Leggett & Platt (NYSE:LEG) is expected to report Q3 earnings Thursday after the closing bell with a conference call scheduled for Friday at 9:00 am ET.
Analysts are looking for a profit of 35c on revenue of $1.11B. The consensus range is 33c to 36c for EPS, and revenue of $1.07B to $1.15B, according to First Call. In July, Leggett & Platt forecast FY08 EPS $1.00 to $1.30 vs. First Call consensus of $1.14 and revenue $4.3B vs. First Call consensus of $4.24B.
In an August 25 client note, Stifel Nicolaus said shares of the company are expected to move higher as the company focuses on higher returns and rids itself of less profitable businesses. In September, Monomoy Capital acquired L&P Plastics from Leggett; terms of the transaction were not disclosed.
Also in September, Electronics for Imaging (NASDAQ:EFII) won a lawsuit against the company. The Federal Court of Appeals in Washington, D.C., ruled decisively and recently concluded that all the asserted claims of a Leggett & Platt patent were invalid "on multiple grounds."
Due to the slumping economy, L&P officials announced plans to lay off 259 workers at two of its Northeast Mississippi plants beginning around December 8.