Company News
November 1, 2022
Leggett & Platt Results
LEGGETT & PLATT REPORTS 3Q RESULTS
Oct. 31, 2022 4:10 PM ETLeggett & Platt, Incorporated (LEG)
Q3: 2022-10-31 Earnings Summary
EPS of $0.52 beats by $0.03 | Revenue of $1.29B (-1.88% Y/Y) beats by $59.65M
CARTHAGE, Mo., Oct. 31, 2022 /PRNewswire/ —
- 3Q sales were $1.29 billion, a 2% decrease vs 3Q21
- 3Q EBIT of $113 million, down $31 million vs 3Q21
- 3Q EPS of $.52, a decrease of $.19 vs 3Q21
- 2022 guidance unchanged from October 10 announcement: sales of $5.1–$5.2 billion; EPS of $2.30–$2.45
Diversified manufacturer Leggett & Platt (LEG) reported third quarter sales of $1.29 billion, a 2% decrease versus third quarter last year.
- Organic sales1 were down 3%
- Volume was down 8%, primarily from continued demand softness in residential end markets, partially offset by growth in automotive and industrial end markets
- Raw material-related selling price increases added 8% to sales
- Currency impact decreased sales 3%
- Previously announced Hydraulic Cylinders and Textile acquisitions completed in August, net of small divestitures, added 1% to sales
Third quarter EBIT was $113 million, down $31 million from third quarter 2021.
- EBIT decreased primarily from lower volume, lower overhead absorption from reduced production, and operational inefficiencies in Specialty Foam, partially offset by metal margin expansion
- EBIT margin was 8.7%, down from 10.9% in the third quarter of 2021
Third quarter EPS was $.52. EPS decreased $.19 versus third quarter 2021 primarily reflecting lower EBIT.
CEO COMMENTS
President and CEO Mitch Dolloff commented, “The current global economic environment and its effect on the consumer negatively impacted our third quarter results. As anticipated, we continue to experience demand and margin recovery in our Specialized Products segment. The U.S. bedding market remains fairly stable but at relatively weak levels, and we began to see slowing in other markets such as European bedding, home furniture, work furniture, and steel. As a result of these lower demand levels and the increasingly challenging macroeconomic environment, we lowered our full year guidance on October 10th.
“Third quarter earnings per share were slightly better than expected primarily due to incentive compensation adjustments. At the midpoint of guidance, fourth quarter is now expected to be slightly lower than third quarter primarily due to further reductions in steel rod production in response to the slowing steel market.
“We continue to focus on things we can control and are taking action to mitigate the impact of these challenges by aligning costs, production levels, and inventory with demand; evaluating near-term opportunities with our customers and working with them on new product developments; and continuing to build out our existing businesses through acquisitions. Our strong balance sheet and cash flow give us confidence in our ability to navigate challenging markets while investing in long-term opportunities.”
November 1, 2022
Leggett & Platt Results
LEGGETT & PLATT REPORTS 3Q RESULTS
Oct. 31, 2022 4:10 PM ETLeggett & Platt, Incorporated (LEG)
Q3: 2022-10-31 Earnings Summary
EPS of $0.52 beats by $0.03 | Revenue of $1.29B (-1.88% Y/Y) beats by $59.65M
CARTHAGE, Mo., Oct. 31, 2022 /PRNewswire/ —
- 3Q sales were $1.29 billion, a 2% decrease vs 3Q21
- 3Q EBIT of $113 million, down $31 million vs 3Q21
- 3Q EPS of $.52, a decrease of $.19 vs 3Q21
- 2022 guidance unchanged from October 10 announcement: sales of $5.1–$5.2 billion; EPS of $2.30–$2.45
Diversified manufacturer Leggett & Platt (LEG) reported third quarter sales of $1.29 billion, a 2% decrease versus third quarter last year.
- Organic sales1 were down 3%
- Volume was down 8%, primarily from continued demand softness in residential end markets, partially offset by growth in automotive and industrial end markets
- Raw material-related selling price increases added 8% to sales
- Currency impact decreased sales 3%
- Previously announced Hydraulic Cylinders and Textile acquisitions completed in August, net of small divestitures, added 1% to sales
Third quarter EBIT was $113 million, down $31 million from third quarter 2021.
