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.....
To access AMM's full content, please log in below. If you do not have an AMM account, we invite you to take a free trial or subscribe below.
Already a registered amm.com user?
Access to amm.com editorial content is granted only to paid subscribers and trialists. If you do not have an active account in your own name, please either subscribe or take a trial and you will have instant access to amm.com content. Sharing your login credentials with individuals who are not subscribers represents a violation of AMM copyright.
Every morning, every minute — no matter how often you follow the markets, there's an AMM subscription to fit your needs.
Subscribe Now
Click Here
Not sure if you are ready to invest in a subscription right now? Take a free, no-obligation trial. Start your free trial today.
Take a Free trial
Click Here