Leggett & Platt (LEG) 8-K Leggett & Platt Reports 8% Sales Growth and $.67 Eps

Exhibit 99.1

FOR IMMEDIATE RELEASE: OCTOBER 25, 2018

LEGGETT & PLATT REPORTS 8% SALES GROWTH AND $.67 EPS

Carthage, MO, October 25, 2018 —

◾ 3Q sales were $1.09 billion, an 8% increase versus 3Q 2017; volume up 3%

◾ 3Q EPS was $.67, a $.06 increase versus 3Q 2017

◾ Reducing 2018 EPS guidance to$2.40-$2.50; expect approx. $4.25 billion of sales

Diversified manufacturer Leggett & Platt reported third quarter sales of $1.09 billion, an increase of 8% versus third quarter 2017. Organic sales grew 6%, with volume up 3%. Sales growth in U.S. Spring, Automotive, Adjustable Bed, Aerospace, Steel Rod and Work Furniture was partially offset by soft demand in most other businesses. Raw material-related selling price increases, partially offset by currency impact, added 3%. Acquisitions, net of divestitures, contributed 2% to sales growth.

Third quarter earnings were $.67 per share, up 10% versus $.61 per share in third quarter 2017 primarily from increased metal margin in our Steel Rod business and volume growth. These improvements were partially offset by higher raw material and transportation costs in several businesses, less overhead recovery where we are reducing inventories, andstart-up costs in a few of our growing businesses. EBIT improved versus third quarter 2017 in part due to thenon-recurrence of last year’s $5 million (pretax) impairment charge and $3 million (pretax) divestiture loss. Excluding these items from the prior year results, EBIT increased 6%. Last year’s third quarter earnings were also impacted by a $6 million divestiture-related tax benefit.

CEO Comments

President and CEO Karl G. Glassman commented, “We are pleased with our 8% sales growth in the third quarter, reflecting strength in several businesses and raw material-related selling price increases. EBIT margin improved sequentially (from 11.0% in second quarter to 11.4% in third quarter) but declined slightly versus the prior year’s adjusted¹ EBIT margin (from 11.6% to 11.4%). Our raw material cost increases have moderated but are still a headwind in several of our businesses, including Home Furniture, European Spring and Flooring Products.

“Demand continues to be strong in our U.S. Spring business, with Comfort Core^® innerspring units up 22%. We also benefited from higher trade volume and improved metal margins in our Steel Rod business. Adjustable Bed sales were up 27%, however, earnings were negatively impacted by promotional activity and lower production rates as we reduced inventory. Automotive growth moderated to 4% in the quarter as vehicle production slowed, particularly in Europe and Asia. With our pipeline of awarded future programs, we continue to be confident in our expectations for strong long-term performance in this business.

“We are reducing our full year sales guidance to the low end of our prior range and now expect 2018 sales of approximately $4.25 billion. We are also reducing our 2018 EPS guidance to$2.40-$2.50 on lower than previously expected sales in Automotive, a pricing lag on raw material increases in our European Spring, Flooring Products and Fabric businesses, continued volume weakness in Home Furniture and European Spring, and promotional activity and lower overhead recovery in Adjustable Bed.

¹  Please refer to attached tables fornon-GAAP reconciliations

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“Our financial base remains strong. We ended the quarter with $545 million available through our commercial paper program. We repatriated $50 million of offshore cash in the third quarter, bringing ouryear-to-date repatriated total to $173 million. We expect to repatriate approximately $275 million of cash for the full year. Net debt to net capital¹ was 41%, slightly above our 30%- 40% target range and our debt was 2.3 times our trailing12-month adjusted¹ EBITDA.

“Our decade-long goal of achieving Total Shareholder Return (TSR) that ranks within the top third of the S&P 500 over rolling three-year periods continues to be our main financial priority. While our recent performance has not met this target, we strongly believe our disciplined growth strategy and use of capital will continue to support achievement of ourtop-third goal over time.”

