Leggett & Platt, Incorporated · NYSE:LEG
Leggett & Platt — Q4 2020 Earnings Presentation
13 slides from Leggett & Platt's earnings presentation, Feb 9, 2021
Slide 1: Fourth Quarter Summary Financial Information
Fourth Quarter Summary Financial Information February 8, 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
Slide 2: Overview; Q4 2020 Financial Highlights
Overview 4th Quarter: Sales increased 3%, to $1.182 billion Volume was up 1%; exited business -1% Raw material-related price increases and currency benefit added 2% Acquisitions and divestitures offset EBIT of $150 million, up $10 million vs. Q4-19 adj.¹ EBIT EBIT margin 12.7%, up 50 bps
Slide 3: Q4 2020 Sales & EBIT Bridge; Non-Operating & Taxes
Q4 2020 Sales & EBIT Bridge Sales: mln $’s % change 4th Qtr 2019 $1,145 Approx volume growth 1 15 1% Approx raw material-related pricing and currency benefit 27 2% Organic Sales 42 3% Acquisitions, net of divestitures (5) ─% 4th Qtr 2020 $1,182 3% EBIT: margin Adjusted 2 4th Qtr 2019 $140 12.2% Othe
Slide 4: Adjusted Working Capital; Net Debt to Adjusted EBITDA
Adjusted Working Capital 12/31 9/30 12/31 $’s in millions 2020 2020 2019 Cash & equivalents $349 $245 $248 Accounts receivable, net 564 642 592 Inventories, net 646 585 637 Other current assets 54 46 62 Total current assets 1,612 1,518 1,538 Current debt maturities (51) (51) (51) Current operating l
Slide 5: Cash Flow; YTD 2020 Financial Summary
Cash Flow 4th Qtr YTD $’s in millions 2020 2019 2020 2019 Net earnings $103 $87 $248 $334 D&A 48 47 189 192 Impairment, write-offs & other — 4 57 20 Other non-cash (3) 13 16 42 Changes in working capital: Accounts receivable 94 98 24 53 Inventory (58) 6 (20) 53 Other current assets (2) (2) 5 (3) Acc
Slide 6: YTD 2020 Sales & EBIT Bridge; Non-Operating & Taxes
YTD 2020 Sales & EBIT Bridge Sales: mln $’s % change YTD 2019 $4,753 Approx volume decline 1 (483) (10%) Approx raw material-related pricing and currency impact (32) (1%) Organic Sales (515) (11%) Acquisitions, net of divestitures 42 1% YTD 2020 $4,280 (10%) EBIT: margin Adjusted YTD 2019 2 $529 11.
Slide 7: 2021 Guidance
2021 Guidance Sales of $4.6–$4.9 billion; up 7%–14% versus 2020 Volume expected to grow mid-single-digits, a result of: Strong consumer demand for home-related items and global automotive Progress with supply chain constraints Modest improvement in businesses in industries that have been n
Slide 8: Q4 2020 Segment Summary
Segments Q4 2020 Segment Summary Q4-20 Q4-20 ∆ vs Q4-19 Q4-20 ∆ vs Q4-19 Organic Sales EBIT Adj. EBIT 2 EBITDA Adj. EBITDA 2 Growth ¹ Margin Margin Margin Margin Bedding Products 5% 11.6% 40 bps 16.5% 20 bps Specialized Products 1% 18.8% 70 bps 23.1% 100 bps Furniture, Flooring & Textile Products 3%
Slide 9: Bedding Products; Key Points
Bedding Products Trade Sales: mln $’s % change 4th Qtr 2019 $530 Divestitures (10) (2%) Adjusted Q4-19 Sales 520 Organic Sales 1 28 5% 4th Qtr 2020 $548 3% 1 Higher volume 2% and raw material-related price increases 3% EBIT EBITDA mln $’s EBIT margin D&A EBITDA margin Adjusted 4th Qtr 2019 2 $60 11.
Slide 10: Specialized Products; Key Points
Specialized Products Trade Sales: mln $’s % change 4th Qtr 2019 $270 Organic Sales 1 3 1% 4th Qtr 2020 $273 1% 1 Lower volume (2%) and currency benefit 3% EBIT EBITDA mln $’s EBIT margin D&A EBITDA margin 4th Qtr 2019 $49 18.1% $11 $60 22.1% Change 2 1 3 4th Qtr 2020 $51 18.8% $12 $63 23.1% 19 Speci
Slide 11: Furniture, Flooring & Textile Products; Key Points
Furniture, Flooring & Textile Products Trade Sales: mln $’s % change 4th Qtr 2019 $345 Acquisitions 5 2% Organic Sales 1 11 3% 4th Qtr 2020 $361 5% 1 Higher volume 2% and currency benefit 1% EBIT EBITDA mln $’s EBIT margin D&A EBITDA margin Adjusted 4th Qtr 2019 2 $31 9.0% $6 $37 10.8% Change 4 ─ 4
Slide 12: For Additional Information; Non-GAAP Adjustments
Webcast replay is available at www.leggett.com FOR ADDITIONAL INFORMATION Ticker: LEG (NYSE) Website: www.leggett.com Email: invest@leggett.com Phone: (417) 358-8131 Find our Fact Book at www.leggett.com Susan McCoy Senior Vice President, Investor Relations Cassie Branscum Senior Director, Investor
Slide 13: Reconciliation of Full Year Adj EBIT & EBITDA
Reconciliation of Full Year Adj EBIT & EBITDA Furniture, Flooring & ($ millions) 1 Bedding Products Specialized Products Textile Products 2019 EBIT $236 $171 $107 Restructuring-related charges 9 — 6 ECS transaction costs 1 — — 2019 Adjusted EBIT $246 $171 $114 Depreciation & amortization 107 42 26 2