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Lennox Reports Record Q2 Sales, Net Income
Jul 27, 2006
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HVAC maker Lennox International Inc. reported record second quarter net income of U.S. $64 million, or $0.85 diluted earnings per share (EPS). This compares to $41 million in net income, or $0.59 diluted EPS, in the second quarter of 2005. Total company sales increased 15 percent to a record $1 billion.

"Favorable cooling season weather supported our residential businesses, while U.S. and international demand for commercial equipment continues to improve, " said Bob Schjerven, CEO. "The futures contracts we had in place and the price increases we implemented in response to rising commodities costs allowed us to cover those increases in the quarter."

Lennox reaffirmed its full-year guidance of diluted earnings per share in the range of $2.00 to $2.10 and revenue growth of 10 percent in each of its equipment businesses.

Lennox's Residential Heating & Cooling segment reported revenue increased 24 percent to $539 million. Adjusting for fluctuations in exchange rates, sales increased 23 percent. Segment profit of $52.4 million was down slightly from $55.7 million last year. Higher volume, mix benefits and improved pricing were offset by higher input costs and $6 million in additional warranty expense for a heating product no longer in production. SEER products 13 and higher accounted for 98 percent of cooling equipment sales.

Commercial Heating & Cooling revenue rose 6 percent to $181 million, an increase of 5 percent when adjusted for currency fluctuations, driven by North American growth. Segment operating profit declined slightly to $14.1 million from $14.7 million in 2005. Despite a sales decline in Europe, profitability in that region improved, driven by product mix benefits.

Refrigeration revenue increased 11 percent and was not meaningfully impacted by foreign exchange, according to Lennox. The segment's domestic business performed well in the quarter, with strong sales increases to supermarket, OEM and cold storage customers. Segment profit increased to $10.6 million from $9.5 million last year, driven by higher volumes in domestic and European markets.

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