Leggett & Platt, Incorporated · NYSE:LEG
Leggett & Platt — Q1 2021 Earnings Presentation
11 slides from Leggett & Platt's earnings presentation, May 4, 2021
Slide 1: First Quarter Summary Financial Information
First Quarter Summary Financial Information May 3, 2021 Forward-Looking Statements Statements in this presentation that are not historical in nature are “forward-looking.” These statements include future EPS, sales, volume, consumer demand for home-related items and global automotive, progress with
Slide 2: Overview and Q1 2021 Financial Highlights
Overview Sales increased 10%, to $1.151 billion Volume was up 4% Raw material-related price increases added 5% Currency benefit added 2% Divestitures, net of acquisitions, reduced sales by 1% Q1 record EBIT of $128 million, up $37 million vs. Q1-20 adj.¹ EBIT EBIT margin 11.1%, up 240
Slide 3: Q1 2021 Sales & EBIT Bridge; Non-Operating & Taxes
Q1 2021 Sales & EBIT Bridge Sales: mln $’s % change 1st Qtr 2020 $1,045 Approx volume growth 45 4% Approx raw material-related pricing and currency benefit 70 7% Organic Sales 115 11% Acquisitions, net of divestitures (9) (1%) 1st Qtr 2021 $1,151 10% EBIT: margin Adjusted 1 1st Qtr 2020 $91 8.7% Oth
Slide 4: Adjusted Working Capital and Net Debt to Adjusted EBITDA
Adjusted Working Capital 3/31 12/31 3/31 $’s in millions 2021 2020 2020 Cash & equivalents $334 $349 $506 Accounts receivable, net 603 564 568 Inventories, net 802 692 692 Other current assets 51 54 53 Total current assets 1,789 1,658 1,819 Current debt maturities (51) (51) (51) Current operating le
Slide 5: Cash Flow and 2021 Updated Guidance
Cash Flow 1st Qtr $’s in millions 2021 2020 Net earnings $88 $44 D&A 46 47 Impairment, write-offs & other — 27 Other non-cash 9 — Changes in working capital: Accounts receivable (35) (7) Inventory (107) (33) Other current assets 3 (3) Accounts payable (13) (28) Other current liabilities (1) (37) Cas
Slide 6: 2021 Guidance (continued); Segments
2021 Guidance (continued) Depreciation and amortization ~$195 million Net interest expense ~$75 million Tax rate ~23% Diluted shares ~137 million Operating cash ~$500 million Capital expenditures ~$150 million Dividends ~$220 million Debt repayments at least $51 million 11 Segments
Slide 7: Q1 2021 Segment Summary and Bedding Products
Q1 2021 Segment Summary Q1-21 Q1-21 ∆ vs Q1-20 Q1-21 ∆ vs Q1-20 Organic Sales EBIT Adj. EBIT 2 EBITDA Adj. EBITDA 2 Growth ¹ Margin Margin Margin Margin Bedding Products 12% 11.9% 440 bps 16.8% 390 bps Specialized Products 9% 13.7% 190 bps 18.0% 140 bps Furniture, Flooring & Textile Products 12% 7.9
Slide 8: Bedding Key Points; Specialized Products
Bedding – Key Points Q1 organic sales were up 12%: Volume was up 2% with growth in ECS, European Spring, and U.S. Spring Raw material-related selling price increases added 9% to sales Currency benefit increased sales 1% Organic sales trends excluding raw materials and currency: Steel Rod
Slide 9: Specialized Key Points; Furniture, Flooring & Textile Products
Specialized – Key Points Q1 organic sales increased 9%: Volume was up 3%; growth in Automotive and Hydraulic Cylinders was partially offset by weak demand in Aerospace Currency benefit increased sales 6% Organic sales trends excluding currency: Automotive sales increased 14% Aerospace sa
Slide 10: Furniture, Flooring & Textile Key Points; For Additional Information
Furniture, Flooring & Textile – Key Points Q1 organic sales increased 12%: Volume increased 8% with strong demand in Geo Components, Home Furniture, and Flooring Products’ residential business Raw material-related selling price increases added 3% Currency benefit increased sales 1% Organic
Slide 11: Non-GAAP Adjustments
Non-GAAP Adjustments ($ millions, except EPS) Q1-21 Q1-20 Non-GAAP Adjustments ($’s)1,2 Note impairment 3 — 8 Stock write-off for prior year divestiture 4 — 4 Non-GAAP adjustments (pre-tax $’s) — 12 Income tax impact — (3) Non-GAAP adjustments (after tax $’s) — 9 Diluted shares outstanding 136.3 135