8-K
LEGGETT & PLATT INC (LEG)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d)
of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) October 27, 2025
LEGGETT & PLATT, INCORPORATED
(Exact name of registrant as specified in its charter)
| Missouri | 001-07845 | 44-0324630 |
|---|---|---|
| (State or other jurisdiction<br> <br>of incorporation) | (Commission<br> <br>File Number) | (IRS Employer<br> <br>Identification No.) |
| 1 Leggett Road | ||
| --- | --- | |
| Carthage, MO | 64836 | |
| (Address of principal executive offices) | (Zip Code) |
Registrant’s telephone number, including area code 417-358-8131
N/A
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
| ☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|---|---|
| ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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| ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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| ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
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Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading<br>Symbol(s) | Name of each exchange<br> <br>on which registered |
|---|---|---|
| Common Stock, $.01 par value | LEG | New York Stock Exchange |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
| Item 2.02 | Results of Operations and Financial Condition. |
|---|
On October 27, 2025, Leggett & Platt, Incorporated (the “Company”) issued a press release announcing its financial results for the third quarter ending September 30, 2025 and related matters. The press release is attached as Exhibit 99.1 and is incorporated herein by reference.
This information is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section. This information shall not be incorporated by reference into any document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
On October 28, 2025, the Company will hold an investor conference call to discuss its third quarter results, annual guidance, market conditions, company initiatives, and related matters.
The press release contains the Company’s (i) Net Debt/Adjusted EBITDA (trailing twelve months) ratio; (ii) Adjusted EPS; (iii) Adjusted EBIT; (iv) Adjusted EBIT Margin; (v) EBITDA; (vi) EBITDA Margin; (vii) Adjusted EBITDA; (viii) Adjusted EBITDA Margin; (ix) Adjusted EBITDA (trailing twelve months); and (x) change in Organic Sales.
The press release also contains Segments’ (i) Adjusted EBIT; (ii) Adjusted EBIT Margin; (iii) Adjusted EBITDA; (iv) Adjusted EBITDA Margin; and (v) change in Organic Sales.
Company management believes the presentation of Net Debt/Adjusted EBITDA (trailing twelve months) provides investors a useful way to assess the time it would take the Company to pay off its debt, ignoring various factors including interest and taxes. Management uses this ratio as supplemental information to assess its ability to pay off its incurred debt. Because we may not be able to use our earnings to reduce our debt on a dollar-for-dollar basis, the presentation of Net Debt/Adjusted EBITDA (trailing twelve months) may have material limitations.
Company management believes the presentation of Company Adjusted EPS, Adjusted EBIT, Adjusted EBIT Margin, EBITDA, EBITDA Margin, Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted EBITDA (trailing twelve months), and Segment Adjusted EBIT, Adjusted EBIT Margin, Adjusted EBITDA, and Adjusted EBITDA Margin is useful to investors in that it aids investors’ understanding of underlying operational profitability. Management uses these non-GAAP measures as supplemental information to assess the Company’s operational performance.
Organic Sales is calculated as trade sales excluding sales attributable to acquisitions and divestitures consummated within the last twelve months. Company management believes the presentation of change in Organic Sales is useful to investors and is used by management as supplemental information to analyze our underlying sales performance from period to period in our legacy businesses.
The above non-GAAP measures may not be comparable to similarly titled measures used by other companies and should not be considered a substitute for, or more meaningful than, their GAAP counterparts. For non-GAAP reconciliations, please refer to pages 7 and 8 of the press release.
| Item 7.01 | Regulation FD Disclosure. |
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The information provided in Item 2.02, including Exhibit 99.1, is incorporated herein by reference.
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| Item 9.01 | Financial Statements and Exhibits. |
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(d) Exhibits.
EXHIBIT INDEX
| Exhibit<br>No. | Description |
|---|---|
| 99.1* | Press Release dated October 27, 2025 |
| 104 | Cover Page Interactive Data File (embedded within the inline XBRL document) |
| * | Denotes furnished herewith. |
| --- | --- |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| LEGGETT & PLATT, INCORPORATED | ||
|---|---|---|
| Date: October 27, 2025 | By: | /s/ Jennifer J. Davis |
| Jennifer J. Davis | ||
| Executive Vice President – General Counsel |
4
PRESS RELEASE DATED OCTOBER 27, 2025
Exhibit 99.1
FOR IMMEDIATE RELEASE: October 27, 2025
Leggett & Platt Reports 3Q 2025 Results
Carthage, MO, October 27, 2025 —
| • | 3Q sales of $1.0 billion, a 6% decrease vs 3Q24 |
|---|---|
| • | 3Q EPS of $0.91, 3Q adjusted^1^ EPS of $0.29, a $0.03 decrease<br>vs adjusted^1^ 3Q24 EPS |
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| • | 3Q operating cash flow of $126 million, a $30 million increase vs 3Q24 |
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| • | Strengthened balance sheet by reducing debt $296 million using Aerospace proceeds and operating cash flow<br> |
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| • | Reaffirmed the midpoint of 2025 sales and adjusted EPS guidance; narrowed guidance range |
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President and CEO Karl Glassman commented, “We are pleased to report solid results for the quarter, achieved amid ongoing macroeconomic challenges. Our performance reflects continued progress on strategic priorities and disciplined execution across the company. During the quarter, we successfully completed the sale of our Aerospace business, further sharpening our focus on core operations.
“Looking forward, the strength and resilience demonstrated across our business gives us the confidence to reaffirm the midpoint of our full year sales and adjusted EPS guidance. The dedication and hard work of our employees is creating a stronger, more agile company positioned for profitable growth. We remain focused on generating strong cash flow, strengthening our balance sheet, and creating long-term shareholder value.”
