LEG - Earnings call transcript Q4 2020 | Leggett & Platt, Incorporated

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Operator

Greetings, and welcome to the Leggett & Platt's Fourth Quarter 2020 Earnings Conference Call. [Operator Instructions]. It is now my pleasure to introduce your host, Susan McCoy, Senior Vice President of Investor Relations. Thank you, Ms. McCoy.

begin. may You

Susan McCoy

thank Platt's and taking in part Good quarter you conference & fourth call. Leggett morning, for

We are minor conducting quarter. the call from different with audio if mixed Please locations us you or experience delays quality. bear again this

this will our press recorded set or risks PowerPoint statements. remarks and today We may constitute permission. information Investor along a expectations, these in of call and company on the Branscum, information, this and of CEO; outlook for Dolloff, of broadcast yesterday's slides Those for and of and future forward-looking that supplement portion discuss events and The and the the results details. call, IR; contain summary Executive posted including to President Specialized being need no not concerning as documents and Actual will President without Glassman, website operating morning obligation Henderson, Senior Leggett's from express the portion made due the Mitch address differ the Steve Flooring our Tate, Mitch and Jeff Products the or is recorded material. today copyrighted we you transcribed, CFO; call be Director non-GAAP release. Karl Textile Jeff COO; is reconciliations. available EVP Sherwood, details On to Cassie objectives, discuss A of uncertainties, call will replay call to follows: for start website. with Vice agenda update undertakes the remind or statements. The revise is may strategies, Chairman I number of Leggett summary financial Director This Products press events, financial are segments; we and and materially XXXX. trends results & Tarah results, Relations release the Karl Furniture, IR main and President or yesterday's Platt IR. is of points and that a of with cover segment our to

For to forward-looking and these the over and sections recent factors I'll entitled a to and Factors additional now and release most in press XX-K turn please our refer summary call Risk the statements. risk subsequent Karl. of information, XX-Q yesterday's

Karl Glassman

Good us morning, for and you joining thank today.

each First, a while effective across you as and and year a your found highly to employees develop to way in was to our keeping covenant provide our even COVID-XX serving XXXX, as our thank a the crisis, and work safe the managing and capital the only our revolving customers. to protocols in accomplished. facility functions to pandemic. liquidity, But financial company for all of deleveraging Amended while annual of a credit am XXXX team and they XXth all dividend has of maintaining I extraordinary expenditure our extremely proud the additional their capital productivity. efforts. finished as result a consecutive that and our tenacity corporate businesses challenging healthy came continuing focus while on dedication, together redesigned working that their In investments, increase. to We result employees what efforts reducing having increasing communities, very and give delivering our other manage the also help not back sharp committed ways many ingenuity stronger

of $X.XXX yesterday, up billion, fourth As versus we reported were XXXX. quarter X% fourth the quarter sales

due XXXX's million, was nonrecurrence and to fourth by cost in by million quarter LIFO growth in Aerospace and change offset in fixed strong end quarter of restructuring-related in residential the weakness adjusted XX.X% of restructuring-related XX.X%. EBIT to lower points versus points margin Work share Fourth were impact. included fourth Furniture. partially EBITDA versus was charges. margin XXXX, a EBIT offset of EBITDA $X.XX XXXX record was margin adjusted $XXX Fourth quarter markets was in quarter of the fourth of $X.XX. quarter Earnings $X.XX $XX basis increased Continued XX increased share per partially fourth XXXX's demand compared Fourth margin and quarter XX.X% and increased automotive charges XXXX EPS basis continued to EBIT primarily per EBIT quarter XX.X%. and a XX quarter

Excluding quarter EPS XX% quarter $X.XX. $X.XX increased fourth fourth those charges, or EPS of adjusted versus XXXX

businesses. reductions. primarily XX% EBIT LIFO, the COVID-related decrease For cost decreased $X.XX. was sales the Full impacts adjusted partially most from year in of billion, of year, change to across million $X.XX $XX to the from by $X.XX was adjusted adjusted offset million. EPS XXXX sales $XXX declines EBIT EPS fixed million EPS and from and a decreased decreased lower full XX% XXXX $XXX and Primarily $X.XX, demand of our

we million. generated addition, operating flow of In cash $XXX

in annual During with XXXX, X wire a our drawn $XX our million. $XX Bed Fashion in our annual Bedding business of segment. wire divested operation small operation sales we million and businesses business in former A specialty sales of small with

