Leggett & Platt Posts $1 Billion in Second Quarter Sales Amid Market Slump

The Carthage-based company, which has served the home and automotive industries for 143 years, faced a challenging quarter marked by a double-digit decline in U.S. mattress market units. CEO Karl Glassman attributed the sluggish performance to reduced consumer activity and broader economic headwinds, including geopolitical tensions and elevated energy costs. While reported earnings per share landed at $0.33, adjusted figures reached $0.39, reflecting a $0.09 improvement over the adjusted results from the second quarter of 2025. This bottom-line lift was largely driven by internal cost management, metal margin expansion, and temporary restructuring benefits.

Operational performance remained uneven across the company's three main segments. The Bedding Products division saw trade sales slip 1% as volume declines in the adjustable bed category were partially offset by stronger performance in trade rod and wire businesses. Meanwhile, the Specialized Products segment recorded a 19% drop in trade sales, significantly impacted by the divestiture of its aerospace business last year. As the company prepares for its pending acquisition by Somnigroup, management has withdrawn its 2026 financial guidance. Shareholders are set to vote on the merger at a special meeting scheduled for August 20, with the transaction expected to close following the satisfaction of final regulatory requirements.