THIRD QUARTER RESULTS
Net trade sales were $1.0 billion, a 6%^2^ decrease versus third quarter 2024
| • | Organic sales^3^ were down 4% |
|---|---|
| • | Volume was down 6%, primarily from continued soft demand in residential end markets, Automotive, and Hydraulic<br>Cylinders. These declines were partially offset by growth in Textiles and Work Furniture. |
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| • | Raw material-related selling price increases and currency benefit increased sales 2% |
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| • | Divestitures decreased sales 2% |
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EBIT was $171 million, a $93 million increase from third quarter 2024. Adjusted ^1^ EBIT was $73 million, a $3 million decrease from third quarter 2024 adjusted^1^ EBIT.
| • | 3Q 2025 adjustments include: $4 million of restructuring charges, $87 million gain from the Aerospace<br>divestiture, $13 million gain from net insurance proceeds related to a storage facility fire in the Bedding Products segment, and $2 million gain from the sale of real estate |
|---|---|
| • | 3Q 2024 adjustments include: $12 million of restructuring charges and a $14 million gain from the sale<br>of real estate |
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| • | Adjusted^1^ EBIT decreased primarily from lower volume<br>partially offset by metal margin expansion in trade rod and restructuring benefit |
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| ^1^ | Please refer to attached tables for Non-GAAP Reconciliations<br> |
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| ^2^ | 1% from restructuring-related sales attrition |
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| ^3^ | Trade sales excluding acquisitions/divestitures in the last 12 months |
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EBIT margin was 16.5%, up from 7.1% in the third quarter of 2024, and adjusted ^1^ EBIT margin was 7.0%, up from 6.9%.
EPS was $0.91, a $0.58 increase versus third quarter 2024 EPS of $0.33. Third quarter adjusted ^1^ EPS was $0.29, down $0.03 versus third quarter 2024 adjusted^1^ EPS of $0.32.
| Third Quarter Results^1^ | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| EBIT (millions)^^ | EPS | ||||||||||||||
| Bedding | Specialized | FF&T | Total | ||||||||||||
| Reported results | $ | 36 | **** | $ | 113 | **** | $ | 22 | **** | $ | 171 | **** | $ | 0.91 | **** |
| Adjustment items: | |||||||||||||||
| Restructuring, restructuring-related, and impairment charges^2^ | 3 | 1 | — | 4 | 0.02 | ||||||||||
| Gain on sale of Aerospace Products Group | — | (87 | ) | — | (87 | ) | (0.58 | ) | |||||||
| Gain from net insurance proceeds | (13 | ) | — | — | (13 | ) | (0.07 | ) | |||||||
| Gain on sale of restructuring real estate | — | — | (2 | ) | (2 | ) | (0.01 | ) | |||||||
| Special tax item ^3^ | — | — | — | — | 0.02 | ||||||||||
| Total adjustments | **** | (10 | ) | **** | (86 | ) | **** | (2 | ) | **** | (98 | ) | **** | (0.62 | ) |
| Adjusted results | $ | 26 | **** | $ | 27 | **** | $ | 20 | **** | $ | 73 | **** | $ | 0.29 | **** |
| ^1^ | Calculations impacted by rounding | ||||||||||||||
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| ^2^ | Includes $2 million associated with the Adjustable Bed facility consolidation in Bedding Products which is<br>not included in the restructuring plan | ||||||||||||||
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| ^3^ | Special tax item is related to recent U.S. corporate tax law changes | ||||||||||||||
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DEBT, CASH FLOW, AND LIQUIDITY
| • | Net Debt^1^ was 2.6x trailing 12-month adjusted EBITDA^1^ |
|---|---|
| • | Debt at September 30 |
| --- | --- |
| • | Reduced debt by $296 million in third quarter, and $367 million year-to-date |
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| • | Total debt of $1.5 billion in three tranches of long-term bonds at $500 million each<br> |
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| • | Operating cash flow was $126 million in the third quarter, an increase of $30 million versus<br>third quarter 2024, primarily driven by working capital improvements |
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| • | Capital expenditures were $16 million |
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| • | Dividends were $7 million |
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| • | In August, Leggett & Platt’s Board of Directors declared a third quarter dividend of $0.05 per<br>share, flat versus last year’s third quarter dividend |
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| • | Total liquidity was $974 million at September 30 |
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| • | $461 million cash on hand |
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| • | $513 million in capacity remaining under revolving credit facility |
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RESTRUCTURING PLAN UPDATE
| • | Annualized EBIT benefit of $60–$70 million still expected to be realized after initiatives are fully<br>implemented |
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| • | Realized $10 million of incremental^4^ EBIT benefit in<br>third quarter 2025 | |||||||||
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| • | Anticipate approximately $60 million of annual sales attrition after initiatives are fully implemented<br>versus our prior estimate of $65 million | |||||||||
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| • | Realized $9 million of incremental^4^ sales attrition in<br>third quarter 2025, including $3 million from the divestiture of a small U.S. machinery business in the Bedding Products segment | |||||||||
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| • | Estimate real estate proceeds of $70–$80 million | |||||||||
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| • | Realized $43 million of cash proceeds from inception and now anticipate up to an additional $17 million<br>in the fourth quarter of 2025 with the balance in 2026 | |||||||||
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| • | Expect restructuring and restructuring-related costs from inception of approximately $75 million<br> | |||||||||
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| Actual RestructuringPlan Impacts (millions) | Full Year Restructuring Plan Impacts(millions) | |||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 3Q 2025 | YTD 2025 | 2024 | 2025E | Total | ||||||
| Net Cash Received from<br><br><br>Real Estate Sales | $ | 5 | $ | 23 | $ | 20 | $ | 23–$40 | $ | 70–$80 |
| Total Costs | $ | 2 | $ | 11 | $ | 48 | ~$ | 25 | ~$ | 75 |
| Cash Costs | 1 | 8 | 30 | ~10 | ~40 | |||||
| Non-Cash Costs | 1 | 3 | 18 | ~15 | ~35 |
2025 GUIDANCE
| • | Reaffirmed the midpoint of 2025 sales and adjusted EPS while narrowing the range |
|---|---|
| • | Sales are now expected to be $4.0–$4.1 billion (versus $3.9–$4.2 billion<br>previously), down 6% to 9% versus 2024 |
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| • | Volume is expected to be down mid to high single digits |
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| • | Volume at the midpoint: |
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| • | Down mid-teens in Bedding Products segment |
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| • | Down mid-single digits in Specialized Products segment<br> |
