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This statistic highlights Leggett & Platt’s Revenue Breakdown by Product, split between Bedding products, Furniture, Flooring, Textile Products and Specialized products.
Leggett & Platt’s Revenue Breakdown by Product
The following table highlights Leggett & Platt’s Revenue Breakdown:
|Segment||Q3 2020||Q2 2021||Q3 2021||Contribution in Q3 2021|
|Furniture, Flooring & Textile Products||$374.90||$419.20||$419.50||31.80%|
(All figures in millions, except percentages)
On a QoQ basis, the total revenue only increased by 3.9%. However, on a YoY basis, there was a growth of 9.2% in the total revenue generated.
In conjunction with the change in executive officer leadership, the management organizational structure and all related internal reporting changed effective January 1, 2020. As a result, the segment reporting changed to reflect the new structure. The modified structure now consists of three segments, seven business groups, and 15 business units.
This segment supplies a large variety of components and machinery used by bedding manufacturers in the production and assembly of their finished products. It also includes private label finished mattresses for bedding brands and adjustable bed bases. Bedding products are vertically integrated into the production and supply of specialty foam chemicals, steel rods, and drawn steel wire, for their operations and to external customers. Trade customers for wire make mechanical springs and many other end products for Leggett & Platt. Almost 50% of the total revenue comes from bedding products. Each financial year, this segment constitutes the highest contribution in the total revenue generated in Q3 2021.
On a QoQ basis, there was a 9.1% increase in the revenue generated from this segment. Comparatively, on a YoY basis, there was a 12.6% increase in the revenue contribution. In the last 3 quarters, there is a linear increase in the revenue generated. Since the revamp in 2020, this segment has grown by 31%.
Furniture, Flooring & Textile Products
Operations in this segment include the supply of a wide range of components for residential and work furniture manufacturers, as well as select lines of private-label, finished furniture. Leggett & Platt also produces and distributes carpet cushions, hard surface flooring underlayment, and textile and geo components. This segment contributed almost 32% of the total revenue generated in Q3 2021.
On a QoQ basis, there was an additional increase in revenue of only $0.3 million from this section of the business. On the contrary, there was an 11.9% increase on a YoY basis. Even here, there has been a growth of almost 31% since 2020.
From this segment, lumbar support systems, seat suspension systems, motors and actuators, and control cables used by automotive manufacturers are supplied. They also produce and distribute tubing and tube assemblies for the aerospace industry and engineered hydraulic cylinders used in the material handling and construction industries. This segment contributed 18% of the total revenue generated in Q3 2021.
In FY2021, there has been a decline in the revenue generated. On a QoQ basis, there is a decrease of 2.5%, whereas, on a YoY basis, there was a 3% decline. This reduction can be attributed to the decline in sales. Volume had reduced, primarily from lower sales in Automotive due to semiconductor shortages impacting global automotive production. It was partially offset by sales growth in Hydraulic Cylinders and Aerospace.
About the company
Leggett & Platt is listed on the NYSE, with the stock ticker “LEG”. They are the leading U.S.-based manufacturer of:
Their operations are comprised of 132 manufacturing facilities located in 17 countries around the world, principally located in Europe, China, Canada, and Mexico.
Leggett & Platt continues to make investments to support expansion in current businesses and product lines where sales are growing profitably. They envision periodic acquisitions that add capabilities to their businesses and provide opportunities to enter into more diverse, faster-growing, and higher-margin markets. In January 2018, Leggett & Platt acquired Precision Hydraulic Cylinders (PHC), a leading global manufacturer of engineered hydraulic cylinders primarily for the materials handling market. The following year, in January 2019, they completed the acquisition of ECS, a leader in proprietary specialized foam technology, primarily for the bedding and furniture industries. In each of the past 3 years, there were other smaller acquisitions too.
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