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 Lennox International Inc. reported solid financial results for the second quarter of 2007.
Revenue for the second quarter was US$1.042 million, up 3% year over year. Reported diluted earnings per share on an adjusted basis, a non-GAAP measure, were $0.87 versus $0.77 in the year ago quarter. Diluted earnings per share on a GAAP basis were $0.85 compared to $0.91 in the year ago quarter. Gross profit for the second quarter 2007 was $289 million compared to $270 million in the year ago quarter, year over year growth of 7%.
Second quarter 2007 revenue from the Residential Heating and Cooling business segment was $498 million, a decrease of 8% from $543 million in the year ago quarter. The results reflect the softness in the residential new construction market and unseasonable weather.
The Commercial Heating and Cooling business segment had strong year over year revenue growth of 24%, from $188 million for the second quarter of 2006 to $233 million for the second quarter of 2007. Segment profit grew 56% to $30 million for the second quarter of 2007 from $19 million for the year ago quarter. Second quarter 2007 segment profit margin increased 300 bps to 13% from 10% for the year ago quarter.
Revenue in the Refrigeration business segment grew 16% to $151 million from $131 million for the second quarter of 2007 compared to the second quarter of 2006. Sales improved across the segment from a combination of increased unit volumes and price.
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