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| • | Down low single digits in Furniture, Flooring & Textile Products segment |
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| • | Raw material-related price increases and currency benefit are expected to be up low single digits<br> |
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| • | Divestitures to reduce sales by 2% |
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| • | EPS is now expected to be $1.52–$1.72 (versus $1.43–$1.72 previously) |
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| • | Earnings per share adjustments include the following: |
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| • | $0.13 impact from restructuring costs |
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| • | $0.02 impact from a special tax item related to recent U.S. corporate tax law changes |
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| • | $0.11 fourth quarter impact from a non-cash settlement charge related to<br>the termination of a pension plan |
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| • | ($0.13) to ($0.23) gain from sales of real estate, consisting of real estate from restructuring initiatives and<br>idle real estate |
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| • | ($0.58) gain from the Aerospace divestiture |
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| • | ($0.07) gain from net insurance proceeds |
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| • | Adjusted EPS is now expected to be $1.00–$1.10 (versus $0.95–$1.15 previously)<br> |
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| • | At the midpoint, flat versus 2024 due primarily to metal margin expansion and restructuring benefit offset by<br>lower volume |
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| • | Based on this framework, 2025 EBIT margin is expected to be 8.4%–9.0%; adjusted EBIT margin is expected to<br>be 6.4%–6.6% |
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| • | Additional expectations:<br> |
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| ^4^ | Represents year-over-year change |
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| • | Depreciation and amortization $120 million |
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| • | Net interest expense $65 million |
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| • | Effective tax rate 27% |
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| • | Fully diluted shares 140 million |
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| • | Operating cash flow $300 million |
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| • | Capital expenditures $60–$70 million |
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| • | Minimal acquisitions and share repurchases |
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SEGMENT RESULTS – Third Quarter 2025 (versus 3Q 2024)
Bedding Products –
| • | Trade sales decreased 10% |
|---|---|
| • | Volume decreased 13%, primarily due to customer weakness and retailer merchandising changes in Adjustable Bed and<br>Specialty Foam, lower trade rod sales, and restructuring-related sales attrition |
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| • | Raw material-related selling price increases and currency benefit added 4% to sales |
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| • | Divestiture of a small U.S. machinery business, as part of our restructuring plan, reduced sales 1%<br> |
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| • | EBIT increased $11 million and adjusted^1^ EBIT increased<br>$7 million |
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| • | 3Q 2025 adjustments include: $3 million of restructuring charges and a $13 million gain on net<br>insurance proceeds |
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| • | 3Q 2024 adjustments include: $8 million of restructuring charges and a $14 million gain from the sale<br>of real estate |
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| • | Adjusted^1^ EBIT increased primarily from metal margin<br>expansion in trade rod and restructuring benefit partially offset by lower volume in Adjustable Bed and Specialty Foam |
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SpecializedProducts –
| • | Trade sales decreased 7% |
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| • | Volume decreased 4% from declines in Automotive and Hydraulic Cylinders |
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| • | Raw material-related selling price increases and currency benefit added 2% to sales |
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| • | Divestiture of Aerospace reduced sales 5% |
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| • | EBIT increased $88 million and adjusted^1^ EBIT decreased<br>$2 million |
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| • | 3Q 2025 adjustments include: $1 million of restructuring charges and an $87 million gain from sale of<br>Aerospace |
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| • | 3Q 2024 adjustment includes: $4 million of restructuring charges |
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| • | Adjusted^1^ EBIT decreased primarily from lower volume and<br>earnings associated with the divested Aerospace business partially offset by restructuring benefit |
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Furniture,Flooring & Textile Products –
| • | Trade sales were flat year over year |
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| • | Volume increased 1% from growth in Textiles and Work Furniture partially offset by declines in Home Furniture and<br>Flooring |
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| • | Raw material-related selling price decreases, net of currency benefit, reduced sales 1% |
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| • | EBIT decreased $5 million and adjusted^1^ EBIT decreased<br>$8 million |
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| • | 3Q 2025 adjustment includes: $3 million gain from the sale of real estate |
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| • | 3Q 2024 adjustment includes: $1 million of restructuring charges |
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| • | Adjusted^1^ EBIT decreased primarily from pricing adjustments,<br>particularly in Flooring and Textiles, and other smaller items |
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SLIDES AND CONFERENCE CALL
A set of slides containing summary financial information, tariff overview, and restructuring update is available from the Investor Relations section of Leggett’s website at www.leggett.com. Management will host a conference call at 7:30 a.m. Central (8:30 a.m. Eastern) on Tuesday, October 28. The conference call may be accessed through Leggett’s Investor Relations website, via Leggett & Platt Q325 Webcast & Earnings Conference Call.
FOR MORE INFORMATION: Visit Leggett’s website at www.leggett.com.
COMPANY DESCRIPTION: Leggett & Platt (NYSE: LEG) is a diversified manufacturer that designs and produces a broad variety of engineered components and products that can be found in many homes and automobiles. The 142-year-old Company is a leading supplier of bedding components and private label finished goods; automotive seat comfort and convenience systems; home and work furniture components; geo components; flooring underlayment; and hydraulic cylinders for material handling and heavy construction applications.
