Leggett & Platt's stock experienced a significant pre-market plunge of 6.95% following the release of its disappointing first-quarter financial results and a major corporate update.

The company reported a 36% drop in earnings per share to $0.14 for Q1 2026, with sales declining 10% to $918 million compared to the same period last year. Management cited weakening demand across most business segments, particularly noting a high single- to low double-digit percentage decline in the U.S. mattress market. Additionally, the company warned that higher chemical prices will begin to impact its costs in the second quarter.

In a separate but related development, Leggett & Platt withdrew its previously issued 2026 financial guidance due to a pending acquisition by Somnigroup International, which is expected to close by year-end. The company also mentioned it is taking measures to mitigate pressures stemming from the Iran War through product and sourcing actions and price increases where appropriate.