Dividends and Stock Repurchases

In September, Leggett & Platt’s Board of Directors declared a $.38 per share third quarter dividend, two cents higher than last year’s third quarter dividend. This year marks the company’s 47th annual dividend increase, a record of consecutive dividend increases that only ten S&P 500 companies currently exceed. Leggett & Platt is proud of its dividend record and plans to extend it.

At yesterday’s closing share price of $37.60, the indicated annual dividend of $1.52 per share generates a dividend yield of 4.0%, one of the highest dividend yields among the 53 stocks of the S&P 500 Dividend Aristocrats.

During the third quarter the company purchased 0.1 million shares of its stock at an average price of $45.41 and issued 0.4 million shares. For the first three quarters of 2018, the company repurchased 2.6 million shares at an average price of $43.12 and issued 1.1 million through employee benefit plans and option exercises. At quarter end, 130.4 million shares were outstanding, a 1.1% reduction over the last 12 months.

2018 Guidance

2018 sales guidance is now approximately $4.25 billion (the low end of the prior range of$4.25-$4.35 billion), an increase of 8% versus 2017. The company expectslow-single-digit volume growth for the full year. Raw material-related selling price increases should also contribute to sales growth. Acquisitions, net of divestitures, are expected to add 2% to sales.

EPS guidance is reduced to $2.40–$2.50 versus the prior range of$2.55-$2.70. This decrease is primarily from the negative impact of lower than previously expected sales in Automotive, a pricing lag on raw material increases in the European Spring, Flooring Products and Fabric businesses, continued volume weakness in Home Furniture and European Spring, and promotional activity and lower overhead recovery in Adjustable Bed. EPS guidance assumes an approximate 21% tax rate. Based upon this guidance range, 2018 EBIT margin should be10.8%-11.2%.

Implied in full-year guidance is fourth quarter EPS of $.53—$.63, on sales of $1.03 billion.

Cash from operations is now expected to approximate $400 million in 2018, with working capital increases from sales growth and inflation being a meaningful use of cash. Our full year estimate for capital expenditures is approximately $185 million. Dividend payments should approximate $195 million. The company’s target for dividend payout is 50–60% of adjusted¹earnings; payout for 2018 is expected to be near the high end of the target range.

The company’s top priorities for use of cash remain organic growth, dividends, and strategic acquisitions. After funding those priorities, the company generally intends to repurchase its stock (rather than repay debt early or stockpile cash). Management has standing authorization from the Board of Directors to buy up to 10 million shares each year; however, no specific repurchase commitment or timetable has been established.

LIFO

Approximately 50% of our inventories are valued on thelast-in,first-out (LIFO) method. These are primarily the company’s domestic, steel-related inventories. Some of our commodity costs have stabilized since the end of the second

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quarter, and we now anticipate full year LIFO expense to be $33.0 million (versus our prior estimate of $37.5 million). We have incurred LIFO expense of $24.8 million for the first nine months of the year ($6.0 million during the third quarter). In contrast, during the first nine months of 2017, the company recognized LIFO expense of $12.0 million ($9.5 million during the third quarter).

SEGMENT RESULTS – Third Quarter 2018 (versus the same period in 2017)

Residential Products – Total sales grew 4%, from a 3% increase in same location sales and 1% from acquisitions. Volume decreased 1%, despite 5% growth in U.S. Spring. Raw material-related selling price increases added 5% to sales growth. Currency negatively impacted sales by 1%. EBIT decreased $8 million primarily from lower volume and higher raw material costs.

Industrial Products – Total sales grew 28% from raw material-related selling price increases (19%) and higher volume (9%). EBIT increased by $24 million from improved metal margins at our steel rod mill and thenon-recurrence of last year’s $5 million impairment of a small operation.

Furniture Products – Total sales increased 4%, from volume gains in Adjustable Bed and Work Furniture partially offset by declines in Home Furniture and Fashion Bed. EBIT decreased $11 million primarily from higher raw material costs, promotional activity, and lower overhead recovery.