FORWARD-LOOKING STATEMENTS: This press release contains “forward-looking statements,” identified by the context in which they appear or words such as “expect,” “anticipated,” “estimate,” and “guidance,” including, but not limited to volume; sales, EPS, adjusted EPS; capital expenditures; depreciation and amortization; net interest expense; fully diluted shares; operating cash flow; EBIT margin; adjusted EBIT margin; effective tax rate; dividends; raw material related price increases; currency benefit; minimal acquisitions and share repurchases; market mattress consumption; Restructuring Plan (the “Plan”) impacts including the timing and amount of annualized and incremental sales attrition and EBIT benefit, proceeds and gains from real estate sales, and restructuring and restructuring related cash and non-cash costs; non-cash pension settlement charge; and tariffs providing a net positive for our business. Such statements are expressly qualified by cautionary statements described in this provision and reflect only the beliefs, expectations, and assumptions of Leggett at the time the statement is made. Because all forward-looking statements deal with the future, they are subject to risks, uncertainties and developments which might cause actual events or results to differ materially from those envisioned or reflected in any forward-looking statement. Moreover, we do not have, and do not undertake, any duty to update or revise any forward-looking statement to reflect events or circumstances after the date on which the statement was made. Some of these risks include: increased trade costs, including tariffs; regarding the Restructuring Plan, the possibility that estimates may change, our ability to timely implement the Plan, receive anticipated benefits, and timely receive expected proceeds from real estate sales, our ability to accurately forecast sales and earnings; the adverse impact on our sales, earnings, liquidity, margins, cash flow, costs, and financial condition caused by: global inflationary and deflationary impacts; the demand for our products and our customers’ products; our manufacturing facilities’ ability to obtain necessary raw materials, parts, and labor, and to ship finished products; the impairment of goodwill and long-lived assets; our ability to access the commercial paper market or borrow under our credit facility; supply chain shortages and disruptions; our ability to manage working capital; our ability to collect receivables; price and product competition; cost of raw materials, labor and energy; cash generation sufficient to pay our debts or the dividend; cash repatriation from foreign accounts; our ability to pass along cost increases through increased selling prices; conflict between China and Taiwan; our ability to maintain profit margins if customers change the quantity or mix of our products; political risks; tax audits and rates; foreign operating risks; cybersecurity incidents; customer losses and insolvencies; disruption to our steel rod mill and wire mills and other operations because of severe weather-related events, natural disaster, fire, explosion, terrorism, pandemic, or governmental action; ability to develop innovative products; foreign currency fluctuation; share repurchases; anti-dumping duties on innersprings, steel wire rod and mattresses; data privacy; sustainability obligations; litigation risks; and risk factors in the “Forward-Looking Statements” and “Risk Factors” sections in Leggett’s Form 10-K and subsequent Form 10-Qs.
INVESTOR CONTACTS:
Steve West, Vice President, Investor Relations
Katelyn J. Pierce, Analyst, Investor Relations
(417) 358-8131
invest@leggett.com
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| LEGGETT & PLATT | Page 6 of 8 | October 27, 2025 | ||||||||||||||||
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| RESULTS OF OPERATIONS | THIRD QUARTER | YEAR TO DATE | ||||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| (In millions, except per share data) | 2025 | 2024 | Change | 2025 | 2024 | Change | ||||||||||||
| Trade sales | $ | 1,036.4 | $ | 1,101.7 | (6 | )% | $ | 3,116.5 | $ | 3,327.2 | (6 | )% | ||||||
| Cost of goods sold | 842.7 | 901.1 | 2,540.2 | 2,753.7 | ||||||||||||||
