HVAC manufacturer Lennox International Inc. announced revenue for the first quarter of 2006 increased 14 percent to U.S. $800 million with all business segments contributing to the growth.
Net income increased 68 percent to $21 million and diluted earnings per share were $0.28, compared with $0.19 in the prior-year period.
"We're pleased to report very strong financial results in the first quarter, giving us a solid start to the year," said Bob Schjerven, Lennox CEO. "We are reaffirming our guidance for full-year 2006 diluted earnings per share of $2.00 to $2.10, with revenue growth expected to be in the mid-single digits for all business segments."
The company said its Residential Heating & Cooling segment reported increased revenue of 22 percent to $416 million and segment profit advanced 30 percent to $37 million.
Lennox's Commercial Heating & Cooling segment reported sales increased 5 percent to $133 million and segment profit increased 34 percent to $6 million, driven by better performance in the U.S. business. Adjusted for foreign exchange, sales were up 11 percent in North America and flat in Europe. While European performance was stable year-over-year, the company is beginning to see improvement in demand.
The company's Refrigeration segment reported revenue increased 12 percent and segment profit increased 29 percent to $11 million. Higher volumes and good cost control of fixed expenses drove the improvement.
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