WASHINGTON (dpa-AFX) - Leggett & Platt Inc. (LEG) reported first-quarter net income attributable to the company of $49.1 million or $0.33 per share, compared to $44.0 million or $0.30 per share for the year-ago quarter.
First quarter 2013 sales were $936.0 million, compared with $946.8 million in the first quarter of 2012. Same location sales declined 2%, due in significant part to lower rod mill trade sales. Unit volumes were essentially flat. Acquisitions increased sales by 1%.
On average, six analysts polled by Thomson Reuters expected the company to earn $0.38 per share on revenue of $963.25 million for the first quarter. Analysts' estimates typically exclude special items.
For 2013, Leggett & Platt The company raised the low end of its earnings guidance by $0.05, and now projects 2013 earnings of $1.55-1.75 per share, a 6% - 20% improvement compared to 2012's Continuing Operations adjusted earnings of $1.46.
Earlier, the company expected 2013 earnings of $1.50-1.75.
The company now anticipates sales growth between 2% and 6%, resulting in sales of $3.80-3.95 billion, reflecting the company's belief that the economy will improve modestly.
Earlier, the company anticipated sales of $3.75-3.95 billion.
Analysts currently expect the company to earn $1.62 per share on revenue of $3.83 billion.
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