| Gross profit | 193.7 | 200.6 | (3 | )% | 576.3 | 573.5 | — | % | ||||||||||
| Selling & administrative expenses | 124.5 | 127.0 | (2 | )% | 366.5 | 384.4 | (5 | )% | ||||||||||
| Amortization | 3.8 | 7.2 | 12.4 | 16.8 | ||||||||||||||
| Other (income) expense, net | (105.7 | ) | (11.3 | ) | (127.0 | ) | 645.9 | |||||||||||
| Earnings (loss) before interest and income taxes | 171.1 | 77.7 | 120 | % | 324.4 | (473.6 | ) | NM | ||||||||||
| Net interest expense | 16.7 | 20.0 | 53.2 | 60.6 | ||||||||||||||
| Earnings (loss) before income taxes | 154.4 | 57.7 | 271.2 | (534.2 | ) | |||||||||||||
| Income taxes | 27.2 | 12.8 | 60.9 | (8.6 | ) | |||||||||||||
| Net earnings (loss) | 127.2 | 44.9 | 210.3 | (525.6 | ) | |||||||||||||
| Less net income from noncontrolling interest | (0.1 | ) | — | (0.1 | ) | (0.1 | ) | |||||||||||
| Net Earnings (loss) Attributable to L&P | $ | 127.1 | **** | $ | 44.9 | **** | 183 | % | $ | 210.2 | **** | $ | (525.7 | ) | NM | |||
| Earnings (loss) per diluted share | ||||||||||||||||||
| Net earnings (loss) per diluted share | $ | 0.91 | $ | 0.33 | 176 | % | $ | 1.51 | $ | (3.83 | ) | NM | ||||||
| Shares outstanding | ||||||||||||||||||
| Common stock (at end of period) | 135.4 | 134.3 | 0.8 | % | 135.4 | 134.3 | 0.8 | % | ||||||||||
| Basic (average for period) | 138.7 | 137.4 | 138.4 | 137.2 | ||||||||||||||
| Diluted (average for period) | 140.2 | 138.0 | 1.6 | % | 139.5 | 137.2 | 1.7 | % | ||||||||||
| CASH FLOW | THIRD QUARTER | YEAR TO DATE | ||||||||||||||||
| (In millions) | 2025 | 2024 | Change | 2025 | 2024 | Change | ||||||||||||
| Net earnings (loss) | $ | 127.2 | $ | 44.9 | $ | 210.3 | $ | (525.6 | ) | |||||||||
| Depreciation and amortization | 29.4 | 36.4 | 90.7 | 101.9 | ||||||||||||||
| Working capital decrease (increase) | 62.9 | 33.3 | 15.1 | (29.1 | ) | |||||||||||||
| Impairments | 0.8 | 0.6 | 2.0 | 678.5 | ||||||||||||||
| Deferred income tax benefit | 1.2 | (10.3 | ) | (0.4 | ) | (55.3 | ) | |||||||||||
| Other operating activities | (95.6 | ) | (9.4 | ) | (101.0 | ) | 13.0 | |||||||||||
| Net Cash from Operating Activities | $ | 125.9 | **** | $ | 95.5 | **** | 32 | % | $ | 216.7 | **** | $ | 183.4 | **** | 18 | % | ||
| Additions to PP&E | (15.8 | ) | (18.4 | ) | (37.6 | ) | (59.8 | ) | ||||||||||
| Purchase of companies, net of cash | — | — | — | — | ||||||||||||||
| Proceeds from disposals of assets and businesses | 294.0 | 17.4 | 323.1 | 40.6 | ||||||||||||||
| Dividends paid | (6.7 | ) | (6.7 | ) | (20.2 | ) | (129.7 | ) | ||||||||||
| Repurchase of common stock, net | (0.1 | ) | (0.2 | ) | (2.4 | ) | (4.5 | ) | ||||||||||
| Additions to (payments of) debt, net | (299.6 | ) | (122.2 | ) | (377.0 | ) | (110.3 | ) | ||||||||||
| Other | (5.8 | ) | 4.8 | 7.9 | (8.0 | ) | ||||||||||||
| Increase (Decrease) in Cash & Equivalents | $ | 91.9 | **** | $ | (29.8 | ) | $ | 110.5 | **** | $ | (88.3 | ) | ||||||
| BALANCE SHEET | Sep 30, | Dec 31, | ||||||||||||||||
| (In millions) | 2025 | 2024 | Change | |||||||||||||||
| Cash and equivalents | $ | 460.7 | $ | 350.2 | ||||||||||||||
| Receivables | 568.4 | 559.4 | ||||||||||||||||
| Inventories | 634.0 | 722.6 | ||||||||||||||||
| Other current assets | 45.7 | 58.3 | ||||||||||||||||
| Total current assets | 1,708.8 | 1,690.5 | 1 | % | ||||||||||||||
| Net fixed assets | 673.2 | 724.4 | ||||||||||||||||
| Operating lease right-of-use assets | 159.9 | 175.7 | ||||||||||||||||
| Goodwill | 748.5 | 794.4 | ||||||||||||||||
| Intangible assets and deferred costs, both at net | 234.6 | 276.6 | ||||||||||||||||
| TOTAL ASSETS | $ | 3,525.0 | **** | $ | 3,661.6 | **** | (4 | )% | ||||||||||
| Trade accounts payable | $ | 485.3 | $ | 497.7 | ||||||||||||||
| Current debt maturities | 1.4 | 1.3 | ||||||||||||||||
| Current operating lease liabilities | 46.3 | 53.4 | ||||||||||||||||
| Other current liabilities | 261.1 | 294.0 | ||||||||||||||||
| Total current liabilities | 794.1 | 846.4 | (6 | )% | ||||||||||||||
| Long-term debt | 1,495.8 | 1,862.8 | (20 | )% | ||||||||||||||
| Operating lease liabilities | 120.0 | 131.1 | ||||||||||||||||
| Deferred taxes and other liabilities | 142.7 | 131.1 | ||||||||||||||||
| Equity | 972.4 | 690.2 | 41 | % | ||||||||||||||
