Lennox International Inc. reported that first quarter 2013 revenue was up 9%, boosted by 15% growth in its Residential Heating & Cooling business.
Revenue for 1Q 2013 was $668.4 million, up 9% from 614.4 million in 1Q 2012. Adjusted income from continuing operations in the first quarter was $17.0 million, compared to $9.8 million in 1Q 2012. (Lennox International financial results were adjusted for its discontinued Service Experts business, which was sold on March 22, 2013.)
"Our Residential business continued to lead our growth on the strength of new construction and our growth initiatives in the replacement market," said Todd Bluedorn, chairman and CEO of Lennox International. "Residential revenue was up 15% in the first quarter and margin expanded 250 basis points to drive segment profit up 86%. In our Commercial business, revenue was up 4%, led by strong growth in national account services. Commercial profit was up 34% as margin expanded 150 basis points. Refrigeration revenue was up 4% at constant currency on double-digit growth in Asia Pacific and South America. Refrigeration margin expanded 100 basis points, and profit grew 18%."
Lennox International narrowed its revenue guidance range for 2013. It raised the low end of revenue growth guidance, from 2-6% to 3-6%.
"We have seen the company's business momentum continue, and the year is off to a good start. However, the largest seasonal periods of the year are still ahead of us, and macroeconomic uncertainty remains," said Bluedorn. "On balance, we are raising the low end of our revenue and earnings guidance for 2013 to reflect our first quarter performance and current view on the full year."
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