Leggett & Platt, Incorporated · NYSE:LEG
Leggett & Platt — Corporate Update (January 2024)
9 slides from Leggett & Platt's corporate update, Jan 16, 2024
Slide 1: Restructuring Plan
Restructuring PLAN January 16, 2024 LEG (NYSE) www.leggett.com Exhibit 99.2
Slide 2: Forward-looking statements
Statements in this presentation that are not historical in nature are “forward-looking.” These statements include the estimates of the amounts and timing of the Restructuring Plan costs (cash and non-cash) and impairment charges aggregately and by segment; the amount and timing of annual EBIT benefi
Slide 3: Driving improved performance & profitable growth
Driving improved performance & profitable growth Implementing a Restructuring Plan to improve profitability and better align with the markets we serve Key initiatives primarily related to the Bedding Products segment Continuing to reshape product and commercial strategy Optimizing manufacturing and
Slide 4: Bedding Headwinds & The Path Forward
Headwinds Actions We Are Taking Evolving competitive landscape and shifting product preferences Prioritizing innovative, higher-value content and product solutions while maintaining market leading service and product quality levels Abnormal demand trends Aligning capacity with anticipated future mar
Slide 5: Bedding Products Initiatives
Bedding products INITIATIVES Enabling profitable growth via expanded product capabilities, increased content Reducing costs Creating value for our customers and shareholders FOOTPRINT: Higher output manufacturing locations with sufficient capacity to meet customer needs More efficient, regional dist
Slide 6: Expected Financial Impact
EXPECTED FINANCIAL IMPACT EBIT benefit driven by optimized Bedding footprint Expect to begin realizing in the second half of 2024 Expect to see full benefit on an annualized run-rate basis by late 2025 Sales reduction primarily related to geographic changes within Bedding Real estate sales of proper
Slide 7: Expected Restructuring Costs
EXPECTED restructuring costs Bedding Products restructuring and restructuring-related costs (at midpoint of range): ~$33M cash ~$38M non-cash Furniture, Flooring & Textile Products restructuring and restructuring-related costs (at midpoint of range): ~$2M cash ~$2M non-cash $65–$85 million Total Res
Slide 8: Financial Targets
FINANCIAL TARGETS Withdrawing previously stated TSR goal of 11-14% and financial targets, including: 6-9% annual revenue growth 11.5-12.5% EBIT margin ~50% dividend payout ratio Revised targets will be issued at a future date Not changing our objectives of maintaining investment grade debt ratings a
Slide 9: For Additional Information
For Additional Information Ticker: LEG (NYSE) Website: www.leggett.com Email: invest@leggett.com Phone: (417) 358-8131 Find our Fact Book and Sustainability Report at www.leggett.com Cassie Branscum Vice President, Investor Relations Kolina Talbert Manager, Investor Relations