Leggett & Platt net income up 66.1% in 3d qtr. despite sales drop
Oct 26, 2009 | 07:08 AM
| Corinna Petry
Leggett & Platt Inc. reported net income of $54.3 million in its third quarter ended Sept. 30, a 66.1-percent increase from $32.7 million during the same quarter last year, in spite of sales that fell 28.5 percent to $809.9 million.
The income improvement "reflects several factors, including ongoing benefits from the past year's cost-reduction initiatives, pricing discipline, a net last-in, first-out (Lifo) inventory accounting benefit and the absence of last year's unusual tax items," David Haffner, the company's president and chief executive officer, said during a conference call.....
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