature are “forward-looking.” These statements include future EPS, sales, volume, inflationary impact from raw material price increases, currency impacts,
Slide 2: Overview and Q2 2022 Financial Highlights
Overview Q2 sales1 were a quarterly record $1.33 billion, a 5% increase vs. Q2- 21 Volume was down 6% Raw material-related price increases added 13% to sales Currency impact decreased sales 2% Acquisitions and divestitures offset Q2 EBIT of $143 million, down $1 million vs. Q2-21 adj.2 E
Slide 3: Q2 2022 Sales & EBIT Bridge and Earnings
Q2 2022 Sales & EBIT Bridge Sales: mln $’s % change 2nd Qtr 2021 $1,270 Approx volume decrease (77) (6%) Approx raw material-related pricing and currency impact 135 11% Organic Sales 58 5% Acquisitions, net of divestitures 6 —% 2nd Qtr 2022 $1,334 5% EBIT: margin Adjusted1 2nd Qtr 2021 $144 11.3% Pr
Slide 4: Adjusted Working Capital and Net Debt to Adjusted EBITDA
Adjusted Working Capital 6/30 3/31 6/30 $’s in millions 2022 2022 2021 Cash & equivalents $270 $327 $232 Accounts receivable, net 723 705 705 Inventories, net 1,027 1,046 893 Other current assets 72 60 65 Total current assets 2,092 2,138 1,895 Current debt maturities (301) (301) (51) Current operati
Slide 5: Cash Flow and YTD 2022 Financial Summary
Cash Flow 2nd Qtr YTD $’s in millions 2022 2021 2022 2021 Net earnings $95 $112 $186 $200 D&A 45 48 90 94 Impairment, write-offs & other 4 7 8 6 Other non-cash 2 (15) 15 (7) Changes in working capital: Accounts receivable (35) (86) (93) (121) Inventory 2 (86) (56) (193) Other current assets (9) (15)
Slide 6: YTD 2022 Sales & EBIT Bridge and Earnings
YTD 2022 Sales & EBIT Bridge Sales: mln $’s % change YTD 2021 $2,421 Approx volume decrease (119) (5%) Approx raw material-related pricing and currency impact 332 14% Organic Sales 213 9% Acquisitions, net of divestitures 23 1% YTD 2022 $2,657 10% EBIT: margin Adjusted1 YTD 2021 $271 11.2% Primarily
Slide 7: 2022 Updated Guidance
2022 Updated Guidance Sales lowered to $5.2–$5.4 billion (vs. prior range of $5.3–$5.6 billion); up 2%–6% versus 2021 Volume expected to be down low-to-mid single digits (vs. roughly flat): • Down low double digits (vs. flat to down mid single digits) in Bedding Products Segment • Up low double
Slide 8: Q2 2022 Segment Summary
Segments Q2 2022 Segment Summary Q2-22 Q2-22 ∆ vs Q2-21 Q2-22 ∆ vs Q2-21 Organic Sales EBIT Adj. EBIT 2 EBITDA 2 Adj. EBITDA 2 Growth 1, 2 Margin Margin Margin Margin Bedding Products —% 11.3% -60 bps 15.6% -60 bps Specialized Products 8% 8.2% -310 bps 12.0% -440 bps Furniture, Flooring & Textile Pr
Slide 9: Bedding Products
Bedding Products Trade Sales: mln $’s % change 2nd Qtr 2021 $609 Organic Sales 1 (1) —% Acquisitions, net of divestitures 5 1% 2nd Qtr 2022 $613 1% 1 Lower volume (15%) and currency (1%) offset by raw material-related price increases 16% EBIT EBITDA mln $’s EBIT margin D&A EBITDA margin Adjusted 2nd
Slide 10: Specialized Products
Specialized Products Trade Sales: mln $’s % change 2nd Qtr 2021 $242 Organic Sales 1 18 8% Acquisitions — —% 2nd Qtr 2022 $260 8% 1 Higher volume 11% and raw material-related selling price increases 3% partially offset by currency (6%) EBIT EBITDA mln $’s EBIT margin D&A EBITDA margin 2nd Qtr 2021 $
Slide 11: Furniture, Flooring & Textile Products
Furniture, Flooring & Textile Products Trade Sales: mln $’s % change 2nd Qtr 2021 $419 Organic Sales 1 42 10% Acquisitions 1 —% 2nd Qtr 2022 $462 10% 1 Raw material-related price increases 13% partially offset by lower volume (2%) and currency (1%) EBIT EBITDA mln $’s EBIT margin D&A EBITDA margin 2
Slide 12: For Additional Information and Non-GAAP Adjustments
Webcast replay is available at www.leggett.com FOR ADDITIONAL INFORMATION Ticker: LEG (NYSE) Website: www.leggett.com Email: invest@leggett.com Phone: (417) 358-8131 Find our Fact Book at www.leggett.com Susan McCoy Senior Vice President, Investor Relations Cassie Branscum Senior Director, Investor