Investing for
the future.

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Introduction

Delivering profitable growth and generating strong cash flow are important goals that Leggett & Platt, like many other companies, strives to achieve. We recognize that those are only the first steps on our path to success. Equally important is what we choose to do with our capital and the cash we generate.

Continued investment in our strongest performing businesses is crucial to Leggett & Platt’s long-term success. That’s exactly what we are doing. On the next few pages, you will read about some specific investments that we are making to support growth in attractive product categories, expand our geographic scope, and enhance our manufacturing process and product-design capabilities. We think you will agree that we are creating attractive long-term opportunities as we Invest for the Future.

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2x
comfort core®
volume doubled
in just two years

Spühl PA-490 fully automatic assembly
machine for fabric-encased spring coils

Evolving Mattress Preferences

Support Comfort Core® Growth

One of the strongest performing product categories across the company is Comfort Core®, Leggett & Platt’s fabric-encased spring coils used in hybrid and other mattresses. Mattress producers have moved to higher valued innersprings like Comfort Core® in more of their product lines, typically replacing foam cores or traditional innersprings. Our Comfort Core® volume has doubled in just two years, currently representing 17% of our total U.S. innerspring units, and volume could easily double again in the next few years.

We are investing aggressively in uniquely versatile innerspring manufacturing equipment (produced in our own Swiss operation) to keep up with that growing demand. Our acquisition this past year of Tempur Sealy’s three innerspring production facilities – and the related exclusive supply agreement – coupled with international growth in the Comfort Core® product category, augment the need for these investments.

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Our Global Content
Per Vehicle is up
50%
Since 2009

Lumbar support actuator and cable

Automotive seat

Global Growth

Drives Automotive Investment

Our automotive business has led Leggett & Platt’s growth over the past five years. We are investing globally to ensure the ongoing success of this business. Sales should continue to be strong as global auto demand grows and more vehicles are offered with enhanced comfort and convenience features. That added content is a significant catalyst for our business, with higher valued seating comfort features, including advanced mechanical and pneumatic lumbar supports and massage, becoming more predominant in cars around the world. The cables, small motors, and actuators, common in lumbar supports and used in an increasing number of vehicle convenience features, represent further growth opportunities.

As a truly global business with operations in 10 countries, our automotive unit is making significant investments in critical resources. These include people, plant capacity, and enhanced technical capability to support our expanding geographic and product scope.

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More demanding applications with
Higher margins

Molten steel pouring into billet caster

Armoring wire for undersea
fiber optic cable

Process Improvements Expand

Rod Mill Markets

In order to supply higher quality specialty rod to our own operations and to outside customers, we are investing in process improvements at our steel rod mill. One example of these improvements is the electromagnetic stirring of the molten steel during billet casting, an early stage of steel rod production, to improve the consistency of the chemistry and physical properties of the rod.

These improvements will enable us to supply higher quality and higher margin steel rod and wire to a broader range of end markets. Transitioning a portion of our rod output into products used in more demanding applications – including armoring wire for undersea fiber optic cables, automotive transmission rings, and reinforcement wire for power transmission cables and water lines – should enhance the earnings of an already strong-performing operation within Leggett & Platt.

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Increasing our
scope
with kintec-solution

Reclining chair mechanism
and subassembly

Acquisition Establishes

Motion Hardware

Design Capabilities in Europe

Consumers around the world prize individualized comfort. Chairs and sofas that recline are becoming increasingly prevalent – today they represent approximately 40% of upholstered furniture sold in the U.S. Leggett & Platt benefits from this trend as the leading producer of recliner mechanisms in North America and Asia. Our home furniture components business has enjoyed growth over the past few years, with global sales increasing 8% in 2014.

This past year, we complemented our already strong position with the acquisition of Kintec-Solution, a German designer and distributor of high-end, European-styled motion components. This investment enables us to meet varying design preferences and broadens the range of products we can offer to our customers around the world. Kintec also provides a well-established European base for distributing our traditional furniture component lines.

