CARTHAGE, Mo. — Leggett & Platt, a national manufacturer of furniture products in homes and offices, has posted its Q4 results, noting a 5% decrease in sales compared to last year. Sam Smith, senior vice president and president of the company's furniture, flooring, and textile segment, has been promoted to President of the sector. 

President and CEO Karl Glassman commented, "In 2024, we made excellent progress on our strategic priorities, particularly the execution of our restructuring plan, which consistently met or exceeded our expectations. As part of our restructuring activities this year, we realized $22 million in EBIT benefit, generated $20 million in cash proceeds from real estate sales, minimized sales attrition, and kept costs on target. We prioritized balance sheet strength and reduced debt by $126 million. Additionally, we initiated a portfolio evaluation to assess opportunities for long-term growth and determine which businesses are the right long-term fit, through which we continue to explore a potential sale of our Aerospace Group.

"Our 2024 sales and earnings were impacted by continued weak demand in residential end markets and softening in Automotive and Hydraulic Cylinders in the second half of the year. However, we are encouraged that our strategic initiatives are delivering results. We expect continued economic uncertainty in 2025, but we continue to focus on strengthening our balance sheet, improving operational efficiency and margins, and positioning the company for long-term growth. I am confident that the actions we are taking will improve profitability and create long-term shareholder value.

Glassman continues, "As we continue driving improvements in 2025, I am pleased to announce that Sam Smith has been promoted to President of the Specialized Products segment. Sam has been instrumental in steering operational efficiency projects in the segment since mid-2024 and is already well-versed in each of these businesses. In addition to leading Specialized Products, Sam will continue to serve as Executive Vice President and President of the Furniture, Flooring & Textile Products segment."