| Total Capitalization | 2,730.9 | 2,815.2 | (3 | )% | ||||||||||||||
| TOTAL LIABILITIES & EQUITY | $ | 3,525.0 | **** | $ | 3,661.6 | **** | (4 | )% | ||||||||||
| LEGGETT & PLATT | Page 7 of 8 | October 27, 2025 | ||||||||||||||||
| --- | --- | --- | ||||||||||||||||
| SEGMENT RESULTS^1^ | THIRD QUARTER | YEAR TO DATE | ||||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| (In millions) | 2025 | 2024 | Change | 2025 | 2024 | Change | ||||||||||||
| Bedding Products | ||||||||||||||||||
| Trade sales | $ | 402.5 | $ | 445.5 | (10 | )% | $ | 1,184.6 | $ | 1,331.5 | (11 | )% | ||||||
| EBIT | 36.4 | 25.5 | 43 | % | 73.2 | (550.6 | ) | NM | ||||||||||
| EBIT margin | 9.0 | % | 5.7 | % | 330 bps | ^2^ | 6.2 | % | (41.4 | )% | NM | |||||||
| Goodwill impairment | — | — | — | 587.2 | ||||||||||||||
| Restructuring, restructuring-related, and impairment charges | 3.1 | 8.0 | 8.6 | 27.2 | ||||||||||||||
| Gain on sale of real estate | — | (14.0 | ) | (16.7 | ) | (26.6 | ) | |||||||||||
| Gain from net insurance proceeds | (13.1 | ) | — | (13.1 | ) | — | ||||||||||||
| Adjusted EBIT 3 | 26.4 | 19.5 | 35 | % | 52.0 | 37.2 | 40 | % | ||||||||||
| Adjusted EBIT margin 3 | 6.6 | % | 4.4 | % | 220 bps | ^2^ | 4.4 | % | 2.8 | % | 160 bps | |||||||
| Depreciation and amortization | 13.2 | 14.8 | 39.5 | 43.7 | ||||||||||||||
| Adjusted EBITDA | 39.6 | 34.3 | 15 | % | 91.5 | 80.9 | 13 | % | ||||||||||
| Adjusted EBITDA margin | 9.8 | % | 7.7 | % | 210 bps | 7.7 | % | 6.1 | % | 160 bps | ||||||||
| Specialized Products | ||||||||||||||||||
| Trade sales | $ | 277.5 | $ | 299.9 | (7 | )% | $ | 881.7 | $ | 935.4 | (6 | )% | ||||||
| EBIT | 112.9 | 24.8 | NM | 180.0 | 39.0 | NM | ||||||||||||
| EBIT margin | 40.7 | % | 8.3 | % | NM | 20.4 | % | 4.2 | % | NM | ||||||||
| Goodwill impairment | — | — | — | 43.6 | ||||||||||||||
| Gain on sale of Aerospace Products Group | (86.8 | ) | — | (86.8 | ) | — | ||||||||||||
| Restructuring, restructuring-related, and impairment charges | 0.9 | 3.8 | 4.9 | 5.1 | ||||||||||||||
| Gain on sale of real estate | — | — | (1.7 | ) | — | |||||||||||||
| Adjusted EBIT | 27.0 | 28.6 | (6 | )% | 96.4 | 87.7 | 10 | % | ||||||||||
| Adjusted EBIT Margin | 9.7 | % | 9.5 | % | 20 bps | 10.9 | % | 9.4 | % | 150 bps | ||||||||
| Depreciation and amortization | 7.9 | 11.0 | 26.5 | 31.4 | ||||||||||||||
| Adjusted EBITDA | 34.9 | 39.6 | (12 | )% | 122.9 | 119.1 | 3 | % | ||||||||||
| Adjusted EBITDA margin | 12.6 | % | 13.2 | % | (60 | ) bps | 13.9 | % | 12.7 | % | 120 bps | |||||||
| Furniture, Flooring & Textile Products | ||||||||||||||||||
| Trade sales | $ | 356.4 | $ | 356.3 | — | % | $ | 1,050.2 | $ | 1,060.3 | (1 | )% | ||||||
| EBIT | 22.0 | 27.4 | (20 | )% | 71.2 | 41.6 | 71 | % | ||||||||||
| EBIT margin | 6.2 | % | 7.7 | % | (150 | ) bps | 6.8 | % | 3.9 | % | 290 bps | |||||||
| Goodwill impairment | — | — | — | 44.5 | ||||||||||||||
| Restructuring, restructuring-related, and impairment charges | 0.1 | 0.5 | 1.1 | 2.0 | ||||||||||||||
| Gain on sale of real estate | (2.5 | ) | — | (5.7 | ) | — | ||||||||||||
| Gain from net insurance proceeds | — | — | — | (2.2 | ) | |||||||||||||
| Adjusted EBIT 3 | 19.6 | 27.9 | (30 | )% | 66.6 | 85.9 | (22 | )% | ||||||||||
| Adjusted EBIT Margin 3 | 5.5 | % | 7.8 | % | (230 | ) bps | 6.3 | % | 8.1 | % | (180 | ) bps | ||||||
| Depreciation and amortization | 4.4 | 5.4 | 13.9 | 16.2 | ||||||||||||||
| Adjusted EBITDA | 24.0 | 33.3 | (28 | )% | 80.5 | 102.1 | (21 | )% | ||||||||||
| Adjusted EBITDA margin | 6.7 | % | 9.3 | % | (260 | ) bps | 7.7 | % | 9.6 | % | (190 | ) bps | ||||||
| Total Company | ||||||||||||||||||
| Trade sales | $ | 1,036.4 | $ | 1,101.7 | (6 | )% | $ | 3,116.5 | $ | 3,327.2 | (6 | )% | ||||||
| EBIT - segments | 171.3 | 77.7 | NM | 324.4 | (470.0 | ) | NM | |||||||||||
| Intersegment eliminations and other | (0.2 | ) | — | — | (3.6 | ) | ||||||||||||
| EBIT | 171.1 | 77.7 | NM | 324.4 | (473.6 | ) | NM | |||||||||||
| EBIT margin | 16.5 | % | 7.1 | % | NM | 10.4 | % | (14.2 | )% | NM | ||||||||
| Goodwill impairment | — | — | — | 675.3 | ||||||||||||||
| Gain on sale of Aerospace Products Group | (86.8 | ) | — | (86.8 | ) | — | ||||||||||||
