UPDATE 1-Leggett & Platt revises Q1 EPS

viernes 8 de mayo de 2009 15:52 CEST
 

* Q1 revised EPS $0.02 vs prior EPS of $0.06

* Raises bad debt expense

* Reiterates FY outlook

May 8 (Reuters) - Leggett & Platt Inc (LEG.N: Cotización), a maker of bed springs and store shelving, revised its first-quarter earnings to reflect increased bad debt expense due to the shutdown of one of its customers.

Leggett & Platt reported first-quarter earnings of 2 cents a share, compared with 6 cents a share, which it had reported last month.

The company said it increased its bad debt expense by $8.5 million to reflect the full amount of its credit exposure to Consolidated Bedding, which was a "significant customer."

Leggett & Platt, which maintained its full-year outlook, said the volume of business from Consolidated Bedding will likely be dispersed among its other customers.

Shares of the Carthage, Missouri-based company were trading up 3 percent at $15.57 Friday morning on the New York Stock Exchange. (Reporting by Renju Jose in Bangalore; Editing by Anne Pallivathuckal)