Revenue during the quarter went up marginally by 2.33 percent to $960.30 million from $938.40 million in the previous year period. Gross margin for the quarter contracted 136 basis points over the previous year period to 23.53 percent. Total expenses were 87.93 percent of quarterly revenues, up from 86.46 percent for the same period last year. That has resulted in a contraction of 148 basis points in operating margin to 12.07 percent.

Operating income for the quarter was $115.90 million, compared with $127.10 million in the previous year period.

However, the adjusted EBITDA for the quarter stood at $146.20 million compared with $155.40 million in the prior year period. At the same time, adjusted EBITDA margin contracted 134 basis points in the quarter to 15.22 percent from 16.56 percent in the last year period.

President and Chief Executive Officer Karl G. Glassman commented, "Organic sales grew 4% during the first quarter. This is a welcome change after seven consecutive quarters of year-over-year organic sales decreases, which were primarily the result of deflation and currency impacts. “Volume increased 4% despite demand softness early in the quarter in several of our end markets. For the full year we continue to anticipate meaningful sales growth and record adjusted1 EPS, reflecting our expectations of mid-single digit growth in volume, pass through of higher raw material costs, and less divestiture activity."

For financial year 2017, Leggett & Platt projects revenue to be in the range of $3,950 million to $4,050 million. The company forecasts diluted earnings per share to be in the range of $2.55 to $2.75.