2024-03-19 13:39:14 ET
Summary
- Leggett & Platt, Incorporated stock has tanked due to a disappointing earnings outlook and a corporate restructuring plan.
- The company's net sales declined by $400 million and expenses grew in 2023, leading to a net loss.
- Despite the challenges, the Leggett & Platt dividend is still covered by free cash flow.
Leggett & Platt, Incorporated ( LEG ), a manufacturer that specializes in diversified furniture and automobile products, has seen its stock tank during the first quarter. The company posted disappointing earnings results for the fourth quarter and announced a corporate restructuring plan that led to the withdrawal of shareholder return goals. Despite the bad news, I think the company is oversold and investors can earn income by either purchasing its shares or by selling cash secured puts....
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Leggett & Platt: 2 High-Yield Income Options