Specialized Products – Total sales increased 11%. Same location sales increased 3%. Volume was up 5% from growth in Automotive and Aerospace, partially offset by a negative currency impact of 2%. The PHC acquisition added 10% to sales growth, partially offset (2%) by last year’s Commercial Vehicle Products divestiture. EBIT increased $9 million primarily from higher volume and thenon-recurrence of last year’s $3 million divestiture loss.

Slides and Conference Call

A set of slides containing summary financial information is available from the Investor Relations section of Leggett’s website at www.leggett.com. Management will host a conference callat 7:30 a.m.Central (8:30 a.m. Eastern) on Friday, October 26. The webcast can be accessed from Leggett’s website. Thedial-in number is (201)689-8341; there is no passcode.

Fourth quarter results will be released after the market closes on Monday, February 4, 2019 with a conference call the next morning.

FOR MORE INFORMATION: Visit Leggett’s website atwww.leggett.com.

COMPANY DESCRIPTION: At Leggett & Platt (NYSE: LEG), wecreate innovative productsthat enhance people’s lives,generate exceptional returnsfor our shareholders, andprovide sought-after jobsin communities around the world. L&P is a 135year-old diversified manufacturer that designs and produces engineered products found in most homes and automobiles. The company is comprised of 14 business units, 22,000 employee-partners, and 120 manufacturing facilities located in 18 countries.

Leggett & Platt is the leading U.S. manufacturer of: a) bedding components; b) automotive seat support and lumbar systems; c) components for home furniture and work furniture; d) flooring underlayment; e) adjustable beds; f) high-carbon drawn steel wire; and g) bedding industry machinery.

FORWARD-LOOKING STATEMENTS: Statements in this release that are not historical in nature are “forward-looking.” These statements involve uncertainties and risks, including the company’s ability to achieve its longer-term operating targets, the impact of the Tax Cuts and Jobs Act, price and product competition from foreign and domestic competitors, the amount of share repurchases, changes in demand for the company’s products, cost and availability of raw materials and labor, fuel and energy costs, future growth of acquired companies, general economic conditions, possible goodwill or other asset impairment, foreign currency fluctuation, litigation risks, and other factors described in the company’s Forms10-K and10-Q. Any forward-looking statement reflects only the company’s beliefs when the statement is made. Actual results could differ materially from expectations, and the company undertakes no duty to update these statements.

CONTACT:    Investor Relations, (417)358-8131 or invest@leggett.com

Susan R. McCoy, Vice President, Investor Relations

Wendy M. Watson, Director, Investor Relations

Cassie J. Branscum, Manager, Investor Relations

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LEGGETT & PLATT Page 4 of 6 October 25, 2018        

