WASHINGTON (dpa-AFX) - Leggett & Platt Inc. (LEG) reported that its first-quarter net earnings attributable to the company declined to $44.0 million, from $45.0 million in the same quarter last year. Earnings per share for the quarter was $0.30, unchanged from last year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.32 per share for the quarter. Analysts' estimates typically exclude special items.
Net sales from continuing operations for the quarter rose to $946.8 million from $895.8 million in the prior year quarter. Five analysts had consensus revenue estimate of $917.26 million for the quarter.
Leggett & Platt now anticipates 2012 sales of approximately $3.65 billion - $3.85 billion, including modest inflation. The company now projects 2012 earnings per share of $1.25 - $1.45. Analysts expect the company to report earnings of $1.31 per share on revenues of $3.73 billion for fiscal 2012.
Earlier, Leggett expected 2012 sales of $3.6 billion - $3.8 billion, reflecting its belief that the economy will improve modestly. Leggett projected 2012 earnings per share of $1.20 - $1.40
For the full year, the company expects to issue approximately 2-3 million shares of its stock (via its employee benefit and stock purchase plans). The company said it has standing authorization from the Board of Directors to repurchase up to 10 million shares of its stock each year, and expects to repurchase shares during 2012, but has established no specific repurchase commitment or timetable.
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