Lennox International Inc. (Dallas) reported fourth quarter 2012 revenue of $685 million, up 6% from the fourth quarter 2011. Total profits were 6.2%, compared to 7.0% in the prior-year quarter.
Financial results were adjusted for discontinued operations related to the divestment of its Service Experts business.
Full year 2012 revenue was $2.9 billion, up 4% from 2011. Total profit margin was 7.6% compared to 7.0% in the prior year.
"The company's performance in 2012 was led by our Residential business, which significantly outperformed the market on gains in replacement business and strong growth in new construction," said Chairman and CEO Todd Bluedorn. "Residential revenue was up 9% with profit up 17% for the year. In the face of flat commercial markets in 2012, our Refrigeration and Commercial businesses had strong operational performance. Refrigeration revenue was flat at constant currency with profit up 6%. Commercial revenue was up 3% at constant currency with profit up 14%."
Bluedorn said the fourth quarter brought revenue growth and strong operational performance across all Lennox International businesses. Residential revenue was up 9% in constant currency. Refrigeration revenue was up 2%. Commercial revenue was up 5%, primarily on the strength of non-national account business, and profit was up 25%.
Full-year Lennox International revenue was $2.9 billion, up 4%. Gross profit for the full year was $722 million, up 8% from $670 million in 2011. Gross margin was 24.5%, up 90 basis points from 23.6% in the prior year.
Adjusted income from continuing operations for 2012 was $139 million, compared to $120 million in 2011.
Lennox International reiterated its previous 2013 guidance, which called for revenue growth of 2-6%.
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