Table of Contents LEGGETT & PLATT, INCORPORATED (Exact name of registrant as specified in its charter) UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 (Mark One) FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to . Commission File Number 001-07845 Missouri 44-0324630 (S ...

Financial Performance - Q4 2023 - Sales decreased by 7% to $1.115 billion compared to Q4 2022, with organic sales declining by 7%[3, 4] - Adjusted EBIT was $66 million, a 28% decrease compared to $91 million in Q4 2022, resulting in an adjusted EBIT margin of 5.9%, down 170 bps[3] - Adjusted EPS was $0.26, a 33% decrease compared to $0.39 in Q4 2022[3] - Cash from operations decreased by 41% to $146 million compared to $247 million in Q4 2022[3] Financial Performance - Full Year 2023 - Sales decreased by 8% to $4.725 billion compared to 2022[25] - Adjusted EBIT was $334 million, a 31% decrease compared to $485 million in 2022[25] - Adjusted EPS was $1.39, a 39% decrease compared to $2.27 in 2022[2] - Cash from operations increased by 13% to $497 million compared to $441 million in 2022[2] Sales Bridge - Q4 2023 - Volume decrease impacted sales by approximately $39 million, a 3% decrease[4] - Raw material-related pricing and currency impact decreased sales by approximately $47 million, a 4% decrease[4] - Acquisitions increased sales by $5 million[4] 2024 Guidance - The company expects sales of $4.35-$4.65 billion, a decrease of 2% to 8% versus 2023, and adjusted EPS of $1.05-$1.35[2]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-07845 LEGGETT & PLATT, INCORPORATED (Exact name of registrant as specified in its charter) Missouri 44-0324630 (State or ot ...

Leggett & Platt, Incorporated (NYSE:LEG) Q3 2023 Earnings Call Transcript October 31, 2023 8:30 AM ET Company Participants Cassie Branscum - Senior Director, Investor Relations Mitch Dolloff - President and Chief Executive Officer Ben Burns - Executive Vice President and Chief Financial Officer Tyson Hagale - Executive Vice President and President-Bedding Products Conference Call Participants Susan Maklari - Goldman Sachs Bobby Griffin - Raymond James Keith Hughes - Truist Securities Peter Keith - Piper San ...

3rd Qtr 2023 $319 10% Specialized Products Specialized – Key Points Q3 EBIT was flat on higher sales primarily offset by consolidation costs at an Automotive facility and the lag associated with passing through raw material-related pricing changes in Hydraulic Cylinders | --- | --- | --- | --- | --- | --- | |----------------|-------|-------------|-------|--------|----------------| | mln $'s | EBIT | EBIT margin | D&A | EBITDA | EBITDA margin | | 3rd Qtr 2022 | $38 | 9.1% | $6 | $44 | 10.4% | | Change | | (9 ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-07845 LEGGETT & PLATT, INCORPORATED (Exact name of registrant as specified in its charter) Missouri 44-0324630 (State or other j ...

Q2 sales of $1.22 billion, an 8% decrease vs. Q2-22 Currency impact was flat Adjusted1 EBIT margin 7.5%, down 320 bps vs. 10.7% in Q2-22 Adjusted EPS: $1.45–$1.65 Q2 2023 Financial Highlights | --- | --- | --- | |----------------------------------------------------------|---------|-------------| | Sales: | mln $'s | % change | | 2 nd Qtr 2022 | $1,334 | | | Approx volume decrease | (84) | (6%) | | Approx raw material-related pricing and currency impact | (69) | (5%) | | Organic Sales | (153) | (11%) | | Acq ...

Leggett & Platt, Incorporated (NYSE:LEG) Q2 2023 Earnings Conference Call August 1, 2023 8:30 AM ET Company Participants Susan McCoy – Senior Vice President-Investor Relations Mitch Dolloff – President and Chief Executive Officer Ben Burns – Executive Vice President and Chief Financial Officer Steve Henderson – Executive Vice President and President–Specialized Products and Furniture, Flooring and Textile Products Tyson Hagale – Executive Vice President and President–Bedding Products Conference Call Partici ...