Financial Highlights

Leggett & Platt (NYSE: LEG), a member of the S&P 500 index and pioneer in the development of steel coil bedsprings, was founded in 1883 as a partnership in Carthage, Missouri. Our stock was first publicly traded in 1967, and listed on the NYSE in 1979. Today, Leggett & Platt is a diversified manufacturer that conceives, designs, and produces a wide range of engineered components and products that can be found in most homes, offices, and automobiles, and also in many airplanes.

Our firm is composed of 18 business units, 19,000 employee-partners, and 130 manufacturing facilities located in 18 countries.

Total Shareholder Return (TSR) 2014 2013 2012 2011 2010
Leggett TSR rank among S&P 500
for trailing 3 years (1% is best)
25% 48% 37% 38% 8%
Our goal is to rank within the top third of the S&P 500 over rolling 3-year periods.
Leggett & Platt - annual TSR 43% 18% 24% 6% 17%
S&P 500 Index - annual TSR 14% 32% 16% 2% 15%
Year-end L&P stock price $42.61 $30.94 $27.22 $23.04 $22.76
TSR = (Change in Stock Price + Dividends) / Beginning Stock Price; values assume dividends are reinvested.
Financial Results 2014 2013 2014 vs. 2013
(Dollar amounts in millions, except per share data)        
Net sales $3,782 $3,477     9%
Gross profit margin 20.9% 20.4%      
Adjusted EBIT margin1 (earnings before interest and taxes) 10.2% 9.6%      
Net cash provided by operating activities 382 417     (8)%
EPS (earnings per diluted share) 0.68 1.34      
Adjusted EPS from continuing operations1 1.78 1.50     19%
Cash dividends declared per share 1.22 1.18      
Dividend yield (on start-of-year stock price) 3.9% 4.3%      
End-of-year shares outstanding (millions) 137.8 139.4     (1)%
Total assets 3,141 3,108     1%
Long-term debt 767 688     11%
Net debt to net capital 1 31.5% 27.3%      
1 For non-GAAP reconciliations, please refer to the Six-Year Financial Data.

Letter to Shareholders

Fellow Shareholders,

In 2014, Leggett & Platt had an outstanding and active year — strong volume gains, improved margins, acquisitions and divestitures, debt issuance, superb TSR, our 43rd annual dividend increase, and record stock price. Our markets have generally been improving; however, we have also been achieving better-than-market growth in several lines of business.

Our stock price increased 38% during the year, from $31 to $43, setting a new high. Including dividends paid, our 2014 TSR1 was 43%, ranking in the top tenth of the S&P 500 companies.

For the three years ending December 2014, we generated compound annual TSR of 28% per year. That placed us within the top quarter of the S&P 500, exceeding our goal of producing TSR over 3-year periods within the top third of the S&P 500.

Since our 2007 strategy change, our cumulative TSR ranks among the top 9% of the S&P 500. A late-2007 investment in Leggett & Platt stock more than tripled in value by 2014, providing a 244% return, versus a 63% return for the S&P 500.

We believe our strong stock performance is due, in large part, to our change in strategy. Seven years ago we adopted TSR as our primary financial metric, changed priorities for uses of cash, adopted role-based management of our business unit portfolio, and implemented strategic planning at the business unit level.

We produce TSR from four sources – revenue growth, margin improvement, dividend yield, and stock buyback. To meet our top-third TSR goal, we target annual TSR of 12-15%, as follows:

  • 4-5% TSR from revenue growth
  • 2-3% TSR from EBIT margin improvement (of 20-30 basis points annually)
  • 3-4% TSR from dividend yield
  • 2-4% TSR from lower share count (via stock buyback)

We expect half of our revenue growth to come from GDP expansion, and the other half to come from acquisitions, market share gains, and new product introductions.

Continuing operations posted 9% sales growth in 2014, exceeding our 4-5% growth target. Same location sales grew 6% due to strong volume gains in Automotive and in most of our Residential businesses (including Bedding, Adjustable Beds, Home Furniture, Geo Components, Fabric Converting, and Carpet Underlay). Acquisitions contributed 3% to sales growth.