RESULTS OF OPERATIONS1	THIRD QUARTER									YEAR TO DATE
(In millions, except per share data)	2018			2017			Change			2018			2017			Change
Net sales (from continuing operations)	$	1,091.5		$	1,009.7			8	%	$	3,222.8		$	2,959.3			9	%
Cost of goods sold		864.4			793.2						2,547.3			2,285.4
Gross profit		227.1			216.5			5	%		675.5			673.9			0	%
Selling & administrative expenses		100.7			95.4			6	%		313.2			306.2			2	%
Amortization		5.2			6.2						15.3			16.0
Other expense (income), net		(3.2	)		5.7						(5.9	)		4.3
Earnings before interest and taxes		124.4			109.2			14	%		352.9			347.4			2	%
Net interest expense		11.1			8.5						36.7			26.0
Earnings before income taxes		113.3			100.7						316.2			321.4
Income taxes		23.3			17.2						63.2			64.2
Net earnings from continuing operations		90.0			83.5						253.0			257.2
Discontinued operations, net of tax		—			(0.9	)					—			(0.9	)
Net earnings		90.0			82.6						253.0			256.3
Less net income fromnon-controlling interest		—			—						(0.1	)		—
Net earnings attributable to L&P	$	90.0		$	82.6			9	%	$	252.9		$	256.3			(1	%)
Earnings per diluted share
From continuing operations	$	0.67		$	0.61			10	%	$	1.87		$	1.87			0	%
From discontinued operations	$	0.00			($0.01	)				$	0.00			($0.01	)
Net earnings per diluted share	$	0.67		$	0.60			12	%	$	1.87		$	1.86
Shares outstanding
Common stock (at end of period)		130.4			131.8			(1.1	%)		130.4			131.8
Basic (average for period)		133.8			135.7						134.4			136.1
Diluted (average for period)		134.7			136.9			(1.6	%)		135.4			137.5
CASH FLOW	THIRD QUARTER									YEAR TO DATE
(In millions)	2018			2017			Change			2018			2017			Change
Net earnings	$	90.0		$	82.6					$	253.0		$	256.3
Depreciation and amortization		33.8			32.2						101.0			94.4
Working capital decrease (increase)		11.9			(8.1	)					(121.5	)		(117.7	)
Impairments		0.1			4.5						0.3			4.6
Other operating activity		(9.3	)		(5.8	)					18.3			23.9
Net Cash from Operating Activity	$	126.5		$	105.4			20	%	$	251.1		$	261.5			(4	%)
Additions to PP&E		(41.4	)		(39.9	)					(122.6	)		(119.0	)		3	%
Purchase of companies, net of cash		(17.7	)		(0.2	)					(107.9	)		(39.0	)
Proceeds from business and asset sales		1.8			11.0						3.7			12.6
Dividends paid		(49.4	)		(47.6	)					(144.2	)		(138.0	)
Repurchase of common stock, net		(0.6	)		(41.5	)					(107.9	)		(154.8	)
Additions (payments) to debt, net		(90.5	)		13.4						99.5			228.4
Other		(11.6	)		7.2						(34.3	)		9.3
Increase (Decr.) in Cash & Equiv.	$	(82.9	)	$	7.8					$	(162.6)		$	61.0
FINANCIAL POSITION	30-Sep
(In millions)	2018			2017			Change
Cash and equivalents	$	363.5		$	342.9
Receivables		625.5			585.8
Inventories		634.0			558.0
Other current assets		44.0			63.0
Total current assets		1,667.0			1,549.7			8	%
Net fixed assets		723.0			644.3
Goodwill and other assets		1,159.1			1,129.7
TOTAL ASSETS	$	3,549.1		$	3,323.7			7	%
Trade accounts payable	$	428.7		$	381.8
Current debt maturities		3.6			153.3
Other current liabilities		352.6			356.4
Total current liabilities		784.9			891.5			(12	%)
Long-term debt		1,353.2			1,044.4			30	%
Deferred taxes and other liabilities		245.0			215.0
Equity		1,166.0			1,172.8			(1	%)
Total Capitalization		2,764.2			2,432.2			14	%
TOTAL LIABILITIES & EQUITY	$	3,549.1		$	3,323.7			7	%

¹  2017 results retrospectively adjusted for new accounting guidance on the presentation of pension cost.

