Benzinga | Aug 2, 2021 04:14PM EDT

Leggett & Platt Raises FY21 Adj. EPS Guidance From $2.55$2.75 To $2.70$2.90 vs $2.72 Est., Raises Sales Guidance From $4.8B-$5B To $4.9B-$5.1B vs $4.91B Est.

2021 GUIDANCE

* Increasing full year 2021 guidance

* Sales are expected to be $4.9--$5.1 billion, +14% to 19% versus 2020 Volume expected to grow mid-to-high-single digits Raw material-related price increases expected to add significant sales growth Acquisitions, net of divestitures, expected to add 1%

* EPS is expected to be $2.86--$3.06 Reflects higher volume and higher metal margin Includes 2Q gain from real estate sale of $0.16 per share

* Adjusted EPS is expected to be $2.70--$2.90

* Based on this guidance framework, EBIT margin should be 11.9%--12.2%; adjusted EBIT margin should be 11.4%--11.6%

* Operating cash flow of approximately $450 million Reflects inflationary impact and planned working capital investments to build and maintain higher inventory levels in our Rod, Wire, and U.S. Spring businesses

* Additional guidance expectations: Depreciation and amortization $195 million Net interest expense $75 million Effective tax rate 23% Fully diluted shares 137 million Capital expenditures $140 million Dividends approximately $215 million

* Prior Guidance: Sales: $4.8--$5.0 billion EPS: $2.55--$2.75 Operating cash flow: approximately $500 million