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Lennox International Reports First Quarter 2003 Earnings
Apr 23, 2003
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Lennox International Inc. announced first quarter 2003 diluted earnings per share of U.S. $0.04, continuing a trend of improved financial performance despite continued softness in end-market demand. Sales decreased 4 percent to $650 million from $674 million in last year's first quarter. In constant currencies and adjusting for the loss of $46 million heat transfer revenue, most of which is now part of the company's joint venture with Outokumpu and no longer reported by LII, total sales were up 1 percent. International sales (sales outside the U.S. and Canada) generated 13 percent of total LII revenues. Consolidated operating income rose 20 percent to $10.6 million from $8.8 million. First quarter 2002 operating earnings included $700,000 in pre-tax restructuring charges associated with the closure of LII's Toronto manufacturing facility. The first quarter 2003 operating margin was 1.6 percent, compared with 1.3 percent last year. Net income was $2.5 million, contrasted with a net loss of $248.7 million last year. Last year's net loss was affected by a $249.2 million after-tax goodwill impairment charge. "While the first quarter is typically the weakest quarter for us, our results improved on a year-over-year basis and continued the trend of improved financial performance that began in 2002," said Bob Schjerven, chief executive officer. "As has been the case through the prolonged economic downturn, our strong brands, quality products and services, and close customer relationships have differentiated our business in a very soft marketplace. Given the difficult competitive environment, we are pleased with LII's start for 2003."

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