Leggett slashes Q4 profit outlook
Dec 19 (Reuters) - Diversified manufacturer Leggett & Platt Inc (LEG.N: Cotización), whose products are largely used by furniture manufacturers, slashed its quarterly profit outlook, hurt by higher restructuring costs and a weak U.S. housing market.
For the fourth quarter, the company expects earnings of 9 cents to 13 cents a share, before impairment charges, compared with its prior forecast of 18 cents to 26 cents a share, which included 7 cents in restructuring costs.
Leggett expects further divestiture and restructuring costs in 2008, but the amounts will be significantly lower than that in the fourth quarter, the company said in a statement. (Reporting by Aditi Samajpati in Bangalore)
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