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Leggett & Platt, Incorporated's CEO Discusses Q4 2011 Results - Earnings Call Transcript

We posted to the IR portion of the website a set of PowerPoint slides that contain summary financial information. Those slides supplement the information we discuss on this call, including non-GAAP reconciliations. I need to remind you that remarks today concerning future expectations, events, objectives, strategies, trends or results constitute forward-looking statements. Actual results or events may differ materially due to a number of risks and uncertainties, and the company undertakes no obligation to update or revise these statements. For a summary of these risk factors and additional information, please refer to yesterday's press release and the section in our 10-K entitled Forward-Looking Statements.

I'll now turn the call over to Dave Haffner.

David S. Haffner

Good morning, and thank you for participating in our call. Yesterday, we reported fourth quarter and full year 2011 earnings. For the quarter, earnings were $0.06 per share and included $0.16 per share of costs associated with the restructuring activities that we announced in late December. Earnings per share, excluding these costs, were $0.22 in the quarter. In the fourth quarter 2010, we earned $0.21 per share. Fourth quarter same location sales grew 6% versus the prior year largely from items that brought little incremental profit. Raw material-related price inflation and trade sales from our steel mill accounted for the bulk of the growth with unit volumes from our other businesses in total adding about 1% to sales. Earnings per share for the full year 2011 adjusted to exclude the fourth quarter restructuring related costs were $1.20 per share. In 2010, we earned $1.15 per share. The increase is primarily due to a lower share count, a lower effective tax rate and slightly higher sales partially offset by higher selling and administrative expense and other costs. Sales grew 8% in 2011 largely from inflation, currency rate changes and trade sales from our steel mill.

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