also price the the Friday's $X.XX dividend is $XX.XX, We dividend. one aristocrat. a higher among Dividend yields current yesterday the Board Aristocrats. of our to position as closing of first At that is committed Directors yield reported a quarter of We share remain declared S&P our which XXX per X.X%,

to shareholders. us long-term Our ability value confidence create our in our gives enduring for fundamentals

innovation provide and leaders to focused customers on our what with of working to are more our closely in We successful. be markets, they most of need

business advantages that We time. to flexible ducting over markets large metallic the grow commercial sustainable flexible military we Aerospace invest systems, add objective, competitive $XX are turn expands approximately XXXX, product components fluid $XX this and Mitch. applications systems. to I'll space, used such sales in now over businesses and million to with of in with on the million, acquisition and continue frequently value joints our key an January for hoses for that annual addressable XX, with specializes opportunities that bellows components Consistent U.K. to include and offering conveyance in in Aerospace call in located acquired as

Mitchell Dolloff

echo morning, employees good our to and past like Karl's Karl, year. I'd thank and your comments you, for efforts this tremendous everyone. Thank

in Your all endurance and we flexibility, as XXXX. navigate difference ingenuity, commitment made the

well growth the are tackle and the in past ended years be improvement We're to in segment Mattress our on with all fourth we faced historic Strength in and increased the to offset well quarter. your the driven positioned and Bed in volume products by and and market global Bed drove margin U.S. fourth in X European levels, in growth was I'm volume focus year, was the challenges team. Fashion of and on home-related This many proud ECS, exited we above year the partially XXXX consumers. with the growth Adjustable fourth quarter sales in segments. Spring. honored this making and Spring in Sales Products Bedding and progress ahead, sales X% Bedding consumption by drawn We wire. quarter lower by continued

chemicals the remained market factors of fabrics, and degrees throughout shortages varying the having by labor, supply of quarter. constrained each However, across these with of impact

restrictions bedding and mattress COVID-related drove the some our of in sales channels factors or in growth by addition, the strong retail estimate These ways. million impacted online and U.S. units in continued roughly market X based primary We by increased that about XXX,XXX or by sales. In mattresses, units. mattresses constrained channels increased very that XX% mattresses spring different market increased increased XXX,XXX domestically units mattresses produced the units XXX,XXX about domestically Of mattresses other about by estimate by Imported foam XX,XXX quarter. units roughly X%. we increased non-spring fourth and produced and

mattress of slightly overall some sales downs market fourth constraints believe share our with X% the up these but steady minor and Our market XXXX that ups fairly and and year. of We our trends, X% the quarter-by-quarter, share we this overall imports created quarter believe growth considering volatility year-over-year in sales up experienced down mirrored that is is consistent bedding The industry growth likely in the perhaps year-over-year. demand, Spring share supply fairly U.S. shifts sales overall. chain year-over-year, ECS domestic

As reported quarter primary position. the polyol the progressed, declared through the secured customer MDI production and of quarter used majeure producers our Supply to production TDI, disruptions. allocations the operations, our inventory restricted specialty around chemicals were suppliers due nonwoven in globe, fabrics from as alternative and implemented we and efficiency fabric foam force improving

mid-XXXX. through constraints least We at expect to chemical persist

manage in U.S. and We some as to continue absenteeism to COVID our related also add we employees experienced XX. inefficiencies new spring train must but facilities labor

Comfort for move through current we As lines and to The place to our the operations. Comfort combination Automotive, our by add demand in machinery our up add for growth later fully capacity was segment Products strength in X%, in - Core we to up we'll this offset with fourth accommodate our additional our XXXX, year. machine capacity on of Specialized In and staffing about Core additions the Asian plan business, mostly X% quarter, these our Automotive volume in in XX% in to continue products. Aerospace in continued should weak add once by labor Sales Aerospace. driven for quarter demand were

earlier their growth Converting, We supply year we're weak be approximately in and and duct In reduced recovery the pandemic. businesses continues year remain and fabricated Aerospace chain heavily over by as The Aerospace inventories. the Home sales travel of aircraft next lag approximately the assemblies production by been as deplete the the welded Fabric effects segment and continued strong X% full has Geotextile other the Textile industry continues by actions inventories. cost costs customers the took the sales. our Sales in our to Products, residential the fourth near fourth tube in few in in seeing $XX the to were industry million. of given cost expect more to disruption in driven years demand segment, $XX hospitality offset in challenged Flooring resulting fixed million Furniture. the quarter Products quarter, we pre-COVID Recovery demand by In Flooring impacted challenged Work by and to buildup Furniture increased our than Furniture, Components and in business, air but in seamless levels,

we aligned and higher XXXX, over our into - volumes growth and I'll move by only focus costs call with structure Jeff. to cost fixed demand as to variable levels the will and future our we turn current now necessary opportunities. future support As the on keeping cost adding continue controlling support to

