Lennox Reports 4Q Revenue Drop Feb 6, 2009

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Lennox International Inc. reported fourth-quarter 2008 revenue of US$746 million, down 15% from the prior year. Gross profit was $205 million, down 17% from the adjusted year-ago quarter.

"Despite difficult market conditions, Lennox posted improved EBIT margins for both the fourth quarter and full year on strong cost controls and operational execution," said Todd Bluedorn, CEO. "For 2009, we reaffirm our outlook provided in December of adjusted earnings per share from continuing operations in the range of $2.10 to $2.50. While the global slowdown can be seen across our end markets, we continue to lower our cost structure and execute on our strategic priorities."

The company's residential heating and cooling segment reported 4Q 2008 revenue of $299 million, down 15% from $354 million in the year-ago quarter, while commercial heating and cooling reported 4Q 2008 revenue of $189 million, down 16% from $224 million in the year-ago quarter. The Refrigeration segment reported 4Q 2008 revenue of $131 million, down 17% from the year ago quarter.

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