Home
Global Supplier Directory
APPLIANCE Engineer
Supplier Solutions
APPLIANCE Line
Whitepaper Library
Calendar of Events
Association Locator
Contents Pages
Market Research
Subscription Center


 
Daily News

Lennox International Reports First Quarter 2003 Earnings
Apr 23, 2003
 Printable format
 Email this Article
 Search
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."

Back to Daily News

 

Daily News

...........................................................

Apr 18, 2014: Spectrum Brands CEO Lumley Joins Husqvarna Board

Apr 17, 2014: GE Appliances 1Q Revenues Down 3%

Apr 17, 2014: Remodeling Growth Expected to Continue

Apr 17, 2014: HVAC/R Contractors Outlook Holds Steady

Apr 17, 2014: Appliance Store Sales Down Slightly in March

More Daily News>>

RSS Feeds
.........................................................
Appliance Industry
Market Research

...........................................................

March 2014: Market Research - 62nd Annual U.S. Appliance Industry Forecast
February 2014: Appliance Magazine Market Insight: December 2013
January 2014: Market Research - Appliance Historical Statistical Review: 1954-2012
January 2014: Appliance Magazine Market Insight: November 2013




 
Contact Us | About Us | Subscriptions | Advertising | Home
UBM Canon © 2014  

Please visit these other UBM Canon sites

UBM Canon Corporate | Design News | Test & Measurement World | Packaging Digest | EDN | Qmed | Pharmalive | Plastics Today | Powder Bulk Solids | Canon Trade Shows