Jeffrey Tate

in Thank primary levels decrease primarily on million of liquidity, $XXX a strong uses million generating in maximizing capital $XX you, investment XXXX, quarter to fourth was of our replenish was financial most in Mitch, operations from certain due and XXXX, to results cash versus same working morning, of Cash cash. focus and good quarter, very Throughout the disciplined the businesses. of inventory everyone.

$XXX the company's adjusted lower by continued driven year, our XXXX. earnings. all history. full percentage on elements the for on capital level Reflecting This million, operations The XXXX with year million X.X%. of to decrease notable ended sharp expenditures year. $XXX third-highest prior We a compares we flow a at priority was closely capital of cash pandemic. For in record $XX from in the sales million capital. as Total generated than cash annualized million, our of were Reflecting as of $XX working a focus effects we working navigated controlling lower XX% optimizing the our the

sheet capacity under revolving the remains with Our cash of hand year balance $X.X we billion, ended billion of on total $X.X liquidity million billion in facility. strong, available and comprised $X.X credit and $XXX the in

addition, In our the to $XX bringing total cash full fourth million of back brought in $XXX we quarter, million. offshore year

A. XX, In $XXX million loan was by portion a net million. prepayment EBITDA of X.XXx. we December Including trailing our reduced debt $XXX of our of XX-month term to debt As XXXX,

Now moving XXXX to guidance.

as XXXX consumer by impacted We in chain for and result Progress items improvement expect have home-related with been into supply our negatively and recovery automotive. of and effects that modest industries the constraints, continued a global demand COVID-XX. strong of businesses

per costs, offset savings volume, a and the chemical these commodity in share from reflecting assumes guidance to increasing along XXXX, partially mid-single-digit by in in fixed as Aerospace over and $X.X and and lag This increases. expected costs particularly be taken XXXX be to by actions price be currency higher with of divestitures material-related higher well raw earnings as up to million LIFO share will those benefit. also to of of This raw cost quarter. mentioned resulting to guidance X% increases acquisition, approximately million Earnings $X.XX, the primarily range no the in costs to full XX%. other compared material as $XX approximately growth, in assumes impact or steel, inflation are result the the sales continued range completed The $X.X expect also per first pricing costs, offset billion associated billion Karl $X.XX XXXX. price tax passing earlier, XXXX assumes effective year XXXX. which in as volume be through of recovery expected selling We XXXX. are to rate XX% in $XX of guidance XXXX

$XXX interest XX%. depreciation million Based year and the million. expense to We margin of shares to in upon $XXX guidance million, of approximate amortization XXXX and full fully framework, should $XX expect be XXXX our range XX.X% approximately EBIT net diluted of this

operating expenditures capital and comments, near dividend allows dividends. anticipate funding and $XX Susan. will balance share investment-grade back dividends over debt suspension and cash commitment we call us to as growth, flow strength, spending organic opportunities. we the Additionally, I approximate the approximate continued changed. at withstand after times With maintaining of position approximately our million, least controlled long-term those has acquisition focus debt This of deleveraging million, of organic to uncertain sheet and repayments million, $XXX turn our both prioritize growth and debt and repayment discipline a to $XXX on to to repurchases ratings investment as $XXX summary, capture and In million now aristocrat not

Susan McCoy

our concludes Brad, attention, remarks. and will That questions. to answer the your the questions. ready Karl Q&A we're your glad you begin prepared and we'll our Q&A. group We to direct session, thank will your be answer for

Operator

[Operator Instructions].

