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Lennox Reports First Quarter 2008 Results
Apr 24, 2008
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Lennox International Inc. reported financial results for the first quarter of 2008. Revenue for the first quarter was US$767 million, 3% below the prior year.

“As expected, difficult residential new construction and replacement markets challenged our first quarter results,” said Todd Bluedorn, CEO. “Disciplined cost reductions, combined with strong performance in our North America Commercial and Refrigeration businesses, helped offset the headwinds.“Given the continued softness in the residential market, we are revising our full-year revenue growth from 2% - 5% to flat - 2%. Through operational efficiencies and cost reductions, we expect to meet our full-year earnings expectations and reaffirm our guidance of $2.85 - $3.00 adjusted and $2.73 - $2.88 GAAP.”

Gross profit for the first quarter 2008 was $203 million, down 1% from $205 million in the year-ago quarter. Revenue in the Commercial Heating and Cooling segment was $165 million, an increase of 2% versus $163 million in the year-ago quarter. Total segment profit was $6 million down 27% from $9 million in the year-ago quarter. The North America business had strong profit growth of approximately 30%. Revenue in the Service Experts business was $140 million for the first quarter 2008, down 3% from $144 million for the year-ago quarter. Revenue in the Refrigeration business segment increased $14 million, or 10%, to $155 million primarily due to favorable foreign exchange

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