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Lennox International Reports Record Profit in Second Quarter
Jul 22, 2014
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Global HVAC/R producer Lennox International Inc. reported second quarter 2014 revenue of $961 million, up 5% from the same quarter in 2013. Revenue at constant currency was up 6%.

Chairman and CEO Todd Bluedorn said the company had a record 12.3% total segment margin, driven by strong growth and margin expansion in both the Residential and Commercial businesses.

"Residential revenue was up 11% and segment margin expanded 220 basis points to a record 16.1%," Bluedorn said. "Residential profit rose 28% to a record $85 million. Our Commercial business set second-quarter records for revenue, margin and profit. Led by high single-digit growth in North America, Commercial segment revenue grew 5% and margin expanded 110 basis points to 16.2%. Commercial profit rose 13%.

Residential and Commercial results were offset somewhat by soft conditions in Refrigeration, Bluedorn said. The company saw weaker North American supermarket and Australian wholesale business results. Refrigeration revenue was down 7% in the second quarter, and segment margin contracted to 7.1%. Refrigeration profit was down 47% from the record levels in the second quarter of 2013.

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