Raymond today James. from first Our of question comes Griffin Bobby

Robert Griffin

an big about a Congrats segment I today? it businesses was There in how time on navigating maybe high through talk to just a you today guess, of be are might the a or first, inflation. compare maybe walk the I through easiest Karl, it's the how have And went want level to guys so very for is maybe challenging Leggett sold some XXXX. attack by positioned can believe whatnot, to and inflationary we about just level which of year. whatever last we either pretty business environment inflation, positioned bout I

Karl Glassman

we the ask and of last business chime the different of longer the the Bobby. through a Well, then just today Fashion Bed divestiture, in short start is very was good Thank in with the taking you're Fashion years fourth It's ago makeup others commodity really we the business Yes. And you, question. to quarter. XXXX, place passing in. I'll or that complexity had participate you'll remember, piece last inflation the the business. right, in hard a it than of Bed three in that steel time no little

on weighted job for value business more was offshore, upholster internal heavy as of We capacity that consumption from becomes also had a business, The to Home products. team and customer manufacturing And furniture Furniture domestic to exported moved on is America purifying great then kind did that offshore product. North focused probably of a what too we've Europe. innovation, commodity focusing that higher manufacturer an our perspective, needs,

they when that kind to commodity-oriented. tend there's the business that So certainly become been but they the them healthier of - divestitures a more small, incrementally, they're material taken makeup have place is few really but of you just are up, add be

change main acquisition is the ECS. other since of XXXX The

ECS good a commodity of lag. They job in power. to It businesses, have pricing actually you'll really XX-day have our than ECS. and efficiently probably pass-through recall, place. Foam. gives agreements producing those effectively in acquired we They does Specialized more inflation, a them where we have the businesses have Spring we historic as in So ability

the that a that But in time from. answer? want opportunity XXXX of our learning teams you to that learned And So a better add anything mix rambling just businesses. frame to was Mitch,

Mitchell Dolloff

small good couple a I of just would Karl. answer, add points. was That a

had even over increases on right chemical last than ECS, the we're able pass think to even ability along do faster I to our that think we that year. is I that you're seeing the

is little So think other a helpful. through And that's as I that thing struggled we PHC add inflation do I the getting material then think very I that raw would we a bit, position well. to better some have now and before,

I a been, I than think it we good ever is really. along question, think overall, on and Bobby, we're So passing much inflation that firmer a level, high footing have at

Robert Griffin

out impossible it's put in detail. I cost Or very from year, maybe predict flatten out or around think obviously is move. here. All just Very headwind to where how when type $XX they the raw us headwind in. say million. savings can for any appreciate there to and then the XQ did sizing? what tune-up about raw at you of we right. some and we noticeable the I mostly XQ ranges a to is that headwind But models And you of some of helpful. material our need call we Is Because big pretty flow materials

material kind raw are around given that moving me to. the where the believe So earnings is big, headwind makes pretty of

Karl Glassman

difficult Bobby, as forecast. really, really you to said, it's

You'll year, really there was in cost, remember the anything November us in for call on flat as we XXXX, was scrap when welcome. - last because talked I LIFO that the been that book never the primarily that call, aggressively then that jumped in made pretty It the expense should of oddly pretty third last group to year was input really didn't had spoken if a scrap that quarter actually December, the forcing have we've fact comment some spoke November. in anticipate steel we

a a $XX probably to it So February scrap went steel, looks inflation This ton. But $XX in a sounds ton. so by be probably this scrap difficult that significantly. the way. went of there'll It the to like Steel end the regression market it's like January of won't up up early is until Scrap significantly at forecast. settle $XXX forecast, week. by

yes, than LIFO on impact is severe the side What business. price fourth difficult XQ the input announce that a the the ability different to will the ECS, what of probably impact cost know. more to inflation into - in It At on based also for It rest the the inability a we or significant increases quickly. quarter. earlier in We've year ECS don't more we get is second good But will a to - recovery difficult. really of duration know pretty point, is soon, of chemical it's of the lag Mitch's today. But moving call probably be most X challenge. So we much announced set is news, steel frankly, relatively in a will will make the longer call timing happens that. circumstances. have forecast

Mitch, that? add to So want to that all you of anything

Mitchell Dolloff

No.

covered think it, Karl. I you

really fourth to, the through in the on think see availability of we But quickly. you're surging half pretty first it's far, said, the we started pass QX. are dynamic. The I chemicals, and pricing some from I I able on pricing continued have think so you in both increases think, that we'll from disruption there, the And right, quarter, as year.

Karl Glassman

if typically the about don't we on to point, second. that's Bobby, about on to because amount mind, as lack just the December I siders visibility, you forecasting done year know are comments, value year some of and every investors asked byproduct have the as your that sell can talk XXXX, good a we Jeff in of is prepared expense no do the of a his for related the calculation have in early in LIFO inventory we but hand. of really about a XX LIFO said some we LIFO LIFO asked and is,

LIFO FIFO it the and the So XQ, - in the end probably because over LIFO match of time, about perfectly was expense year. match don't at think I pull a way that forward the that

XQ. cost late-year X no recovery with in expense related FIFO ability until - and So LIFO inflation resulted

in the pretty point, kind At to there of we the XXXX, but this who a be call won't knows. that's expense LIFO heck have. of challenge that So size that it's easy

Robert Griffin

detail... the appreciate I Okay.

