Leggett & Platt sales tumble 10% as bedding giant withdraws outlook ahead of Somnigroup merger

Leggett & Platt (NYSE:LEG) saw its first-quarter sales decline by double digits as the company moves toward a structural exit from the public markets.

The Carthage, Missouri-based manufacturer reported net sales of $918 million for the period ended March 31, 2026, a 10% decrease compared to the $1.02 billion reported in the first quarter of 2025.

The revenue contraction was driven by a 5% decline from strategic divestitures, primarily in its aerospace unit, and a 5% organic sales decrease.

Management noted that lower volumes across most end markets, particularly in residential bedding and furniture, weighed on the quarter’s performance despite minor pricing and currency offsets.

Profitability metrics also retreated in the face of lower volume and margin compression.

First-quarter EBIT fell to $45 million, compared to $63 million in the prior-year period.

On a per-share basis, the company reported GAAP diluted EPS of $0.14 and adjusted EPS of $0.15, trailing the adjusted $0.26 analysts had anticipated.

The quarterly report arrives just weeks after the April 13 announcement that Leggett & Platt has entered into a definitive agreement to be acquired by Somnigroup International (NYSE:SGI).

The all-stock transaction, valued at approximately $2.5 billion, is expected to close by year-end 2026.

As a result of the pending transaction, Leggett & Platt has withdrawn its previously issued financial guidance for the full year 2026.