EBIT margin improved by over 60 basis points, exceeding our 20-30 basis point target. Continuing operations adjusted2 EBIT margin expanded to 10.2%, our highest level since 2000.

This sales growth and margin improvement produced an annual EPS record for continuing operations, after adjusting for litigation accruals. Continuing operations adjusted2 EPS grew 19% in 2014, and has now improved for five consecutive years.

We increased our annual dividend for the 43rd consecutive year, a record we plan to extend. Only one other S&P 500 company has as long a string of dividend increases at as high a rate of growth.

Dividends generated a 3.9% yield during 2014, at the upper end of our target range, and one of the highest yields among the S&P 500 Dividend Aristocrats.

During the year we bought back over 5 million shares of our stock and issued nearly 4 million shares, largely from employee option exercises. Shares outstanding decreased by 1.1%. The share count reduction, though less than our long-term target, was consistent with our plans to reduce spending on share buyback in years with higher spending for acquisitions.

We continued to enhance our portfolio of businesses. In July, we invested $45 million to acquire Tempur Sealy’s three U.S. innerspring component production facilities, and became their exclusive long-term supplier in the U.S. and Canada of wire-based innersprings. This was our second-largest acquisition since our 2007 strategy change.

Later in the year, we sold most of our Store Fixture operations for approximately $59 million. After several years of striving to achieve adequate return on capital in these operations, we decided to exit this business. Prior to the divestiture we recorded a non-cash goodwill impairment charge of $108 million.

Major uses of cash in 2014 included $94 million to fund capital requirements, including the automotive and innerspring growth projects mentioned in the front portion of this annual report. We used $168 million for dividend payments, $128 million (net) to repurchase our stock, and $70 million for acquisitions.

As we’ve done for over 25 years, we generated significantly more cash from operations than needed to fund dividends and capital expenditures. We issued $300 million of debt in November (largely to replace maturing debt), generated funds from the Store Fixtures divestiture, and ended the year with our entire $600 million commercial paper program fully available. We maintained our strong balance sheet, and ended the year with net debt to net capital near the conservative end of our target range.

In 2015 we again expect sales growth – from market expansion, market share gains, and acquisitions – and improved EBIT margin. These should lead to another year of record EPS from continuing operations.

After funding dividends and capital expenditures, our next priority for cash is attractive acquisitions. We seek acquisitions that provide sustainable competitive advantage, move us into more profitable and higher-growth markets, and fit well with our strategy and competencies. We also expect to occasionally divest operations that cannot meet performance expectations. After funding acquisitions, remaining cash flow, if any, will generally be used for stock repurchases.

We are extremely pleased with the company’s progress in 2014, and greatly appreciate the dedication and hard work of our 19,000 employees. We both remain fully committed to the company’s strategy and long-term goals. Please know that we deeply appreciate and value your continued investment, confidence, and partnership with Leggett & Platt.

David S. Haffner
Board Chair and CEO

February 26, 2015

Karl G. Glassman
President and COO

1 TSR, Total Shareholder Return = (Change in Stock Price + Dividends)/Beginning Stock Price; assume dividends reinvested
2 For non-GAAP reconciliations, please refer to the Six-Year Financial Data

