Leggett & Platt increases dividend by 3.4% to 30c Leggett & Platt's board announced a dividend of 30c per share for Q1. The dividend will be paid on April 15 to shareholders of record on March 14. The company said the 30c Q1 dividend is an increase of 3.4% versus 1Q13.
Leggett & Platt sees FY16 EPS $2.30-$2.50, consensus $2.34 Sees FY16 revenue $3.9B-$4.1B, consensus $4.17B. Unit volume growth is expected to be in the mid-to-high single digits as a result of continued strong demand in many of the company's product categories, and improvement in the majority of its end markets. As partial offsets to the volume growth, sales guidance includes a 2-3% reduction from commodity deflation, and a 2% decrease from the Steel Tubing divestiture completed in late December. Based upon this sales guidance, 2016 EBIT margin is expected to approximate 2015's adjusted EBIT margin. The benefit to margin from higher unit volume is anticipated to be largely offset by non-recurrence of the 2015 pricing lag. This guidance framework assumes that commodity prices (primarily steel) stabilize near current levels.