Leggett & Platt, Incorporated · NYSE:LEG
Leggett & Platt — Q2 2021 Earnings Presentation
13 slides from Leggett & Platt's earnings presentation, Aug 3, 2021
Slide 1: Second Quarter Summary Financial Information
Second Quarter Summary Financial Information August 2, 2021 Forward-Looking Statements Statements in this presentation that are not historical in nature are “forward-looking.” These statements include future EPS, adjusted EPS, sales, volume, consumer demand for home-related items and global automoti
Slide 2: Overview; Q2 2021 Financial Highlights
Overview Sales were a quarterly record1 $1.27 billion, a 50% increase vs Q2-20 Volume was up 31% Raw material-related price increases added 16% Currency benefit added 3% Acquisitions and divestitures offset each other 2Q record adjusted2 EBIT was $144 million, up $94 million vs. Q2-20
Slide 3: Q2 2021 Sales & EBIT Bridge; Non-Operating & Taxes
Q2 2021 Sales & EBIT Bridge Sales: mln $’s % change 2nd Qtr 2020 $845 Approx volume growth 259 31% Approx raw material-related pricing and currency benefit 165 19% Organic Sales 424 50% Acquisitions, net of divestitures 1 ─% 2nd Qtr 2021 $1,270 50% EBIT: margin Adjusted1 2nd Qtr 2020 $50 6.0% Primar
Slide 4: Adjusted Working Capital; Net Debt to Adjusted EBITDA
Adjusted Working Capital 6/30 3/31 6/30 $’s in millions 2021 2021 2020 Cash & equivalents $232 $334 $209 Accounts receivable, net 705 603 577 Inventories, net 893 802 611 Other current assets 65 51 50 Total current assets 1,895 1,789 1,447 Current debt maturities (51) (51) (51) Current operating lea
Slide 5: Cash Flow; YTD 2021 Financial Summary
Cash Flow 2nd Qtr YTD $’s in millions 2021 2020 2021 2020 Net earnings $112 $(6) $200 $38 D&A 48 47 94 94 Impairment, write-offs & other 7 31 6 58 Other non-cash (15) 20 (7) 20 Changes in working capital: Accounts receivable (86) (6) (121) (13) Inventory (86) 80 (193) 47 Other current assets (15) 5
Slide 6: YTD 2021 Sales & EBIT Bridge; Non-Operating & Taxes
YTD 2021 Sales & EBIT Bridge Sales: mln $’s % change YTD 2020 $1,891 Approx volume growth 303 16% Approx raw material-related pricing and currency impact 235 13% Organic Sales 538 29% Acquisitions, net of divestitures (8) (1%) YTD 2021 $2,421 28% EBIT: margin Adjusted YTD 2020 1 $141 7.4% Primarily
Slide 7: 2021 Updated Guidance
2021 Updated Guidance Increasing full year 2021 sales guidance to $4.9–$5.1 billion (vs. prior range of $4.8–$5.0 billion); up 14%–19% versus 2020 Increase reflects higher raw material-related price increases and acquisition sales Volume expectations unchanged with mid-to-high-single-digit gro
Slide 8: Q2 2021 Segment Summary
Segments Q2 2021 Segment Summary Q2-21 Q2-21 ∆ vs Q2-20 Q2-21 ∆ vs Q2-20 Organic Sales Adj. EBIT 2 Adj. EBIT 2 Adj. EBITDA 2 Adj. EBITDA 2 Growth ¹ Margin Margin Margin Margin Bedding Products 50% 11.9% 680 bps 16.2% 470 bps Specialized Products 69% 11.3% 730 bps 16.4% 480 bps Furniture, Flooring &
Slide 9: Bedding Products
Bedding Products Trade Sales: mln $’s % change 2nd Qtr 2020 $411 Organic Sales 1 201 50% Acquisitions, net of divestitures (3) (2%) 2nd Qtr 2021 $609 48% 1 Raw material-related price increases 26%, higher volume 22%, and currency benefit 2% EBIT EBITDA mln $’s EBIT margin D&A EBITDA margin Adjusted
Slide 10: Specialized Products
Specialized Products Trade Sales: mln $’s % change 2nd Qtr 2020 $141 Organic Sales 1 97 69% Acquisitions 4 3% 2nd Qtr 2021 $242 72% 1 Higher volume 58%, currency benefit 10%, and raw material-related price increases 1% EBIT EBITDA mln $’s EBIT margin D&A EBITDA margin Adjusted 2nd Qtr 2020 2 $6 4.0%
Slide 11: Furniture, Flooring & Textile Products
Furniture, Flooring & Textile Products Trade Sales: mln $’s % change 2nd Qtr 2020 $294 Organic Sales 1 125 43% 2nd Qtr 2021 $419 43% 1 Higher volume 30%, raw material-related price increases 10%, and currency benefit 3% EBIT EBITDA mln $’s EBIT margin D&A EBITDA margin Adjusted 2nd Qtr 2020 2 $23 7.
Slide 12: For Additional Information
Webcast replay is available at www.leggett.com FOR ADDITIONAL INFORMATION Ticker: LEG (NYSE) Website: www.leggett.com Email: invest@leggett.com Phone: (417) 358-8131 Find our Fact Book at www.leggett.com Susan McCoy Senior Vice President, Investor Relations Cassie Branscum Senior Director, Investor
Slide 13: Non-GAAP Adjustments
Non-GAAP Adjustments YTD YTD ($ millions, except EPS) Q2-21 Q2-20 2021 2020 Non-GAAP Adjustments ($’s)1,2 Goodwill impairment 3 — 25 — 25 Note impairment 4 — — — 8 Stock write-off for prior year divestiture 5 — — — 4 Restructuring-related charges 6 — 2 — 2 Gain on sale of real estate 7 (28) — (28) —