Benzinga | Aug 3, 2021 06:55AM EDT

Leggett & Platt Reports Q2 Earnings Above Estimates; Raises FY21 Guidance

* Leggett & Platt Inc (NYSE:LEG) reported second-quarter FY21 sales growth of 50.3% year-on-year, to $1.27 billion, beating the analyst consensus of $1.23 billion.

* Trade sales from Bedding products rose 48.2% Y/Y to $608.7 million, Specialized Products increased 72% to $241.7 million, and Furniture, Flooring & Textile Products rose 43% to $419.2 million.

* Gross profit rose 84% Y/Y to $269.3 million.

* The company held $231.6 million in cash and equivalents as of June 30, 2021. Net cash from operating activities in the quarter fell 64% Y/Y to $40.9 million.

* Adjusted EBITDA rose 98.1% Y/Y to $191.8 million, and the adjusted EBITDA margin expanded 360 basis points Y/Y to 15.1%.

* Adjusted EPS of $0.66 beat the analyst consensus of $0.54.

* "While we continue to navigate inflationary pressures along with supply chain disruptions, consumer demand remains strong and we are increasing our full-year guidance," said Chairman and CEO Karl Glassman.

* Outlook: Leggett raised FY21 sales guidance to $4.9 billion - $5.1 billion from $4.8 billion - $5 billion, with the consensus of $4.91 billion.

* The company sees FY21 adjusted EPS of $2.70 - $2.90 versus the consensus of $2.72.

* Price action: LEG shares closed higher by 0.04% at $48.05 on Monday.