L&P Warns of Less-Than-Expected 3Q Earnings

Leggett & Platt (Carthage, Mo.), the diversified manufacturing company whose Commercial Fixturing & Components division is the largest store fixture supplier in the country, has announced that third quarter earnings are expected to be less than previously anticipated.

The company says the cause is the inclusion of $11-13 million in expenses for divesting or closing five facilities. Without these costs, said the company, third quarter earnings per share would be within the guidance issued by the company on July 17, 2002.

Leggett said it still has plans to idle or close two additional facilities, including an unnamed commercial fixturing facility that primarily serves the telecom industry.