| Restructuring, restructuring-related, and impairment charges | 4.1 | 12.3 | 14.6 | 34.3 | ||||||||||||||
| Gain on sale of real estate | (2.5 | ) | (14.0 | ) | (24.1 | ) | (26.6 | ) | ||||||||||
| Gain from net insurance proceeds | (13.1 | ) | — | (13.1 | ) | (2.2 | ) | |||||||||||
| CEO transition compensation costs | — | — | — | 3.7 | ||||||||||||||
| Adjusted EBIT 3 | 72.8 | 76.0 | (4 | )% | 215.0 | 210.9 | 2 | % | ||||||||||
| Adjusted EBIT margin 3 | 7.0 | % | 6.9 | % | 10 bps | 6.9 | % | 6.3 | % | 60 bps | ||||||||
| Depreciation and amortization - segments | 25.5 | 31.2 | 79.9 | 91.3 | ||||||||||||||
| Depreciation and amortization - unallocated<br>^4^ | 3.9 | 5.2 | 10.8 | 10.6 | ||||||||||||||
| Adjusted EBITDA | $ | 102.2 | $ | 112.4 | (9 | )% | $ | 305.7 | $ | 312.8 | (2 | )% | ||||||
| Adjusted EBITDA margin | 9.9 | % | 10.2 | % | (30 | ) bps | 9.8 | % | 9.4 | % | 40 bps | |||||||
| LAST SIX QUARTERS | 2024 | 2025 | ||||||||||||||||
| Selected Figures (In Millions) | 2Q | 3Q | 4Q | 1Q | 2Q | 3Q | ||||||||||||
| Trade sales | 1,128.6 | 1,101.7 | 1,056.4 | 1,022.1 | 1,058.0 | 1,036.4 | ||||||||||||
| Sales growth (vs. prior year) | (8 | )% | (6 | )% | (5 | )% | (7 | )% | (6 | )% | (6 | )% | ||||||
| Volume growth (same locations vs. prior year) | (4 | )% | (4 | )% | (4 | )% | (5 | )% | (7 | )% | (6 | )% | ||||||
| Adjusted EBIT ^3^ | 71.2 | 76.0 | 55.6 | 66.6 | 75.6 | 72.8 | ||||||||||||
| Cash from operations | 94.0 | 95.5 | 122.3 | 6.8 | 84.0 | 125.9 | ||||||||||||
| Adjusted EBITDA (trailing twelve months)<br>^3^ | 442.3 | 423.7 | 402.5 | 404.1 | 405.6 | 395.4 | ||||||||||||
| (Long-term debt + current maturities - cash and equivalents) / adj. EBITDA ^3,5^ | 3.83 | 3.78 | 3.76 | 3.77 | 3.51 | 2.62 | ||||||||||||
| Organic Sales (Vs. Prior Year) ^6^ | 2Q | 3Q | 4Q | 1Q | 2Q | 3Q | ||||||||||||
| Bedding Products | (13 | )% | (8 | )% | (6 | )% | (12 | )% | (10 | )% | (9 | )% | ||||||
| Specialized Products | — | % | (6 | )% | (5 | )% | (5 | )% | (5 | )% | (2 | )% | ||||||
| Furniture, Flooring & Textile Products | (6 | )% | (4 | )% | (4 | )% | (1 | )% | (2 | )% | — | % | ||||||
| Overall | (8 | )% | (6 | )% | (5 | )% | (7 | )% | (6 | )% | (4 | )% | ||||||
| ^1^ | Segment and overall company margins calculated on net trade sales. | |||||||||||||||||
| --- | --- | |||||||||||||||||
| ^2^ | bps = basis points; a unit of measure equal to 1/100th of 1%. | |||||||||||||||||
| --- | --- | |||||||||||||||||
| ^3^ | Refer to next page for non-GAAP reconciliations. | |||||||||||||||||
| --- | --- | |||||||||||||||||
| ^4^ | Consists primarily of depreciation of non-operating assets. | |||||||||||||||||
| --- | --- | |||||||||||||||||
| ^5^ | EBITDA based on trailing twelve months. | |||||||||||||||||
| --- | --- | |||||||||||||||||
| ^6^ | Trade sales excluding sales attributable to acquisitions and divestitures consummated in the last 12 months.<br> | |||||||||||||||||
| --- | --- | |||||||||||||||||
| LEGGETT & PLATT | Page 8 of 8 | October 27, 2025 | ||||||||||||||||
| --- | --- | --- | ||||||||||||||||
| RECONCILIATION OF REPORTED (GAAP) TO ADJUSTED (Non-GAAP)FINANCIAL MEASURES ^10^ | ||||||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Non-GAAP Adjustments^7^ | 2024 | 2025 | ||||||||||||||||
| (In millions, except per share data) | 2Q | 3Q | 4Q | 1Q | 2Q | 3Q | ||||||||||||
| Goodwill impairment | 675.3 | — | 0.7 | — | — | — | ||||||||||||
| Gain on sale of Aerospace Products Group | — | — | — | — | — | (86.8 | ) | |||||||||||
| Restructuring, restructuring-related, and impairment charges | 11.2 | 12.3 | 15.5 | 6.9 | 3.6 | 4.1 | ||||||||||||
| Gain on sale of real estate | (4.7 | ) | (14.0 | ) | (4.3 | ) | (3.2 | ) | (18.4 | ) | (2.5 | ) | ||||||
| Gain from net insurance proceeds | — | — | — | — | — | (13.1 | ) | |||||||||||
| CEO transition compensation costs | 3.7 | — | — | — | — | — | ||||||||||||
| Non-GAAP Adjustments (Pretax) ^8^ | 685.5 | (1.7 | ) | 11.9 | 3.7 | (14.8 | ) | (98.3 | ) | |||||||||
| Income tax impact | (43.6 | ) | 0.4 | (2.7 | ) | (1.3 | ) | 3.6 | 9.0 | |||||||||
| Special tax item ^9^ | — | — | 5.4 | — | — | 2.3 | ||||||||||||
| Non-GAAP Adjustments (After Tax) | 641.9 | (1.3 | ) | 14.6 | 2.4 | (11.2 | ) | (87.0 | ) | |||||||||
