Leggett & Platt, Incorporated · NYSE:LEG

Leggett & Platt — Q1 2023 Earnings Presentation

10 slides from Leggett & Platt's earnings presentation, May 2, 2023

  1. Slide 1: First Quarter Summary Financial Information

    First Quarter Summary Financial Information May 1, 2023 Forward-Looking Statements Statements in this presentation that are not historical in nature are “forward-looking.” These statements include future EPS, sales, volume for the Company and per segment, raw material-related price decreases, curren

  2. Slide 2: Overview and Q1 2023 Financial Highlights

    Overview  Q1 sales of $1.21 billion, an 8% decrease vs. Q1-22  Volume was down 7%  Raw material-related price decreases reduced sales 3%  Currency impact decreased sales 1%  Acquisitions, net of divestitures, added 3% to sales  Q1 EBIT of $89 million, down $48 million vs. Q1-22 EBIT  EBIT mar

  3. Slide 3: Q1 2023 Sales & EBIT Bridge and Earnings

    Q1 2023 Sales & EBIT Bridge Sales: mln $’s % change 1st Qtr 2022 $1,322 Approx volume decrease (92) (7%) Approx raw material-related pricing and currency impact (57) (4%) Organic Sales (149) (11%) Acquisitions, net of divestitures 41 3% 1st Qtr 2023 $1,214 (8%) EBIT: margin 1st Qtr 2022 $138 10.4% P

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

    Adjusted Working Capital 3/31 12/31 3/31 $’s in millions 2023 2022 2022 Cash & equivalents $345 $317 $327 Accounts receivable, net 718 675 705 Inventories, net 893 908 1,046 Other current assets 59 59 60 Total current assets 2,015 1,958 2,138 Current debt maturities (9) (9) (301) Current operating l

  5. Slide 5: Cash Flow and 2023 Guidance Unchanged

    Cash Flow 1st Qtr $’s in millions 2023 2022 Net earnings $54 $90 D&A 45 46 Impairment, write-offs & other 2 4 Other non-cash 14 13 Changes in working capital: Accounts receivable (38) (58) Inventory 14 (58) Other current assets — (1) Accounts payable 31 11 Other current liabilities (25) (8) Cash fro

  6. Slide 6: 2023 Guidance (continued)

    2023 Guidance (continued)  Depreciation and amortization ~$200 million  Net interest expense ~$85 million  Tax rate ~24%  Operating cash $450–$500 million  Cap-ex $100–$130 million (vs. ~$100 million)  Dividends ~$240 million  Diluted shares ~137 million  Minimal acquisitions and share repur

  7. Slide 7: Q1 2023 Segment Summary and Bedding Products

    Q1 2023 Segment Summary Q1-23 Q1-23 ∆ vs Q1-22 Q1-23 ∆ vs Q1-22 Organic Sales EBIT EBIT EBITDA EBITDA Growth 1, 2 Margin Margin Margin Margin Bedding Products (17%) 6.3% -560 bps 11.1% -490 bps Specialized Products 8% 8.9% +120 bps 12.3% +50 bps Furniture, Flooring & Textile Products (15%) 7.8% -240

  8. Slide 8: Bedding Key Points and Specialized Products

    Bedding – Key Points  Q1 organic sales were down 17%:  Volume decreased 9%, primarily due to continued demand softness in U.S. bedding markets and lower trade demand in Steel Rod and Drawn Wire  Raw material-related selling price decreases reduced sales 7%  Currency impact decreased sales 1%  S

  9. Slide 9: Specialized Key Points and Furniture, Flooring & Textile Products

    Specialized – Key Points  Q1 organic sales were up 8%:  Volume was up 11% from sales growth across the segment  Raw material-related selling price increases added 2%  Currency impact decreased sales 5%  Hydraulic Cylinders acquisition, completed in August 2022, added 13% to sales  Sales trends

  10. Slide 10: Furniture, Flooring & Textile Key Points; For Additional Information

    Furniture, Flooring & Textile – Key Points  Q1 organic sales were down 15%:  Volume was down 15%, with declines across the segment  Raw material-related selling price increases added 1%  Currency impact decreased sales 1%  Textiles acquisitions added 2% to sales  Sales trends: Q1 Q1 Organic Sa

Leggett & Platt — Q1 2023 Earnings Presentation on 6ix