LEGGETT & PLATT Page 5 of 6 October 25, 2018        

SEGMENT RESULTS	THIRD QUARTER										YEAR TO DATE
(In millions)	2018			2017				Change			2018			2017			Change
External Sales
Residential Products	$	446.5		$	426.7				4.6	%	$	1,283.4		$	1,225.8			4.7	%
Industrial Products		97.4			71.2				36.8	%		275.8			216.9			27.2	%
Furniture Products		294.1			284.0				3.6	%		866.8			816.0			6.2	%
Specialized Products		253.5			227.8				11.3	%		796.8			700.6			13.7	%
Total	$	1,091.5		$	1,009.7				8.1	%	$	3,222.8		$	2,959.3			8.9	%
Inter-Segment Sales
Residential Products	$	3.4		$	4.5						$	12.7		$	13.5
Industrial Products		76.0			63.8							220.5			192.7
Furniture Products		3.9			3.7							10.4			14.4
Specialized Products		0.7			1.9							2.0			5.5
Total	$	84.0		$	73.9						$	245.6		$	226.1
Total Sales (External + Inter-segment)
Residential Products	$	449.9		$	431.2				4.3	%	$	1,296.1		$	1,239.3			4.6	%
Industrial Products		173.4			135.0		��		28.4	%		496.3			409.6			21.2	%
Furniture Products		298.0			287.7				3.6	%		877.2			830.4			5.6	%
Specialized Products		254.2			229.7				10.7	%		798.8			706.1			13.1	%
Total	$	1,175.5		$	1,083.6				8.5	%	$	3,468.4		$	3,185.4			8.9	%
EBIT
Residential Products	$	43.0		$	50.5				(15	%)	$	118.0		$	143.2			(18	%)
Industrial Products		25.2			1.1				2191	%		47.6			17.0			180	%
Furniture Products		14.0			24.5				(43	%)		48.3			65.1			(26	%)
Specialized Products		43.5			34.2				27	%		141.5			121.3			17	%
Intersegment eliminations and other		(1.3	)		(1.1	)						(2.5	)		0.8
Total	$	124.4		$	109.2				14	%	$	352.9		$	347.4			2	%
EBIT Margin2									Basis Pts									Basis Pts
Residential Products		9.6	%		11.7	%			(210	)		9.1	%		11.6	%		(250	)
Industrial Products		14.5	%		0.8	%			1370			9.6	%		4.2	%		540
Furniture Products		4.7	%		8.5	%			(380	)		5.5	%		7.8	%		(230	)
Specialized Products		17.1	%		14.9	%			220			17.7	%		17.2	%		50
Overall from Continuing Operations		11.4	%		10.8	%			60			11.0	%		11.7	%		(70	)
LAST SIX QUARTERS	2017										2018
Selected Figures	2Q			3Q				4Q			1Q			2Q			3Q
Net Sales ($ million)		989			1,010				984			1,029			1,102			1,092
Sales Growth (vs. prior year)		3	%		6	%			9	%		7	%		11	%		8	%
Unit Volume Growth (same locations, vs. prior year)		2	%		4	%			5	%		1	%		6	%		3	%
Adjusted EBIT3		122			117				112			107			121			124
Cash from Operations ($ million)		98			105				182			44			81			127
Adjusted EBITDA (trailing twelve months)3		591			581				594			588			589			598
(Long-term debt + current maturities) / Adj. EBITDA3,4		2.0			2.1				2.1			2.4			2.5			2.3
Same Location Sales (vs. prior year)	2Q			3Q				4Q			1Q			2Q			3Q
Residential Products		(3	%)		2	%			3	%		1	%		7	%		3	%
Industrial Products		1	%		(3	%)			7	%		13	%		23	%		28	%
Furniture Products		6	%		7	%			8	%		3	%		9	%		4	%
Specialized Products		5	%		9	%			10	%		11	%		11	%		3	%
Overall from Continuing Operations		4	%		6	%			9	%		6	%		10	%		6	%

²  Segment margins calculated on Total Sales.    Overall company margin calculated on External Sales.

³  Refer to next page fornon-GAAP reconciliations.

⁴  EBITDA based on trailing twelve months.

