Leggett & Platt to record $27M tax benefit

CARTHAGE, Mo. (AP) -- Manufacturing company Leggett & Platt said Thursday that it will record a $27 million, or 18 cent-per-share, tax benefit in the fourth quarter.

Leggett & Platt said that apart from the tax benefit, its full-year 2012 guidance has not changed from $1.45 to $1.52 per share forecast in October. Including the tax benefit full-year earnings will be $1.63 to $1.70 per share.

Analysts polled by FactSet expected the company to earn $1.48 per share for the year.

The benefit stems from the elimination of a valuation allowance on the company's Canadian deferred tax assets.

Leggett & Platt, based in Carthage, Mo., is a diversified manufacturing company that produces a variety of engineered components and products found in most homes, offices, and automobiles.

Shares increased 32 cents to close at $27.88.