Why Leggett & Platt (LEG) Shares Are Trading Lower Today

Published on 1 May 2024 on StockStory via Yahoo Finance

Why Leggett & Platt (LEG) Shares Are Trading Lower Today

What Happened:

Shares of manufacturing company Leggett & Platt (NYSE:LEG) fell 32.4% in the morning session after the company reported first quarter results with its revenue and EPS falling below Wall Street's estimates. The company stated its underperformance stemmed from weak demand in its residential end markets. Additionally, operating cash flows were negative $6 million, down from $103 million in Q1 2023. This was primarily driven by lower accounts payable and earnings. Looking ahead, the company reconfirmed its revenue guidance for the full year, but its earnings forecast missed. Overall, this was a bad quarter for Leggett & Platt.

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Why Leggett & Platt (LEG) Shares Are Trading Lower Today

NYSE.LEG price evolution

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Why Leggett & Platt (LEG) Shares Are Trading Lower Today