Six-Year Financial Data

Leggett & Platt, Incorporated
(Dollar amounts in millions, except per share data)
2014 2013 2012 2011 2010 2009
Total Shareholder Return, or TSR(1)            
L&P 3-year TSR Rank among S&P 500 (1% is best) 25% 48% 37% 38% 8%
Leggett & Platt – annual TSR 43% 18% 24% 6% 17% 43%
S&P 500 Index – annual TSR 14% 32% 16% 2% 15% 26%
Summary of Continuing Operations            
Net Sales $3,782 $3,477 $3,415 $3,303 $2,980 $2,673
Gross profit 790 710 696 631 599 565
Gross margin 20.9% 20.4% 20.4% 19.1% 20.1% 21.1%
EBIT (earnings before interest and taxes) 332 275 324 266 279 208
Adjusted EBIT(2) 385 333 324 281 279 227
EBIT margin 8.8% 7.9% 9.5% 8.0% 9.4% 7.8%
Adjusted EBIT margin(2) 10.2% 9.6% 9.5% 8.5% 9.4% 8.5%
Interest expense, net 36 37 37 31 33 32
Income taxes 70 51 56 62 70 69
Summary of Earnings            
Net earnings from continuing operations 225 186 231 173 177 107
Net earnings attributable to L&P 98 197 248 153 177 112
EPS (earnings per diluted share) from continuing operations 1.55 1.25 1.57 1.15 1.11 0.65
Adjusted EPS from continuing operations(3) 1.78 1.50 1.39 1.22 1.11 0.77
EPS (including discontinued operations) 0.68 1.34 1.70 1.04 1.15 0.70
Common Stock Data            
Cash dividends declared per share 1.22 1.18 1.14 1.10 1.06 1.02
Dividend yield (based on stock price at start of year) 3.9% 4.3% 4.9% 4.8% 5.2% 6.7%
Dividend payout ratio (4) 179% 88% 67% 106% 92% 146%
Stock price – High 43.15 34.28 27.89 26.95 25.15 21.44
                       Low 28.90 27.24 19.26 17.80 17.89 10.03
                       End of year 42.61 30.94 27.22 23.04 22.76 20.40
End-of-year shares outstanding (millions) 137.8 139.4 142.1 139.4 146.2 148.8
Percent change in shares outstanding (1.1)% (1.9)% 1.9% (4.7)% (1.7)% (4.5)%
Average diluted shares outstanding (millions) 143.2 147.2 146.0 147.0 153.3 160.0
Year-End Financial Position            
Cash and cash equivalents $333 $273 $359 $236 $245 $261
Total assets 3,141 3,108 3,255 2,915 3,001 3,061
Long-term debt + current debt maturities 968 870 1,056 836 764 799
Equity 1,155 1,399 1,442 1,308 1,524 1,576
Total capital(5) 2,148 2,279 2,524 2,329 2,478 2,526
Net debt to net capital(6) 31.5% 27.3% 29.4% 28.6% 23.3% 23.7%
Return on average equity(7) 7.7% 13.9% 18.0% 10.8% 11.4% 6.9%
Adjusted return on average equity(7, 8) 19.3% 16.4% 16.1% 11.4% 11.4% 8.1%
Cash Flow Components            
Net cash provided by operating activities $382 $417 $450 $329 $363 $565
Dividends paid(9) 168 125 200 156 155 157
Capital expenditures 94 81 71 75 68 83
Debt repayment (additions), net (87) 180 (202) (65) 46 64
Acquisitions, net of cash acquired 70 28 212 7 5 3
Stock repurchases, net 128 133 (6) 205 106 188
(1) TSR = [change in stock price + dividends] / beginning stock price; values assume dividend reinvestment. Company goal is to be in the top 1/3 of the S&P 500 over rolling 3-year periods.
(2) To aid awareness of underlying operational profitability, EBIT, margin, return, and EPS are adjusted to exclude unusual items. Adjusted EBIT and margin exclude for 2014: $54 million litigation accrual; for 2013: $67 million impairment charge and $9 million acquisition-related gain; for 2011: $15 million restructing-related charge; for 2009: $8 million for customer bankruptcy, and $11 million divestiture note write-down.
(3) Adjusted EPS excludes for 2014: $.23 of litigation accrual; for 2013: $.31 impairment charge and $.06 acquistion-related gain; for 2012: $.18 in special tax benefits; for 2011: $.06 restructing-related charge; for 2009: $.12 for customer bankruptcy, note write-down, and tax items.
(4) Calculated as: per share dividends declared / earnings per share.
(5) Calculated as: long-term debt + deferred taxes + other long-term liabilities + equity.
(6) Calculated as: (long term debt + current debt maturities - cash) / (total capital + current debt maturities - cash). For non-GAAP reconciliation, refer to the Capitalization section of Management’s Discussion and Analysis in the Form 10-K.
(7) Calculated as: net earnings / average equity.
(8) Adjusted return on average equity excludes, after-tax, for 2014: $55 million litigation accrual, and $93 million impairment charge; for 2013: $45 million impairment charge, and $9 million acquisition-related gain; for 2012: $27 million of special tax benefits; for 2011: $9 million restructuring-related charge; for 2009: $19 million for customer bankruptcy, note write-down, and tax items.
(9) In 2013, the company paid 3 quarterly dividends, since the January 2013 dividend payment was accelerated into December 2012.

