Leggett & Platt ( LEG) sank late Thursday after the furniture company posted soft numbers and guided to more of the same.

The Carthage, Mo., company made $70 million, or 38 cents a share, for the quarter ended Dec. 31, up from the year-ago $45 million, or 24 cents a share. Sales fell 2.2% from a year ago to $1.31 billion.

The latest quarter included nonrecurring income of 5 cents a share.

Analysts surveyed by Thomson Financial were looking for a 36-cent profit on sales of $1.34 billion.

"Fourth quarter sales and earnings were in line with the expectations we shared in October, even though sales were toward the lower end of our guidance," CEO David S. Haffner said. "Operationally, we are progressing as expected.

"For the near future, after funding maintenance capital and dividends, we expect annually to have $400-450 million of cash available for investment in growth initiatives," he said. "Unused cash flow, if any, is anticipated to be spent on stock repurchase."

The company guided to a first-quarter profit of 31 cents to 36 cents a share on a 3% year-over-year sales drop. Analysts were looking for a 41-cent profit on 2.3% sales growth.

Shares fell 35 cents late Thursday to $23.80.

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