Financial Performance - Trade sales for the first quarter of 2023 were $1,214 million, a decrease of 8% compared to the first quarter of 2022[71]. - EPS for the first quarter of 2023 was $0.39, down from $0.66 in the same period of 2022[71]. - EBIT for the first quarter of 2023 was $89 million, a decrease of $48 million compared to the same period in 2022[71]. - Trade sales for the first three months of 2023 were $1,214 million, an 8% decrease compared to the same period last year, with organic sales down 11%[111]. - EBIT decreased by 35% to $89 million, primarily due to lower volume and lower metal margin in the Steel Rod business[112]. - EPS for the first quarter of 2023 was $0.39, down from $0.66 in the same period of 2022, reflecting lower EBIT[112]. - The worldwide effective tax rate for the first quarter of 2023 was 22%, compared to 23% for the same quarter last year[114]. Cash Flow and Working Capital - Operating cash flow increased by $58 million to $97 million in the first quarter of 2023 compared to the same period of 2022[72]. - Cash from operations for the three months ended March 31, 2023, was $97 million, an increase of $58 million from the same period last year[125]. - Adjusted working capital as a percentage of annualized trade sales was 15.8% for the first quarter of 2023, compared to 15.3% for the fourth quarter of 2022[127]. - Trade receivables increased, with DSO rising compared to December 31, 2022, primarily due to sales growth in the Specialized segment and seasonality effects[130]. - Approximately $50 million of trade receivables were sold as of March 31, 2023, reducing quarterly DSO by roughly four days[134]. Segment Performance - The Bedding Products segment contributed 44% of trade sales in the first three months of 2023[77]. - The Specialized Products segment contributed 26% of trade sales in the first three months of 2023[78]. - The Furniture, Flooring & Textile Products segment contributed 30% of trade sales in the first three months of 2023[79]. - Bedding Products trade sales decreased by $111 million, or 17%, with organic sales also down 17%[119]. - Specialized Products trade sales increased by $57 million, or 21%, driven by volume growth of 11% and raw material-related selling price increases of 2%[120]. - Furniture, Flooring & Textile Products trade sales decreased by $54 million, or 13%, with organic sales down 15%[122]. Debt and Capital Expenditures - Total debt outstanding is $2.1 billion, with $9 million due within 12 months and the remainder maturing through 2051[139]. - Capital expenditures are expected to be between $100 million and $130 million in 2023, with $38 million spent as of March 31, 2023[141]. - The company has a $1.2 billion commercial paper program, with $317 million outstanding as of March 31, 2023[137]. Dividends and Share Repurchases - A quarterly dividend of $0.44 per share was declared, representing a 4.8% increase compared to the first quarter of 2022[142]. - Share repurchases totaled 0.1 million shares at an average price of $34.04 during the first quarter of 2023[145]. Market Conditions and Expectations - The company expects overall demand in 2023 to be slightly lower than levels experienced in 2022 due to macroeconomic pressures[87]. - The company has experienced fluctuations in raw material costs, particularly steel, which significantly impacts earnings and pricing strategies[88][90]. Assets and Liabilities - The company had cash and cash equivalents of $345 million as of March 31, 2023, primarily held in interest-bearing accounts[123]. - Inventories and DIO decreased as of March 31, 2023, compared to both December 31, 2022, and March 31, 2022, due to reductions to support current demand[131]. - Accounts payable increased while DPO remained flat as of March 31, 2023, primarily due to the timing of steel scrap purchases[133]. - As of March 31, 2023, goodwill and other intangible assets represented $2.1 billion, or 40% of total assets[173]. Corporate Governance and Compliance - The company has a formal process for incident response and cybersecurity continuous improvement, with a Cybersecurity Oversight Committee updating the Board quarterly[170]. - The company has not experienced material climate-related compliance costs to date, but is evaluating opportunities to reduce its carbon footprint[167]. - The company expects to publish its ESG objectives, goals, and targets, including climate-related goals in 2023 or the first half of 2024[168]. Miscellaneous - The company did not acquire any businesses in the first three months of 2023 or 2022, with minimal acquisition activity expected for the full year[144]. - The company has approximately 135 production facilities in 18 countries, primarily located in North America, Europe, and Asia[160]. - The company has issued accounting guidance effective for the current and future periods[180]. - The company has not independently verified data from industry analyses and cannot guarantee their accuracy or completeness[184].

Financial Data and Key Metrics Changes - Sales for Q1 2023 were $1.21 billion, down 8% compared to Q1 2022, primarily due to lower volume, raw material-related price decreases, and currency impacts [8][33] - EBIT decreased by 35% year-over-year, resulting in an EBIT margin of 7.4%, down from 10.4% in Q1 2022 [8] - Earnings per share decreased by 41% compared to Q1 2022, with Q1 2023 earnings at $0.39 [33] Business Line Data and Key Metrics Changes - Bedding Products segment sales decreased by 17% year-over-year, with U.S. Spring volume down 13% [9][38] - Specialized Products segment sales increased by 21% year-over-year, driven by the Hydraulic Cylinders acquisition [11] - Flooring Products segment sales were down 13% year-over-year, with residential demand remaining soft [13][38] Market Data and Key Metrics Changes - Demand in the U.S. bedding market has stabilized at low levels, consistent with the second half of 2022 [9] - The automotive production forecast indicates approximately 4% growth in major markets for 2023 [11] - Hospitality demand has improved but remains below pre-pandemic levels [13] Company Strategy and Development Direction - The company is focused on improving operational efficiency and cash management to navigate macroeconomic uncertainties [13][20] - There is an emphasis on enhancing specialty foam performance and recovering costs in the automotive business [10][11] - The company aims to maintain a disciplined approach to capital allocation, prioritizing organic growth, dividends, and strategic acquisitions [15][17] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenging macroeconomic environment impacting consumer demand and sales [33][20] - The company expects stable demand in bedding businesses and modest increases in the second half of the year [9][18] - There is cautious optimism regarding a rebound in demand later in the year, despite current inventory levels being high [58][82] Other Important Information - Cash from operations for Q1 2023 was $97 million, significantly higher than the $39 million generated in Q1 2022 [15] - Total debt at the end of Q1 2023 was $2.1 billion, with a net debt to trailing twelve-month adjusted EBITDA ratio of 2.88 times [16] - The company declared a dividend of $0.44 per share for Q1 2023, a 5% increase from the previous year [41] Q&A Session Summary Question: What is the outlook for automotive production volumes? - The automotive production outlook is up about 4% in major markets, with expectations of continued volatility [49] Question: Can you bridge the operating margin guidance for this year with long-term targets? - The company is focused on driving operating efficiency and optimizing capacity to improve margins [27][28] Question: How is the company managing cash generation capabilities amid economic uncertainty? - The company has a strong focus on working capital management, which positions it well for cash flow generation [55] Question: What is the current state of inventory levels in the market? - Retail levels have normalized, but wholesale and manufacturer inventories remain high, impacting demand [58] Question: Are there any risks related to customer liquidity due to tighter lending standards? - The company is closely monitoring customer credit and managing sales to ensure customers can pay for deliveries [122]