Leggett & Platt raises FY12 EPS to $1.63-$1.70 due to unusual tax benefit of 18c Consensus $1.49. Leggett & Platt anticipates a Q4 unusual, non-cash net tax benefit of approximately $27M, or 18c per share. This benefit results primarily from the elimination of a valuation allowance on the company's Canadian deferred tax assets. Apart from this unusual tax benefit, the company's FY12 EPS guidance has not changed from the $1.45-1.52 issued in October. The tax benefit is expected to increase earnings per share by approximately 18c; as a result, FY12 EPS is now expected to be in the range of $1.63-$1.70. Additionally, since this is a non-cash item, the company's expectation for operating cash has not changed. As previously stated, cash from operations for the year 2012 should exceed $350M.
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