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Lennox Reports Record 2Q Profit
Jul 31, 2013
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Lennox International Inc. reported 2Q 2013 revenue of $913 million, up 9% from the prior-year quarter.

Gross profit in 2Q 2013 was $254 million, up 22% from 2Q 2012. Gross margin was 27.8%, up 300 basis points from 24.8% in the prior-year quarter.

Adjusted income from continuing operations in 2Q 2013 was $66.5 million, up from 2Q 2012's $50.6 million.

On a GAAP basis, income from continuing operations for 2Q 2013 was $64.3 million, from $49.5 million in 2Q 2012.

Net cash from operations in the second quarter was $49 million, from $24 million 2Q 2012.

"The company's strong business momentum continued in the second quarter, with revenue up 9% and total segment profit margin up 200 basis points to a record level of 11.6%," said Todd Bluedorn, Lennox International chairman and CEO. "In our Residential business, revenue was up 16% on strong double-digit growth in both new construction and replacement business, and margin expanded 370 basis points to 13.9%. Residential profit was up 58%. In our Commercial business, revenue and profit were up 4%, led by growth in the emergency replacement market and commercial services. Commercial margin increased 10 basis points to 15.1%. In Refrigeration, revenue was flat on the timing of national account business and soft economic conditions in Europe, but growth was strong in South America and Asia Pacific. Refrigeration profit was up 22% as margin expanded 220 basis points to 12.4%. Looking at 2013 for the company overall, we are raising our revenue and earnings guidance for the year. As markets continue to recover, the company is strategically well-positioned to drive our financial performance to new levels as we continue to execute on achieving our longer-term financial targets."

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