Lennox Reports 3Q Revenue Up 13% Oct 26, 2011

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Lennox International Inc. said third quarter 2011 revenue was $923 million, up 13% from 3Q 2010. This included a 2 point positive impact from foreign exchange. Excluding the Kysor/Warren acquisition that closed in January 2011, 3Q organic revenue was up 4%. At constant currency, organic revenue was up 2%.

"Revenue from our Residential business was up slightly in the third quarter, led by a 4% increase in shipments as well as price realization, although product mix was down from a year ago when the federal government's $1,500 tax credit for high-efficiency cooling and heating products was still in place," said Todd Bluedorn, CEO. "Commercial revenue was up 10% at constant currency as we continued to see strong, broad-based growth across the business, as well as favorable price and mix. Refrigeration organic revenue was up 4% at constant currency, adjusted for the strategic exit of third-party coil business in Australia last year. Refrigeration also realized favorable price and mix on top of shipment growth. In our Service Experts business, residential revenue was down, while commercial revenue was up 6%. Overall, the company had strong cash generation in the third quarter with free cash flow of $132 million and repurchased $55 million of stock and paid out $10 million in dividends. For 2011, we now expect company revenue growth of 7-9% and are narrowing our guidance range for adjusted EPS to $2.00-$2.15 for the year."

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