Leggett & Platt, Incorporated Management Discusses Q2 2012 Results - Earnings Call Transcript

The agenda for the call this morning is as follows: Dave will start with a summary of the major statements we made in yesterday's press release; Karl will provide operating highlights; Dave will then address our full year outlook for 2012; and finally, the group will answer any questions you have.

This conference is being recorded for Leggett & Platt and is copyrighted material. This call may not be transcribed, recorded or broadcast without our expressed permission. A replay is available from the IR portion of Leggett's website.

We posted to the IR portion of the website a set of PowerPoint slides that contains summary of 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

Thank you, Dave. Good morning, and thank you, all, for participating in our call. We are pleased with the second quarter earnings and margin improvement we reported yesterday. Earnings per share for the quarter were $0.45 compared to $0.37 during the second quarter of last year. Second quarter 2012 earnings include a $0.04 per share unusual tax benefit and a $0.02 per share benefit in discontinued operations from a litigation settlement associated with the previously divested business.

Second quarter of last year, earnings included $0.02 per share unusual tax benefit. Second quarter same location sales were down 2% from the prior year, primarily due to lower trade sales from our Rod mill, currency rates and lower store fixtures sales, a portion of which was volume we chose to exit. Apart from these 3 factors, same location sales increased 2%.

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