- EBIT decreased primarily from lower volume, lower overhead absorption from reduced production, and operational inefficiencies in Specialty Foam, partially offset by metal margin expansion
- EBIT margin was 8.7%, down from 10.9% in the third quarter of 2021
Third quarter EPS was $.52. EPS decreased $.19 versus third quarter 2021 primarily reflecting lower EBIT.
CEO COMMENTS
President and CEO Mitch Dolloff commented, “The current global economic environment and its effect on the consumer negatively impacted our third quarter results. As anticipated, we continue to experience demand and margin recovery in our Specialized Products segment. The U.S. bedding market remains fairly stable but at relatively weak levels, and we began to see slowing in other markets such as European bedding, home furniture, work furniture, and steel. As a result of these lower demand levels and the increasingly challenging macroeconomic environment, we lowered our full year guidance on October 10th.
“Third quarter earnings per share were slightly better than expected primarily due to incentive compensation adjustments. At the midpoint of guidance, fourth quarter is now expected to be slightly lower than third quarter primarily due to further reductions in steel rod production in response to the slowing steel market.
“We continue to focus on things we can control and are taking action to mitigate the impact of these challenges by aligning costs, production levels, and inventory with demand; evaluating near-term opportunities with our customers and working with them on new product developments; and continuing to build out our existing businesses through acquisitions. Our strong balance sheet and cash flow give us confidence in our ability to navigate challenging markets while investing in long-term opportunities.”
October 28, 2022
Recticel Results and Divestiture Update
Recticel Trading update third quarter 2022
Regulated information, Brussels, 28/10/2022 — 06:59 CET, 28.10.2022
- Third quarter net sales increase from €107.6 million in 2021 to €153.5 million (+42.7%) in 2022, of which €51.7 million contribution from Trimo, a €8.9 million reduction following the phasing out of sales of chemicals to divested Automotive companies and -0.2% currency effect
- Year-to-date September net sales increase from € 337.2 million in 2021 to €427.9 million in 2022 (+26.9%), of which €90.3 million contribution from Trimo, and a €39.9 million reduction following the phasing out of sales of chemicals to divested Automotive companies and +0.3% currency effect
- Closing of the divestment of Engineered Foams expected at the latest by 1Q2023
Olivier Chapelle (CEO Recticel): “The trends observed during the first half of 2022 have continued in the third quarter. The European construction market is extremely challenging with high inflation and is weakening. During the third quarter volumes have been slightly lower than in 2021. Our teams remain focussed on adapting to the changing environment.
The divestment of Engineered Foams is expected to close at the latest by the first quarter of 2023, following the decision on 2 September 2022 by the Competition and Markets Authority in the UK to fast track the approval process.
Our Insulation business is well positioned to respond to the immense challenges of our society: climate change, energy saving, and regional energy independence. Through innovation, organic growth, and M&A activities, we are dedicated to deliver on our growth promise.”
OUTLOOK
In this challenging overall environment, we expect Adjusted Ebitda of our continued business to reach between €60 and €65 million for the full year 2022.
October 28, 2022
Recticel Results and Divestiture Update
Recticel Trading update third quarter 2022
Regulated information, Brussels, 28/10/2022 — 06:59 CET, 28.10.2022
- Third quarter net sales increase from €107.6 million in 2021 to €153.5 million (+42.7%) in 2022, of which €51.7 million contribution from Trimo, a €8.9 million reduction following the phasing out of sales of chemicals to divested Automotive companies and -0.2% currency effect
- Year-to-date September net sales increase from € 337.2 million in 2021 to €427.9 million in 2022 (+26.9%), of which €90.3 million contribution from Trimo, and a €39.9 million reduction following the phasing out of sales of chemicals to divested Automotive companies and +0.3% currency effect
- Closing of the divestment of Engineered Foams expected at the latest by 1Q2023
Olivier Chapelle (CEO Recticel): “The trends observed during the first half of 2022 have continued in the third quarter. The European construction market is extremely challenging with high inflation and is weakening. During the third quarter volumes have been slightly lower than in 2021. Our teams remain focussed on adapting to the changing environment.