2009-2013 figures were retrospectively adjusted to reflect the reclassification of certain businesses from continuing to discontinued operations in 2014.

Stock Performance

The following graph and data table show the cumulative total shareholder return for five years (ending December 31, 2014) for Leggett & Platt, the S&P 500 Composite Index and our Peer Group. These figures assume dividends are reinvested, and are based on initial investments of $100 on December 31, 2009. The Peer Group consists of manufacturing companies that, though involved in different industries, resemble Leggett & Platt in diversification, strategy, growth objectives, acquisitiveness, customer breadth, and geographic extent. The group includes:

  • Carlisle Companies
  • Danaher Corporation
  • Dover Corporation
  • Eaton Corporation
  • Emerson Electric Co.
  • Illinois Tool Works
  • Ingersoll-Rand
  • Masco Corporation
  • Pentair Inc.
  • PPG Industries

5-Year Cumulative Total Return

5 year cumulative total return

Dividend Information

Dividend Policy:

The Company targets dividend payout (over the long term) of approximately 50-60% of net earnings, though payout will likely be higher in the near term. Leggett & Platt believes in consistently paying dividends, is proud of its dividend growth record, and intends to extend that record into the future. Quarterly dividends are usually declared in February, May, August, and November, and paid about two weeks after the start of the following quarter. For 2015, the Company’s anticipated payment dates are April 15, July 15, October 15, and January 15 (of 2016).

Dividend Record:

  • 43 Consecutive Annual Increases (from 1971 to 2014)
  • 13% Compound Annual Growth Rate
  • Member of S&P 500 “Dividend Aristocrats”

Dividends have been paid on the Company’s common stock each year since 1939. With $1.22 per share of declared dividends, 2014 was our 43rd consecutive year of dividend growth. Over this period dividends have doubled nearly every 5 years, yielding a compound average growth rate of 13%. We know of only one other S&P 500 firm that has achieved as long a string of consecutive dividend increases at the growth rate we have sustained.

Dividend History

Cents per share

Chart Dividend History

Corporate Officers

David S. Haffner Board Chair, CEO
Karl G. Glassman President, COO
Matthew C. Flanigan Executive Vice President, CFO
David M. DeSonier Sr. VP, Strategy and Investor Relations
Scott S. Douglas Sr. VP, General Counsel
Russell J. Iorio Sr. VP, Mergers and Acquisitions
John G. Moore Sr. VP, Chief Legal & HR Officer
Sheri L. Mossbeck Sr. VP, Treasurer
Kenneth W. Purser Sr. VP, Chief Tax Officer
William S. Weil Sr. VP, Controller, Chief Accounting Officer
Jack D. Crusa Specialized Products and Industrial Materials
Perry E. Davis Residential Furnishings
Dennis S. Park Commercial Products
Lance G. Beshore Public Affairs and Government Relations
Michael W. Blinzler Information Technology
Maik Breckwoldt Logistics
Benjamin M. Burns Internal Audit and Due Diligence
Susan R. McCoy Investor Relations
W. Robert McKinzie Operations Services
Niels S. Mossbeck Business Development
William A. Avise Drawn Wire
J. Mitchell Dolloff Automotive
Randall M. Ford Home Furnishings Components
J. Anthony Garrett Machinery
Jerry W. Greene, Jr. Fabric and Geo Components
Charles A. Kallil, Sr. Aerospace and Tubing
Vincent S. Lyons Engineering & Technology
J. Eric Rhea Bedding Components
Kyle S. Williams Work Furniture

Corporate Information

Leggett & Platt, Incorporated
P.O. Box 757
Carthage, MO 64836-0757
(417) 358-8131

May 5, 2015, at 10:00 a.m. (local time), at the Company’s Wright Conference Center, 1 Leggett Road, Carthage, Missouri.

