CARTHAGE, MO - Leggett & Platt's commercial fixturing and components business sustained a 22% decline in the first quarter as total sales decreased $26 million.
Leggett & Platt said it anticipated sales of retail store fixtures and other fixture products would drop "due to the non-recurrence ... of certain major store fixture retailer programs in early 2013.
The fall in fixture sales plus a 5% decline in industrial materials sales were partially offset by a 2% gain in residential furnishings and a 6% increase in specialized products, especially automotive components.
On balance, Leggett & Platt's total first quarter revenues of $919 million were down 1% from the first quarter of 2013.
Still, Leggett & Platt reported record first-quarter earnings of $0.37 per share, which included "a modest gain on sale of a building."
Leggett & Platt Board Chair and CEO David Hefnerfner said, In spite of the unusually harsh weather, we are pleased with our start to 2014... Since 2007, our primary long-term financial goal has been to consistently rank in the top third of the S&P 500 companies for Total Shareholder Return as measured over rolling 3-year periods. For the three year period that began January 1, 2012, we have so far (over the last 28 months) generated TSR performance that places us just above the midpoint of the S&P 500 companies, but shy of our goal."
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