Leggett & Platt Anticipates Restructuring-Related Charge in 4Q

Diversified manufacturer Leggett & Platt anticipates a fourth quarter, largely non-cash, pre-tax charge of approximately $36 million.  The expense primarily reflects restructuring-related activity including the closure of additional manufacturing facilities. Production capacity should decline only slightly, due to the relocation of equipment to other facilities.

Apart from this special charge, the company's full year EPS expectation has not changed from the $1.15 - 1.20 guidance issued in October.  The special charge is expected to reduce after-tax earnings by roughly $.16 per share; as a result, full year EPS is expected to be in the range of $.99 - 1.04.