| Diluted shares outstanding | 137.3 | 138.0 | 138.2 | 138.6 | 139.6 | 140.2 | ||||||||||||
| EPS Impact of Non-GAAP Adjustments | 4.68 | (0.01 | ) | 0.11 | 0.02 | (0.08 | ) | (0.62 | ) | |||||||||
| Adjusted EBIT, EBITDA, Margin, and EPS ^7,^ | 2024 | 2025 | ||||||||||||||||
| (In millions, except per share data) | 2Q | 3Q | 4Q | 1Q | 2Q | 3Q | ||||||||||||
| Trade sales | 1,128.6 | 1,101.7 | 1,056.4 | 1,022.1 | 1,058.0 | 1,036.4 | ||||||||||||
| EBIT (earnings before interest and taxes) | (614.3 | ) | 77.7 | 43.7 | 62.9 | 90.4 | 171.1 | |||||||||||
| Non-GAAP adjustments (pretax) | 685.5 | (1.7 | ) | 11.9 | 3.7 | (14.8 | ) | (98.3 | ) | |||||||||
| Adjusted EBIT | 71.2 | 76.0 | 55.6 | 66.6 | 75.6 | 72.8 | ||||||||||||
| EBIT margin | (54.4 | )% | 7.1 | % | 4.1 | % | 6.2 | % | 8.5 | % | 16.5 | % | ||||||
| Adjusted EBIT Margin | 6.3 | % | 6.9 | % | 5.3 | % | 6.5 | % | 7.1 | % | 7.0 | % | ||||||
| EBIT | (614.3 | ) | 77.7 | 43.7 | 62.9 | 90.4 | 171.1 | |||||||||||
| Depreciation and amortization | 32.6 | 36.4 | 34.1 | 31.6 | 29.7 | 29.4 | ||||||||||||
| EBITDA | (581.7 | ) | 114.1 | 77.8 | 94.5 | 120.1 | 200.5 | |||||||||||
| Non-GAAP adjustments (pretax) | 685.5 | (1.7 | ) | 11.9 | 3.7 | (14.8 | ) | (98.3 | ) | |||||||||
| Adjusted EBITDA | 103.8 | 112.4 | 89.7 | 98.2 | 105.3 | 102.2 | ||||||||||||
| EBITDA margin | (51.5 | )% | 10.4 | % | 7.4 | % | 9.2 | % | 11.4 | % | 19.3 | % | ||||||
| Adjusted EBITDA Margin | 9.2 | % | 10.2 | % | 8.5 | % | 9.6 | % | 10.0 | % | 9.9 | % | ||||||
| Diluted EPS | (4.39 | ) | 0.33 | 0.10 | 0.22 | 0.38 | 0.91 | |||||||||||
| EPS impact of non-GAAP adjustments | 4.68 | (0.01 | ) | 0.11 | 0.02 | (0.08 | ) | (0.62 | ) | |||||||||
| Adjusted EPS | 0.29 | 0.32 | 0.21 | 0.24 | 0.30 | 0.29 | ||||||||||||
| Net Debt to Adjusted EBITDA ^11^ | 2024 | 2025 | ||||||||||||||||
| (In millions, except ratios) | 2Q | 3Q | 4Q | 1Q | 2Q | 3Q | ||||||||||||
| Total debt | 2,003.1 | 1,879.3 | 1,864.1 | 1,936.4 | 1,793.5 | 1,497.2 | ||||||||||||
| Less: cash and equivalents | (307.0 | ) | (277.2 | ) | (350.2 | ) | (412.6 | ) | (368.8 | ) | (460.7 | ) | ||||||
| Net debt | 1,696.1 | 1,602.1 | 1,513.9 | 1,523.8 | 1,424.7 | 1,036.5 | ||||||||||||
| Adjusted EBITDA, trailing 12 months | 442.3 | 423.7 | 402.5 | 404.1 | 405.6 | 395.4 | ||||||||||||
| Net Debt / 12-month Adjusted EBITDA | 3.83 | 3.78 | 3.76 | 3.77 | 3.51 | 2.62 | ||||||||||||
| Aerospace Products Group | 2024 | 2025 | ||||||||||||||||
| (In millions) | 2Q | 3Q | 4Q | 1Q | 2Q | 3Q | ||||||||||||
| Net trade sales | 47.5 | 44.9 | 52.2 | 53.0 | 50.6 | 28.6 | ||||||||||||
| EBIT | 5.3 | 5.2 | 7.9 | 7.2 | 9.3 | 3.2 | ||||||||||||
| Depreciation and amortization | 2.6 | 2.5 | 2.6 | 2.5 | — | — | ||||||||||||
| Net Earnings (assuming a 25% tax rate) | 4.0 | 3.9 | 5.9 | 5.4 | 7.0 | 2.4 | ||||||||||||
| ^7^ | Management and investors use these measures as supplemental information to assess operational performance.<br> | |||||||||||||||||
| --- | --- | |||||||||||||||||
| ^8^ | The non-GAAP adjustments are included in the following lines of the income statement: | |||||||||||||||||
| --- | --- | |||||||||||||||||
| 2024 | 2025 | |||||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ||
| 2Q | 3Q | 4Q | 1Q | 2Q | 3Q | |||||||||||||
| Cost of goods sold | 1.4 | 0.8 | 8.7 | 0.5 | — | 1.7 | ||||||||||||
| Selling & administrative expenses | 8.7 | 6.2 | 4.5 | 1.7 | — | — | ||||||||||||
| Other (income) expense, net | 675.4 | (8.7 | ) | (1.3 | ) | 1.5 | (14.8 | ) | (100.0 | ) | ||||||||
| Total Non-GAAP Adjustments (Pretax) | 685.5 | (1.7 | ) | 11.9 | 3.7 | (14.8 | ) | (98.3 | ) | |||||||||
| ^9^ | The special tax item of $2.3 in Q3, 2025 is related to recent U.S. corporate income tax law changes, and the<br>$5.4 in Q4, 2024 is the deferred tax asset valuation allowance related to a 2022 acquisition in the Specialized Products segment. | |||||||||||||||||
| --- | --- | |||||||||||||||||
| ^10^ | Calculations impacted by rounding. | |||||||||||||||||
| --- | --- | |||||||||||||||||
| ^11^ | Management and investors use this ratio as supplemental information to assess ability to pay off debt. These<br>ratios are calculated differently than the Company’s credit facility covenant ratio. | |||||||||||||||||
| --- | --- |