Investing.com - Leggett & Platt, Mueller Industries and Olin rallied into the close Tuesday on the back of above-consensus earnings.
Diversified supplier Leggett & Platt (NYSE:LEG) surged 9.5% as revenue and earnings topped Investing.com's expectations, even as it battled weaker demand and higher input costs in furniture products.
The company said it expected 2019 earnings in the range of $2.45 a share to $2.65 per share on revenue of $4.95 billion to $5.1 billion. That was roughly in line with analysts' expectations for earnings of $2.60 a share on revenue of $5.07 billion, according to Refinitiv.
Industrial manufacturer Mueller Industries (NYSE:MLI) was rewarded for earnings that also topped Investing.com's estimates. Its shares surged 13%.
The company highlighted better-than-expected performance from acquisitions as one of the drivers of above-consensus earnings generated during the period. But this was offset somewhat by rising copper prices.
Copper prices fell 11% for the fourth quarter of 2018, averaging $2.75 per pound, compared with the $3.10 per pound reported in the same period a year ago.
"Our acquisitions are exceeding our expectations and we are beginning to see the benefits of the major capital investments we worked so hard to complete these past five years," CEO Greg Christopher said.
Materials company Olin (NYSE:OLN) surged 8% as it delivered a beat on the bottom line, but missed Investing.com's estimates on the top line as higher raw material and freight costs weighed.
Analysts downplayed the mixed results, citing a favorable outlook for the company's chlor-alkali and epoxy segments.
"We see favorable supply and demand dynamics for chlor-alkali and epoxy, with minimal supply additions and good demand growth over the next two to three years," said CFRA, an independent research provider.