Leggett & Platt, Incorporated · NYSE:LEG

Leggett & Platt — Q2 2020 Earnings Presentation

13 slides from Leggett & Platt's earnings presentation, Aug 4, 2020

  1. Slide 1: Second Quarter Summary Financial Information and COVID-19 Update

    Second Quarter Summary Financial Information and COVID-19 Update August 3, 2020 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 the use of words such a

  2. Slide 2: Overview and Q2 2020 Financial Highlights

    Overview  Sales decreased 30%, to $845 million  Volume was down 29% • 2% attributable to exited business  Raw material-related price decreases and currency impact reduced sales 2%  Acquisitions added 1%  Adj. EPS ¹ of $.16, down $.48 vs. EPS of $.64 in Q2-19  Adj. EBIT ¹ of $51 million, down $

  3. Slide 3: Q2 2020 Sales & EBIT Bridge; Non-Operating & Taxes

    Q2 2020 Sales & EBIT Bridge Sales: mln $’s % change 2nd Qtr 2019 $1,213 Approx volume decline 1 (357) (29%) Approx raw material-related pricing and negative currency impact (21) (2%) Organic Sales 2 (378) (31%) Acquisitions 10 1% 2nd Qtr 2020 $845 (30%) EBIT: margin 2nd Qtr 2019 $136 11.2% Other: pr

  4. Slide 4: Adjusted Working Capital; Net Debt to Adjusted EBITDA

    Adjusted Working Capital 6/30 3/31 6/30 $’s in millions 2020 2020 2019 Cash & equivalents $209 $506 $290 Accounts receivable, net 577 568 700 Inventories, net 574 656 657 Other current assets 50 53 56 Total current assets 1,410 1,782 1,703 Current debt maturities (51) (51) (51) Current operating lea

  5. Slide 5: Cash Flow; YTD 2020 Financial Summary

    Cash Flow 2nd Qtr YTD $’s in millions 2020 2019 2020 2019 Net earnings ($6) $86 $40 $147 D&A 47 50 94 96 Impairment, write-offs & other 30 5 57 13 Other non-cash 20 14 20 23 Changes in working capital: Accounts receivable (6) (41) (13) (58) Inventory 81 19 47 33 Other current assets 5 (2) 1 (5) Acco

  6. Slide 6: YTD 2020 Sales & EBIT Bridge; Non-Operating & Taxes

    YTD 2020 Sales & EBIT Bridge Sales: mln $’s % change YTD 2019 $2,368 Approx volume decline 1 (457) (19%) Approx raw material-related pricing and negative currency impact (58) (3%) Organic Sales (515) (22%) Acquisitions 38 2% YTD 2020 $1,891 (20%) EBIT: margin Adjusted YTD 2019 2 $241 10.2% Other: pr

  7. Slide 7: COVID-19 Update

    COVID-19 Update Prioritizing Employee Health & Safety  Developed a layered approach to manage the impact of the COVID-19 pandemic in order to effectively reach all levels of the company • Focused on four primary workstreams: safety and social distancing; communications, training and visual manageme

  8. Slide 8: Liquidity Profile (as of 6/30/20)

    Liquidity Profile (as of 6/30/20) Liquidity  $1.3 billion of liquidity • $209 million cash on hand • $1.1 billion available under our revolving credit facility Debt Structure  Total debt of $2.1 billion • $102 million commercial paper with a weighted average interest rate of 0.4% and weighted aver

  9. Slide 9: Q2 2020 Segment Summary and Segment Sales

    Q2 2020 Segment Summary Q2-20 Q2-20 Q2-20 Organic Sales Adj. EBIT ∆ vs Adj. EBITDA ∆ vs Growth ¹ Margin 2 Q2-19 Margin 2 Q2-19 Bedding Products (28%) 5.2% -570 bps 11.6% -430 bps Specialized Products (47%) 4.0% -1,150 bps 11.6% -780 bps Furniture, Flooring & Textile Products (25%) 8.1% -60 bps 10.2%

  10. Slide 10: Bedding Products and Key Points

    Bedding Products Trade Sales: mln $’s % change 2nd Qtr 2019 $568 Organic Sales 1 (158) (28%) 2nd Qtr 2020 $411 (28%) 1 Lower volume (25%), raw material-related price decreases (2%) and currency impact (1%) EBIT EBITDA mln $’s EBIT margin D&A EBITDA margin Adjusted 2nd Qtr 2019 2 $62 10.9% $28 $90 15

  11. Slide 11: Specialized Products and Key Points

    Specialized Products Trade Sales: mln $’s % change 2nd Qtr 2019 $267 Organic Sales 1 (126) (47%) 2nd Qtr 2020 $141 (47%) 1 Lower volume (46%) and currency impact (1%) EBIT EBITDA mln $’s EBIT margin D&A EBITDA margin 2nd Qtr 2019 $42 15.5% $10 $52 19.4% Change (36) — (36) Adjusted 2nd Qtr 2020 2 $6

  12. Slide 12: Furniture, Flooring & Textile Products and Key Points

    Furniture, Flooring & Textile Products Trade Sales: mln $’s % change 2nd Qtr 2019 $378 Acquisitions 10 3% Organic Sales 1 (94) (25%) 2nd Qtr 2020 $294 (22%) 1 Lower volume (24%) and raw material-related price decreases and currency impact (1%) EBIT EBITDA mln $’s EBIT margin D&A EBITDA margin Adjust

  13. Slide 13: For Additional Information; 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 Wendy Watson Vice President, Investor Rela

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