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Lennox's Revenue Up 9% in 2010
Feb 11, 2011
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HVAC producer Lennox International Inc. reported fourth quarter 2010 revenue of $762 million, up 4% from fourth quarter 2009. Total segment profit margin was 6.4%, down from 7.1% in 4Q 2009, primarily due to higher commodity costs.

For full year 2010 revenue was $3.1 billion, up 9% from 2009, while total segment profit margin was up 120 basis points to 7.0%.

"Each of our businesses returned to growth in 2010, and overall company revenue was up 9% for the full year," said Todd Bluedorn, CEO of Lennox International. "In the fourth quarter, revenue growth was led by our Residential business, up 9% despite the tougher comparison against the fourth quarter a year ago."

Bluedorn said 4Q results were affectively negatively by higher commodity costs. "For 2011, we now expect $40-45 million of commodity headwind, with the year-over-year comparison more difficult in the first half." He said Lennox has taken pricing actions for 2011. "Looking at 2011 overall, we expect end market conditions to continue to show improvement, and we reiterate our guidance range for organic revenue growth of 5-8%," he said.

Lennox said that, in addition to the expected organic revenue growth of 5-8% in 2011, it expects an additional 6 points of growth from the acquisition of Kysor/Warren, which closed on Jan. 14, 2011, resulting in total revenue growth guidance of 11-14% for 2011.

Lennox's Residential Heating and Cooling business reported 4Q 2010 revenue of $349 million, up 9% from $321 million in 4Q 2009, and reported profits of $34 million, down 12% from $38 million in 4Q 2009. For full year 2010, Residential Heating and Cooling reported revenue of $1,417 million, up 10% from $1,293 million in 2009, and reported 2010 segment profit of $132 million, up 18% from $112 million in 2009.

Lennox's Commercial Heating and Cooling business reported 4Q 2010 revenue of $148 million, up 2% from $146 million in 4Q 2009, and reported segment profit of $13 million, up 20% from $11 million in 4Q 2009. For full year 2010, Commercial Heating and Cooling reported revenue of $620 million, up 4% from $595 million in 2009, and reported segment profit of $69 million, up 41% from $49 million in 2009.

Lennox's Service Experts business reported 4Q 2010 revenue of $145 million, down 1% from $146 million in 4Q 2009, and reported segment profit of $5 million, down 28% from $7 million in 4Q 2009. Service Experts reported full year 2010 revenue of $590 million, up 10% from $535 million in 2009, and reported segment profit of $19 million, up 16% from $17 million in 2009.

Lennox's Refrigeration business reported 4Q 2010 revenue of $139 million, down 3% from $143 million in 4Q 2009, and reported segment profit of $14 million, down 13% from $16 million in 4Q 2009.

Refrigeration reported full year 2010 revenue of $551 million, up 7% from $513 million in 2009, and reported 2010 segment profit of $61 million, up 26% from $49 million in 2009.

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