The divestment of Engineered Foams is expected to close at the latest by the first quarter of 2023, following the decision on 2 September 2022 by the Competition and Markets Authority in the UK to fast track the approval process.
Our Insulation business is well positioned to respond to the immense challenges of our society: climate change, energy saving, and regional energy independence. Through innovation, organic growth, and M&A activities, we are dedicated to deliver on our growth promise.”
OUTLOOK
In this challenging overall environment, we expect Adjusted Ebitda of our continued business to reach between €60 and €65 million for the full year 2022.
October 28, 2022
Weyerhaeuser Results
Weyerhaeuser reports third quarter results
PR Newswire
- Achieved net earnings of $310 million, or $0.42 per diluted share
- Generated $583 million of Adjusted EBITDA
- Repurchased $404 million of common shares year to date, through the third quarter
SEATTLE, Oct. 27, 2022 /PRNewswire/ — Weyerhaeuser Company (NYSE: WY) today reported third quarter net earnings of $310 million, or 42 cents per diluted share, on net sales of $2.3 billion. This compares with net earnings of $482 million, or 64 cents per diluted share, on net sales of $2.3 billion for the same period last year and net earnings of $788 million for the second quarter of 2022. There were no special items in third quarter or second quarter 2022. Net earnings before special items was $450 million for the same period last year.
View our earnings release and financial statements in a printer-friendly PDF.
Adjusted EBITDA for the third quarter of 2022 was $583 million compared with $746 million for the same period last year and $1.2 billion for the second quarter of 2022.
“In the third quarter, we delivered solid results across our businesses, despite increasing macroeconomic headwinds,” said Devin W. Stockfish, president and chief executive officer. “Although near-term market conditions have moderated, we maintain a constructive longer-term outlook for the demand fundamentals that support our businesses. Looking ahead, our balance sheet is exceptionally strong, and we are well positioned to navigate through a range of market conditions. We remain focused on serving our customers and driving long-term value for our shareholders through an unmatched portfolio of assets, industry-leading performance and disciplined capital allocation.”
WOOD PRODUCTS
| FINANCIAL HIGHLIGHTS | 2022 | 2022 | ||||
| (millions) | Q2 | Q3 | Change | |||
| Net sales | $2,341 | $1,767 | $(574) | |||
| Net contribution to pretax earnings | $863 | $344 | $(519) | |||
| Adjusted EBITDA | $912 | $395 | $(517) |
Q3 2022 Performance – Sales realizations for lumber and oriented strand board decreased 28 percent and 41 percent, respectively, compared with second quarter averages. Sales and production volumes for lumber were moderately lower, largely due to the work stoppage at our mills in Washington and Oregon that commenced in mid-September. Unit manufacturing costs were higher, and log costs were moderately lower. Sales and production volumes for oriented strand board were slightly lower due to downtime for planned annual maintenance and transportation challenges in Canada. Unit manufacturing costs were higher, and fiber costs were comparable. Sales realizations were higher for most engineered wood products, while sales and production volumes were lower for most products due to downtime for planned annual maintenance, transportation challenges in Canada and labor constraints. Unit manufacturing costs for engineered wood products were higher, and raw material costs were significantly lower, primarily for oriented strand board webstock.
Q4 2022 Outlook – Weyerhaeuser anticipates fourth quarter earnings and Adjusted EBITDA will be lower than third quarter 2022, excluding the effect of changes in average sales realizations for lumber and oriented strand board. For lumber, the company expects significantly lower log costs, partially offset by lower sales volumes resulting from the work stoppage at our mills in Washington and Oregon. For oriented strand board, the company anticipates slightly higher sales volumes, comparable fiber costs, and significantly lower unit manufacturing costs due to less downtime for planned annual maintenance. Sales volumes and realizations are expected to be lower for most engineered wood products, partially offset by significantly lower raw material costs, primarily for oriented strand board webstock. For distribution, the company expects lower sales volumes and realizations for most products.
https://www.userwalls.news/n/weyerhaeuser-reports-quarter-results-3993000/
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