Inquiries regarding dividend payments, lost dividend checks, stock transfers, address or name changes, duplicate mailings, lost stock certificates, or Form 1099 information should be directed to the Transfer Agent.

The Company strongly encourages shareholders to have dividends deposited directly to their checking account, as this reduces expenses. Please contact the Transfer Agent for more information.

Wells Fargo Shareowner Services
Attn: Leggett & Platt, Incorporated
P.O. Box 64854
St. Paul, MN 55164-0854
Phone: (800) 468-9716
www.shareowneronline.com

Press releases, Forms 10-K and 10-Q, the Annual Report, corporate governance information, and a variety of other items are available on the Investor Relations portion of the Company’s website.

The Company’s Form 10-K is contained within this document. The exhibits to the Form 10-K are available on Leggett & Platt’s web site, or may be obtained from Investor Relations for a reasonable fee.

PricewaterhouseCoopers LLP
St. Louis, Missouri

General information about Leggett & Platt and its common stock may be obtained from the Investor Relations department:

David M. DeSonier, Senior VP
Susan R. McCoy, Vice President
Janna M. Fields, Specialist

Web: www.leggett.com
Phone: (417) 358-8131
Email: invest@leggett.com

The New York Stock Exchange
(ticker = LEG)

CJS Securities
Hilliard Lyons
Longbow Research
Monness Crespi Hardt
Raymond James
Stifel
SunTrust Robinson Humphrey

Individuals may email the Board at leaddirector@leggett.com or write to:

L&P Lead Director
P.O. Box 637
Carthage MO 64836.

Mr. Fisher, the Lead Director, will receive all relevant communications.

Should you become aware of any questionable accounting, internal controls or auditing matters, you may report your concerns confidentially and anonymously to the Company’s Audit Committee. You may request written acknowledgment of your written concern.
Call: (888) 401-0536
Write: L&P Audit Committee

