Leggett & Platt, Incorporated (NYSE:LEG) Q4 2023 Earnings Call Transcript

Tyson Hagale: Sure. I’ll take that one as well. Yes, we’ve seen commodities at prices, both chemicals and steel moderate over the last year. Over the last year, we’ve seen pricing in our specialty foam business decline, as we’ve been trying to compensate for those clients declines (ph) given that back to our customers. In our steel business, we’ve seen [indiscernible] last year, we saw middle margins decline overall. We also mentioned in the prepared remarks that we’ve also adjusted innerspring pricing just relative to overall competitive global steel market. In the past, we’ve seen Europe and U.S. steel be in a pretty tight range, but we’ve seen a divergence of that last year. So we have adjusted pricing just to fairly compensate for that with our customers. As far as 2024, there is – since most of the steel impact came in the back part of 2023, the full year annualization of those price changes would be reflected in our guidance.

Alexia Morgan: Great. Thank you.

Tyson Hagale: You’re welcome.

Operator: Thank you. Ladies and gentlemen, that concludes our question-and-answer session. I’ll turn the floor back to Ms. Branscum for any final comments.

Cassie Branscum: Thank you for joining us this morning and your interest in Leggett, and have a great weekend.

Operator: Thank you. This concludes today’s conference call. You may disconnect your lines at this time. Thank you for your participation.