Lennox International Inc. reported financial results for 3Q 2008. Revenue for the third quarter was US$974 million, 5% below the prior-year quarter.
"Strong operational execution offset market headwinds and enabled Lennox to post solid earnings results and strong cash generation in the third quarter," said Todd Bluedorn, CEO. "Looking ahead, we expect market conditions to remain challenging as end markets continue to soften. We therefore continue to accelerate cost reduction and operational efficiency initiatives. Our adjusted EPS guidance is now a range of 6-10% above last year."
Third quarter 2008 revenue from the Residential Heating & Cooling business segment was $414 million, a decrease of 9% from $456 million in the year-ago quarter. Segment profit was $55 million and segment profit margin was 13%. Revenue in the Commercial Heating & Cooling business segment was $251 million, down 1% from $255 million in the year-ago quarter. Revenue in the Service Experts business segment was $168 million for the third quarter, down 9% from $184 million in the year-ago quarter. Revenue in the Refrigeration business segment increased 3% to $163 million, including favorable foreign exchange impact.
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