Leggett & Platt, Incorporated LEG reported mixed third-quarter 2020 results, wherein earnings beat the Zacks Consensus Estimate but revenues missed the same. Following the earnings release, the company’s shares dropped more than 6.2% in the after-hours trading session on Nov 2.Meanwhile, it did not provide any guidance, given persistent macroeconomic uncertainty related to the effects of the COVID-19 pandemic.Quarter in DetailsLeggett reported adjusted earnings of 80 cents per share, which beat the Zacks Consensus Estimate of 70 cents by 14.3%. Also, the figure grew 5.3% from the year-ago period due to higher EBIT.Total sales were $1,207.6 million, which missed the consensus mark by 4.8% and decreased 3% from the prior-year level. The downside was mainly due to a 3% decline in organic sales, given 3% lower volume. Also, raw material-related selling price decreases were offset by benefits from currency. Higher demand from the residential end market was more than offset by weakness in Aerospace and Work Furniture.Adjusted EBIT margin expanded 80 basis points (bps) to 12.7%, benefiting from fixed cost reductions. Adjusted EBITDA margin also expanded 80 bps year over year to 16.6%.Leggett Platt, Incorporated Price, Consensus and EPS Surprise Leggett Platt, Incorporated price-consensus-eps-surprise-chart | Leggett Platt, Incorporated QuoteSegment DetailsNet trade sales in Bedding Products decreased 2% from the year-ago level to $589.8 million as higher demand in ECS and U.S. and European Spring was more than offset by lower volume in Adjustable Bed, along with exited volume in Drawn Wire. Organic sales were down 1% from the prior-year quarter due to lower volume. Adjusted EBIT margin increased 70 bps to 12.5%. Adjusted EBITDA margin also grew 30 bps year over year.The Specialized Products segment's trade sales declined 9% from the prior-year figure to $242.9 million. The downside was due to a 10% year-over-year decline in volumes, thanks to weak demand in Aerospace and Hydraulic Cylinders. Currency boosted sales by 1%. Adjusted EBIT margin decreased 160 bps to 15%. EBITDA margin also contracted 110 bps from the prior year.Trade sales in the Furniture, Flooring & Textile Products segment improved 1% from the prior-year level to $374.9 million, mainly due to 2% lower organic sales on account of volume decline. Strong demand in Fabric Converting, Geo Components, and Home Furniture was more than offset by weak demand in Work Furniture and Flooring Products' hospitality business. The Geo Components acquisition contributed 3% to sales. Adjusted EBIT margin of 11.4% was up 320 bps from the prior year. Adjusted EBITDA margin also expanded 320 bps year over year to 13.1%.FinancialsAs of Sep 30, 2020, the company had $1.4 billion of liquidity, $245 million cash on hand and $1.2 billion available under the revolving credit facility.Total debt at September-end was $2 billion. There are no significant maturities until August 2022.It expects capital expenditure to be $70 million for 2020.Zacks RankLeggett — which shares space with Masonite International Corporation DOOR, American Woodmark Corporation AMWD and WillScot Corporation WSC in the Zacks Furniture industry — currently carries a Zacks Rank #2 (Buy).You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Legal Marijuana: An Investor’s DreamImagine getting in early on a young industry primed to skyrocket from $17.7 billion in 2019 to an expected $73.6 billion by 2027. Although marijuana stocks did better as the pandemic took hold than the market as a whole, they’ve been pushed down. This is exactly the right time to get in on selected strong companies at a fraction of their value before COVID struck. Zacks’ Special Report, Marijuana Moneymakers, reveals 10 exciting tickers for urgent consideration.Download Marijuana Moneymakers FREE >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Leggett Platt, Incorporated (LEG): Free Stock Analysis Report American Woodmark Corporation (AMWD): Free Stock Analysis Report WillScot Corporation (WSC): Free Stock Analysis Report Masonite International Corporation (DOOR): Free Stock Analysis Report To read this article on Zacks.com click here.