Susan McCoy

in 'XX. on like fixed make undertook retain one of clear $XX result to just cost Jeff And, incremental to $XX the the Bobby, million. that's we amount we thing, XXXX. as more the sure I'd to That savings, not was the that activities of we an the expect that That's move million add into we're spoke

Just wanted was make to clear. sure that

Robert Griffin

Yes.

been of XXXX, of at the the we fixed think is to think 'XX? basically just at And you look incrementally, maybe way think, end then that, about some if level say, the right reduced guys the So then, business okay, cost about structure having of come investments Is fixed to course, in markets. we've the seen demand by of your that have million. cost on that And that there's end some structure given fair? $XX

Susan McCoy

Yes.

it, a I about to think that's way think fair Bobby.

Operator

question The of from Maklari Susan is Sachs. next Goldman

Susan Maklari

business. of and some margin we you is that about How perspective and the especially the some of as maybe and and operational around the kind how as think to have the from we question perspective can first should I the that? maybe about cost of a made for supply margin out some of you with even of volumes from certainly outlook profile? the and issues about can there, My past talk think wanted pressures an some the of operate the and across chain. bit where about the look we And that changes kind business 'XX little back with, we whole this half a dealing But you're think of and achieve near-term the understanding that further inflation

Karl Glassman

expectation It's lag on be of a XX.X%. is pass-through in the XX.X% question, really Thanks, which the and a we've as percentage, really the perspective. a longer-term impact to will about, the we comfortable short-term not getting margins Yes. a On issues a from with your our recovery think the spoken are range get EBIT dollar margin we that still genesis that of I Susan. very basis,

So yes, XX% long-term the target. we're very XX.X% comfortable to with

Susan Maklari

And that Okay. then mentioned question, are All you staffing Karl. remarks adding right. next my your Core. Comfort and That's as in you helpful,

and that Bedding Core of And be kind for But some I as kind how you Comfort about contribution necessarily You terms color about for think when the forward color? in some don't how percentages share of there. exact look we quarters? And guess, 'XX, around over last that know are segment? of to performed that you about us give I give in can expanding year. couple to thinking that of want its And us capacity think we has should the we this business

Karl Glassman

that? Mitch, you want to grab

Mitchell Dolloff

Yes, about by [indiscernible] Susan, sure. XX%.

the We those we sequentially the products, have to us demand continue as quarter downturn gains. giving to in the the quarter really higher from content strong second see in been quarter to increasing well. the And - our for end third our production fourth

I that think 'XX. 'XX production over and back in look total we fourth of of innerspring quarter if quarter XX% the about third a Core of So Comfort time, the percentage was of as fourth in about It the XX% was our quarter about XX% in 'XX.

gains of So Quantum And to to in continue have similarly, to see Core Comfort to units fourth see also well, increase our about continue percentage the continue the there. quarter that of XX% 'XX. as Edge up

we're So across gains line. make content to to drive to our continue expansions product capacity and those happy excited higher

Susan Maklari

right. And helpful. going more in All very just I I'm sneak Okay. That's here. can, one to if

One is industry Can how shortages you general of around the are there? had about anything the seeing. backlog be in that your questions on is to the industry some we things your And - that chains? just relates and auto it should you thinking the the aware on of supply one whether or that impact in of of that, as that? that's Or been any the issues getting semiconductors comment we've

Karl Glassman

Steve?

Steven Henderson

Susan. Sure,

lot this majority the issue, from each production. on not our the reading their the one Volkswagen, and But production. their others And come through team. But Chrysler, carrying We're approach some fluid reductions is yet. that to is chip taking last another. think at seen we we're OEM on an to acknowledge with we've the a industry-wide Ford, situation. OEM very Everything went point. seeing just year. still exposure sort like XXXX over seeing supply will shortage, First, - limited or ancillary now visibility into temporary in impact impact based that probably automotive constraints I motor situation extent. orders And it's in some of you but are, have GM, our It's restrictions we chain own to of want The announced

and they're that predictions in bit increase. So a make if on of that lost the a first from units it can up doesn't there's to of continue But saying based XXX,XXX quarter, half the being IHS, be the disconnect. saying they could approximately year in second the said, they're

that, to impact on based in a negative we tell. So QX, still but early it's see would slight sales too

Operator

[Operator Instructions].

