Lennox International Reports Q2 Results Jul 23, 2003

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Lennox International Inc. announced second quarter 2003 diluted earnings per share (EPS) of U.S. $0.51 versus $0.43 for the same quarter in 2002. Sales decreased 1 percent to $819 million from $828 million in last year's second quarter. In constant currencies and adjusting for the loss of $49 million in heat transfer revenues—most of which are now part of the company's joint venture with Outokumpu and no longer reported by Lennox—total sales were up 2 percent. Sales outside the U.S. and Canada generated 13 percent of the company’s total revenues.

Quarterly operating income was $56 million, up 10 percent from last year's $51 million. The second quarter 2002 included $1 million in pre-tax restructuring charges related to programs announced in 2001, while a pre-tax charge of $0.1 million for gains, losses, and other expenses was recorded in the second quarter 2003. Adjusting for these items, operating income increased 7 percent year-over-year, the company's sixth straight quarter of year-over-year improvement in operating profitability. Net income was $30 million, up 19 percent from $26 million in the same period last year. When adjusted for gains, losses, and other expenses and restructuring charges, net income grew 12 percent.

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