Leggett & Platt Q1 Sales Drop 10% to $918M, EPS Slides to $0.15
Leggett & Platt posted Q1 sales of $918 million, down 10% year-over-year including a 5% reduction from divestitures, with adjusted EPS of $0.15, a $0.09 decline. The company withdrew its 2026 guidance ahead of a pending Somnigroup acquisition, citing weak mattress demand and rising costs.
1. First Quarter Financial Results
Leggett & Platt reported first quarter sales of $918 million, a 10% decrease versus the prior year, including a 5% reduction from recent divestitures. Adjusted EBIT fell to $43 million with a margin of 4.7%, and adjusted EPS declined to $0.15 from $0.24 a year earlier.
2. Market Demand and Cost Pressures
Volume declined 9% due to softer consumer activity, particularly a high-single- to low-double-digit drop in the U.S. mattress market. Higher transportation and chemical costs weighed on margins, partially offset by metal margin expansion and raw-material price increases passed through to customers.
3. Acquisition and Guidance Update
The company withdrew its full-year 2026 guidance as it moves toward closing its acquisition by Somnigroup International. Management highlighted that the merger will leverage long-standing customer relationships and support future growth and value creation for shareholders.