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CARTHAGE, Mo. , May 21, 2024 /PRNewswire/ -- Karl Glassman appointed President and CEO and will continue to serve as Board Chairman Mitch Dolloff resigned as President and CEO and a member of the Board Diversified manufacturer Leggett & Platt announced that its Board of Directors has appointed Karl Glassman as President and Chief Executive Officer, effective immediately.
Its first-quarter results featured declines in key fundamentals. The company also made a deep dividend cut.
Leggett's (LEG) first-quarter results reflect slow demand in most of the markets served.
Although the revenue and EPS for Legget & Platt (LEG) give a sense of how its business performed in the quarter ended March 2024, it might be worth considering how some key metrics compare with Wall Street estimates and the year-ago numbers.
Legget & Platt (LEG) came out with quarterly earnings of $0.23 per share, missing the Zacks Consensus Estimate of $0.25 per share. This compares to earnings of $0.39 per share a year ago.
Looking beyond Wall Street's top -and-bottom-line estimate forecasts for Legget & Platt (LEG), delve into some of its key metrics to gain a deeper insight into the company's potential performance for the quarter ended March 2024.
Leggett & Platt: Dividend King Status At Stake As Tough Environment Set To Persist
Why investors should use the Zacks Earnings ESP tool to help find stocks that are poised to top quarterly earnings estimates.
Leggett & Platt, Inc. is facing lower sales, shrinking margins, and declining return on invested capital, putting its dividend king status at risk. The company has years ahead before it can see any growth in sales. The well-diversified product line does provide some strength for facing uncertain times.
"What is a Dividend King? A stock with 50 or more consecutive years of dividend increases."—suredividend.com. The 55 Dividend Kings screened as of April 10 represented 9 of 11 Morningstar Sectors. Broker targeted-top-ten net-gains ranged 15.19%-33.38% topped-by Middlesex Water, and SJW Group. By yield, Leggett tops-all. Top-ten April Kings: FRT, UBSI, FTS, BKH, NWN, CDUAF, MMM, UVV, MO, & LEG averaged 6.24% in yield.