Peter Piper Our is next Sandler. question from Keith of

Peter Keith

that's just dig price again, into, think context And the specifically good your still the recent months, going customers your guys planned the But because you in chain in business coming steel do experienced supply increases. gave on right of I on to compares at business pricing you the wanted the challenges the some major that have of inflation Bedding XXXX. you some have I innerspring how now, to same capabilities pass-through to looking and to months?

Karl Glassman

you Mitch, why don't grab that one?

Mitchell Dolloff

Okay. Sure, Karl. absolutely. Yes, the is short answer

as a that lag, see, that bit over the noncontract inflation we years, has our you've of well. to do seen that through. customers comes steel And pass-through allow as but able the that terms certainly us We for have that to contractual we're a

January have in after In inflation, to continued fact, went the one that. well, out with and an given another coming increase may

that think been inflation the don't pass our in the innerspring at I impacted to business has on So ability all.

Peter Keith

Okay. Good.

lot new innerspring I of there's coming this year. so market And product know that's into a the

We have with you major guys your dynamic. not launches? see bedding been it the of market, of COVID to able Vegas some this customers content planned with these Las gained because Have year

Mitchell Dolloff

Yes.

Edge there. Comfort I to continues. and that demand think Quantum throughout been just our talked about scramble XXXX in to need, just see and think Core increase continuing is I share here we we yes, strong and It's a the the answer - everybody's that supply

Peter Keith

the And on round lastly, then Okay. Bedding. maybe just out to

the for like expecting the were some in the sequentially even of industry also we to some in chain now and with to seem and duties I industry acceleration healthy does at the QX. acceleration U.S. look moderated. it that moderation that we here? reacceleration we So QX, investors continuing QX U.S. think talked delays Maybe further strong QX, business, demand something for with Spring poised antidumping maybe supply really and some your strong that backdrop versus poised Spring as When is looking forward is is

Mitchell Dolloff

so. think I Yes,

I think we continue production. to make improvements our in

as as that shifts and - think think disruption like talked I industry I impact my our share some and comments, foam their that there's about chemicals availability I of customers. other in across constraints the

cloudiness. think have from the sales But to I continue that we our I creates So to our QX. capability some increase in think standpoint,

Operator

question from Hughes Next of Keith is Truist.

Keith Hughes

a with quarter. The is down with seeing what the not hope going on the were coming late. business? in that a inflation on some what's Is repeat. got sales wire little any commentary on in I Or in? you're I to that of X% kind do something this drawn of have

Karl Glassman

Keith, that's wire in and was set drawn that that up important supply most a interesting all an that what's to is a intercompany. question they're our is business, good signal from observation

So with much a demand more than focused - to that of springs the higher we in has value us the business. we've volume external which increased that trade internally,

driver, primary we business the divest and did that's combination. So small a as a

Mitchell Dolloff

Sterling did Keith, of the productive change. rod mill not capacity the

Keith Hughes

All Okay. right.

the there. decline you're retailers down I anniversaried. promotions that had have in understand the driver still big some quarter. think well as And there? were I adjustables you the what Is that saying of know the I with

Karl Glassman

Yes.

'XX, up against of a were XQ Just remember, growth. in a we XX% comp

it That a really tough comp. good. was business is So just

Keith Hughes

that Do of know with with don't in coming of first about, I said number earlier, the overall, to half particularly I divestitures some sales guess, off. in tariffs And Bedding the in Okay. this X% anticipate 'XX? if you organic increase you the the notably, total just but

Karl Glassman

Go ahead, Mitch.

Mitchell Dolloff

think Karl. set be that Keith. year a Thanks, I strong I potentially. it's really up Yes, mean to

But, dropped tariff this going We I November think saw focus Yes, the continues to to think I continue significantly. the happen strong Home. we industry, imports what's don't we know consumer overall on exactly its the have as impact.

are see we that think I well strong growth. to positioned continued

Operator

There questions to I for no the closing are this further time. at back would to Susan floor McCoy over comments. like turn

Susan McCoy

Thank quarter. we'll to again you us joining for you and next talk today,

Operator

This today's teleconference. concludes

for You you your time. your this now participation. may lines disconnect Thank at

Leggett & Platt (LEG) 9 Feb 212020 Q4 Earnings call transcript