Leggett & Platt, Incorporated · NYSE:LEG
Leggett & Platt — Q3 2022 Earnings Presentation
12 slides from Leggett & Platt's earnings presentation, Nov 1, 2022
Slide 1: Third Quarter Summary Financial Information
Third Quarter Summary Financial Information October 31, 2022 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, inflationary impact from raw material p
Slide 2: Overview and Q3 2022 Financial Highlights
Overview Q3 sales were $1.29 billion, a 2% decrease vs. Q3-21 Volume was down 8% Raw material-related price increases added 8% to sales Currency impact decreased sales 3% Acquisitions, net of divestitures, contributed 1% to sales Q3 EBIT of $113 million, down $31 million vs. Q3-21 EBIT
Slide 3: Q3 2022 Sales & EBIT Bridge and Earnings
Q3 2022 Sales & EBIT Bridge Sales: mln $’s % change 3rd Qtr 2021 $1,319 Approx volume decrease (101) (8%) Approx raw material-related pricing and currency impact 67 5% Organic Sales (34) (3%) Acquisitions, net of divestitures 9 1% 3rd Qtr 2022 $1,294 (2%) EBIT: margin 3rd Qtr 2021 $144 10.9% Primari
Slide 4: Adjusted Working Capital and Net Debt to Adjusted EBITDA
Adjusted Working Capital 9/30 6/30 9/30 $’s in millions 2022 2022 2021 Cash & equivalents $226 $270 $235 Accounts receivable, net 730 723 699 Inventories, net 976 1,027 970 Other current assets 69 72 80 Total current assets 2,001 2,092 1,984 Current debt maturities (7) (301) (300) Current operating
Slide 5: Cash Flow and YTD 2022 Financial Summary
Cash Flow 3rd Qtr YTD $’s in millions 2022 2021 2022 2021 Net earnings $71 $97 $257 $297 D&A 44 47 134 141 Impairment, write-offs & other 3 2 11 8 Other non-cash (8) 9 7 2 Changes in working capital: Accounts receivable (16) (4) (109) (125) Inventory 72 (86) 16 (278) Other current assets 7 1 (3) (11
Slide 6: YTD 2022 Sales & EBIT Bridge and Earnings
YTD 2022 Sales & EBIT Bridge Sales: mln $’s % change YTD 2021 $3,740 Approx volume decrease (220) (6%) Approx raw material-related pricing and currency impact 398 11% Organic Sales 178 5% Acquisitions, net of divestitures 33 1% YTD 2022 $3,951 6% EBIT: margin Adjusted1 YTD 2021 $416 11.1% Primarily
Slide 7: 2022 Guidance Unchanged from October Announcement
2022 Guidance Unchanged from October 10 Announcement Sales: $5.1–$5.2 billion (vs. prior range of $5.2–$5.4 billion); roughly flat to up 2% versus 2021 Volume expected to be down high single digits (vs. down low-to-mid single digits): • Down mid-teens (vs. low double digits) in Bedding Products
Slide 8: Q3 2022 Segment Summary
Segments Q3 2022 Segment Summary Q3-22 Q3-22 ∆ vs Q3-21 Q3-22 ∆ vs Q3-21 Organic Sales EBIT EBIT EBITDA EBITDA Growth 1, 2 Margin Margin Margin Margin Bedding Products (12%) 7.5% -470 bps 12.0% -430 bps Specialized Products 19% 10.7% +120 bps 14.1% -40 bps Furniture, Flooring & Textile Products —% 9
Slide 9: Bedding Products
Bedding Products Trade Sales: mln $’s % change 3rd Qtr 2021 $664 Divestitures (2) —% Adjusted Q3-21 sales 662 Organic Sales 1 (80) (12%) Acquisitions — —% 3rd Qtr 2022 $582 (12%) 1 Lower volume (20%) and currency (1%) partially offset by raw material-related price increases 9% EBIT EBITDA mln $’s EB
Slide 10: Specialized Products
Specialized Products Trade Sales: mln $’s % change 3rd Qtr 2021 $236 Organic Sales 1 44 19% Acquisitions 11 5% 3rd Qtr 2022 $291 24% 1 Higher volume 22% and raw material-related selling price increases 5% partially offset by currency (8%) EBIT EBITDA mln $’s EBIT margin D&A EBITDA margin 3rd Qtr 202
Slide 11: Furniture, Flooring & Textile Products
Furniture, Flooring & Textile Products Trade Sales: mln $’s % change 3rd Qtr 2021 $420 Organic Sales 1 — —% Acquisitions 1 —% 3rd Qtr 2022 $421 —% 1 Raw material-related price increases 7% offset by lower volume (6%) and currency (1%) EBIT EBITDA mln $’s EBIT margin D&A EBITDA margin 3rd Qtr 2021 $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