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In a turbulent market environment, Leggett & Platt (NYSE:LEG)'s stock has tumbled to a 52-week low, with shares dropping to $6.64. This significant downturn reflects a broader trend for the diversified manufacturer, known for its bedding and furniture components, as it grapples with industry-wide pressures. Over the past year, the company has seen its stock value erode dramatically, with a 1-year change showing a steep decline of 62.06%. Investors are closely monitoring the company's performance, seeking signs of stabilization or a potential rebound as Leggett & Platt navigates through these challenging economic conditions.
In other recent news, Leggett & Platt has announced an agreement to sell its Aerospace Products Group to Tinicum Incorporated for $285 million in cash. The Aerospace Products Group, which reported net trade sales of $190 million in 2024, is set to be divested as part of Leggett & Platt's strategic review to streamline its operations. The company anticipates after-tax proceeds of approximately $240 million from this transaction, which is expected to close within the year, pending regulatory approvals. Additionally, Leggett & Platt reported its Q4 2024 earnings, revealing an earnings per share (EPS) of $0.21, which was below the forecasted $0.25. However, the company's revenue exceeded expectations, reaching $1.1 billion compared to the forecasted $1.04 billion. Despite the earnings miss, the robust revenue performance contributed to a positive market reaction. The company plans to update its financial guidance for 2025 after the completion of the Aerospace Products Group sale, excluding its contributions. The strategic focus on optimizing its portfolio and aligning with long-term goals remains a priority for Leggett & Platt.
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