     Attn: Ben Burns
     P.O. Box 757
     Carthage, MO 64836

Email: auditcommittee@leggett.com

Leggett & Platt at a Glance

  • Total Shareholder Return (TSR1) is primary performance metric
  • Generate TSR from four activities:
    1. revenue growth
    2. margin improvement
    3. dividend yield, and
    4. share count reduction
  • Business units each have a specific role in portfolio (Grow, Core, Fix, or Divest) based upon their competitive advantages, market position, and financial health
  • Business unit bonus is tied to return on assets
  • Long-term growth relies on successful product innovation and development of new growth platforms
  • TSR in top 1/3 of S&P 500 over rolling 3-year periods
  • Average annual TSR of 12-15%, from four sources:
    • 4-5% TSR from revenue growth
    • 2-3% TSR from margin increase (of 20-30 basis points)
    • 3-4% TSR from dividend yield
    • 2-4% TSR from reduced share count (via stock buyback)
  • Steady dividend increases; 50-60% payout of earnings
  • 30%-40% net debt to net capital
  • 4-5% annual revenue growth; ½ from normal market growth, ½ from new products, acquisitions, and market share gains
  1. Fund capital needs and dividends
  2. If needed (e.g. sales increase), expand working capital
  3. Fund acquisitions, if any
  4. Use excess cash flow, if any, to repurchase stock
  • 7-year TSR (2008 - 2014) in top tenth of the S&P 500
  • Since late 2007 strategy change, stockholders’ investment grew to 3.4 times original value (with dividends reinvested)
  • Dividends increased by 13% annual average for 43 consecutive years – one of the best records among the S&P 500
  • Financial stability, strong balance sheet, solid operating cash flow
  • For over 25 years, cash from operations has exceeded requirements for dividends and capital expenditures
  • Strong market positions
  • Management with “skin in the game”
  • About $6 billion market cap; $7 billion enterprise value
  • 31.5% net debt to net capital at Dec. 31, 2014
  • 138 million shares outstanding at Dec. 31, 2014
  • Standing authorization to buy back up to 10 million shares annually
  • Listed on NYSE; ticker = LEG; approximately 40,000 shareholders
  • Current indicated annual dividend of $1.24 per share
  • Dividend yield = 2.9% (on $42.61 year-end stock price)
  • 2014 price range of $28.90 - $43.15
  • About 15% of stock owned by management and employees, directors, retirees, merger partners, and their family members
  • Compound annual TSR of 14% since 1967 IPO
  • 2014 sales of $3.78 billion; 31% international
  • Broad customer base; mainly manufacturers
  • Few large competitors; almost none are public
  • 4 Reporting Segments; 9 Groups; 18 Business Units
  • ~19,000 employees, 130 manufacturing facilities in 18 countries
  • 3-year TSR (2012-2014) in the top quartile of S&P 500 companies
  • Record Continuing Ops adjusted2 EPS; improved 19% vs 2013
  • 5th consecutive annual increase in Continuing Ops adjusted2 EPS
  • 9% sales growth for Continuing Operations
  • Adjusted2 EBIT margin improved 60 basis points in Continuing Ops
  • Acquired Tempur Sealy innerspring plants
  • Divested the majority of our Store Fixtures business
  • Maintained strong balance sheet
  • Increased dividend; 43rd consecutive annual increase
  • One of the highest dividend yields among S&P 500
  • Repurchased 4% of outstanding stock; share count decreased 1%
  • Standard & Poor’s “Dividend Aristocrats”
  • Fortune’s list of World’s Most Admired Companies
  • Mergent’s Dividend Achievers list of consistent dividend growers

S&P 500 diversified manufacturer that conceives, designs and produces a wide range of engineered components and products that can be found in most homes, offices, and automobiles, and in many commercial aircraft. Leading U.S. manufacturer of a variety of products including:

  • Automotive seat support and lumbar systems
  • Components for bedding and residential furniture
  • Adjustable beds
  • Carpet padding
  • Components for office furniture
  • Thin wall, large diameter, welded tubing for aerospace
  • Drawn steel wire
  • Bedding industry machinery

1883: Partnership founded in Carthage, Missouri
1901: Leggett & Platt was incorporated
1967: Company went public; revenues of $13 million
1979: Listed on New York Stock Exchange (LEG)
1990: Revenues exceed $1 billion
1998: Included in the FORTUNE 500
1999: Added to the S&P 500 index
2006: Haffner / Glassman / Flanigan team takes helm
2007: Announced major changes to strategy
2008: Implemented bonus based on 3-year TSR relative to peers
2012: Acquired Western Pneumatic Tube

Ten large, diversified manufacturing peers.

Ticker Sales Name
CSL 3.2 Carlisle Companies (construction materials, transportation)
DHR 19.9 Danaher Corporation (instrumentation, tools, components)
DOV 7.8 Dover Corporation (industrial products, mfg. equipment)
ETN 22.6 Eaton Corporation (hydraulic, electrical, truck)
EMR 24.5 Emerson Electric Company (electrical, electronics)
ITW 14.5 Illinois Tool Works (fluids, tooling, measurement)
IR 12.9 Ingersoll-Rand (refrigeration, security, pneumatics)
MAS 8.5 Masco Corporation (home and building products)
PNR 7.0 Pentair Inc. (enclosures, tools, water products)
PPG 15.4 PPG Industries (chemicals, glass, coatings)
Sales are in billions of dollars, for full year 2014
1 TSR = (Change in Stock Price + Dividends)/Beginning Stock Price
2 For non-GAAP reconciliations, please refer to the Six-Year Financial Data