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Profits grew as expenses shrunk for diversified manufacturer Leggett & Platt (NYSE:LEG) in the second quarter. The company saw year-over-year growth of 19% with a profit of $64.9 million, or 45 cents a share, up from $54.7 million, or 37 cents a share, a year earlier. Wall Street had been expecting only 36 cents per share.
Revenue fell slightly to $938.8 million, missing estimates of $979 million.
The company updated its yearly outlook to be in tune with its most recent quarter, raising earnings guidance but lowering sales expectations.
Leggett & Platt is also one of InvestorPlace’s Dependable Dividend Stocks. It currently pays out $1.12 a share annually for a 5% yield and began paying a dividend way back in 1939.
Nevertheless, LEG has seen shares tumble a bit over the last year.
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