LEGGETT & PLATT Page 6 of 6 October 25, 2018        

RECONCILIATION OF REPORTED (GAAP) TO ADJUSTED(Non-GAAP) FINANCIAL MEASURES⁸

	2017									2018
Non-GAAP adjustments, Continuing Ops5	2Q			3Q			4Q			1Q			2Q			3Q
Loss on sale of operations		—			3.3			—			—			—			—
Gain on sale of real estate		—			—			(23.4	)		—			—			—
Pension settlement charge		—			—			15.3			—			—			—
Goodwill and related asset impairment		—			4.6			—			—			—			—
Non-GAAP adjustments (pretax)		—			7.9			(8.1	)		—			—			—
Income tax impact		—			(2.8	)		2.5			—			—			—
Tax Cuts and Jobs Act impact		—			—			50.4			—			—			—
Tax benefit of CVP divestiture		—			(5.7	)		(1.9	)		—			—			—
Non-GAAP adjustments (after tax)		—			(0.6	)		42.9			—			—			—
Diluted shares outstanding		137.4			136.9			136.6			136.3			135.0			134.7
EPS impact ofnon-GAAP adjustments		—			(0.00	)		0.32			—			—			—
	2017									2018
Adjusted EBIT, Margin, and EPS5	2Q			3Q			4Q			1Q			2Q			3Q
EBIT (earnings before interest and taxes)		122.3			109.2			120.5			107.4			121.1			124.4
Non-GAAP adjustments (pretax)		—			7.9			(8.1	)		—			—			—
Adjusted EBIT ($ millions)		122.3			117.1			112.4			107.4			121.1			124.4
Net sales from continuing operations		989			1,010			985			1,029			1,102			1,092
EBIT margin		12.4	%		10.8	%		12.2	%		10.4	%		11.0	%		11.4	%
Adjusted EBIT margin		12.4	%		11.6	%		11.4	%		10.4	%		11.0	%		11.4	%
Diluted EPS from Continuing Operations		0.64			0.61			0.27			0.57			0.63			0.67
EPS impact ofnon-GAAP adjustments		—			(0.00	)		0.32			—			—			—
Adjusted EPS($)		0.64			0.61			0.59			0.57			0.63			0.67
	2017									2018
Net Debt to Net Capitalization6	2Q			3Q			4Q			1Q			2Q			3Q
Long-term debt		1,184			1,044			1,098			1,239			1,298			1,353
Current debt maturities		3			153			154			154			154			4
Total Debt		1,187			1,198			1,252			1,393			1,452			1,357
Less cash and equivalents		(335	)		(343	)		(526	)		(495	)		(446	)		(364	)
Net Debt		852			855			726			898			1,005			993
Total capitalization		2,540			2,432			2,575			2,714			2,707			2,764
Current debt maturities		3			153			154			154			154			4
Less cash and equivalents		(335	)		(343	)		(526	)		(495	)		(446	)		(364	)
Net Capitalization		2,208			2,243			2,203			2,374			2,415			2,404
Long-Term Debt to Total Capitalization		47	%		43	%		43	%		46	%		48	%		49	%
Net Debt to Net Capital		39	%		38	%		33	%		38	%		42	%		41	%
	2017									2018
Total Debt to EBITDA7	2Q			3Q			4Q			1Q			2Q			3Q
Total Debt		1,187			1,198			1,252			1,393			1,452			1,357
EBIT		122.3			109.2			120.5			107.4			121.1			124.4
Depreciation and Amortization		31.9			32.2			31.5			33.4			33.8			33.8
EBITDA		154.2			141.4			152.0			140.8			154.9			158.2
Non-GAAP adjustments (pretax)		—			7.9			(8.1	)		—			—			—
Adjusted EBITDA ($ millions)		154.2			149.3			143.9			140.8			154.9			158.2
Adjusted EBITDA, trailing 12 months		591			581			594			588			589			598
Total Debt / Adjusted12-month EBITDA		2.0			2.1			2.1			2.4			2.5			2.3

⁵  Management and investors use these measures as supplemental information to assess operational performance.

⁶ These calculations portray debt position if the company was to use its cash to pay down debt. Management and investors use this ratio to track leverage trends across time periods with variable levels of cash.

⁷ Management and investors use this ratio as supplemental information to assess ability to pay off debt.

⁸  Calculations impacted by rounding.