"Leggett (LEG) Lags on Q1 Earnings & Sales, Cuts Dividend by 89%." Been trimming my Leg holding for ages. Once about my largest holding several decades ago.
"Leggett significantly reduced its second-quarter dividend to 5 cents from the prior-year figure of 46 cents. The company noted that the move has been undertaken to free up capital to accelerate the deleveraging of its balance sheet and solidify long-held financial strength. The dividend will be paid on Jul 15, 2024, to shareholders of record on Jun 14.
Quarter in Details Leggett reported adjusted earnings per share (EPS) of 23 cents, which lagged the consensus estimate of 25 cents by 8% and decreased 41% from 39 cents reported a year ago.
Net trade sales of $1.1 billion missed the consensus mark of $1.11 billion by 1.5% and declined 9.6% from the prior-year quarter’s level of $1.2 billion (all org
Another example of why I never buy stocks for fat dividends. Prefer those that pay durable "market rate" payouts of around 1%-3%. Index funds sill doing well and paying nicely,
Strange that t LEG was still increasing its dividend until recently. They do a lot of business in auto interiors. including EV interiors. That surely hasn't gone well lately.
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