Leggett & Platt 2023 Guidance Lowered: Sales From $4.75B-$4.95B To $4.70B-$4.75B; Adjusted EPS From $1.45-$1.65 To $1.35-$1.45
Portfolio Pulse from Benzinga Newsdesk
Leggett & Platt has lowered its 2023 sales and EPS guidance. The new sales forecast is between $4.70B-$4.75B, down from $4.75B-$4.95B. The adjusted EPS is now expected to be between $1.35-$1.45, down from $1.45-$1.65. The guidance does not account for impacts from the ongoing UAW strike due to uncertainties around its duration and severity.
October 30, 2023 | 9:01 pm
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NEGATIVE IMPACT
Leggett & Platt's lowered 2023 sales and EPS guidance may negatively impact its stock price in the short term. The ongoing UAW strike, which is not accounted for in the guidance, adds further uncertainty.
Lowered sales and EPS guidance typically indicate a company's expectation of weaker future performance, which can negatively impact investor sentiment and the stock price. The ongoing UAW strike adds further uncertainty, which markets typically dislike.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100