HVAC manufacturer Lennox International (LII) announced it will delay reporting fourth quarter and full-year 2005 earnings, originally scheduled for Feb. 9, 2006, as the company completes year-end procedures related to the accounting for forward purchase contracts of copper and aluminum.
"This complex area of accounting has received increased attention and we want to confirm our approach is appropriate," said Bob Schjerven, CEO. "We intend to make every effort to report 2005 results as soon as possible."
The company said it does not anticipate any delays in its regulatory filings with the Securities and Exchange Commission.
LII stated it expects to report record sales and net income for full-year 2005, with strong cash flow. Earnings per share are projected to exceed the previously issued guidance range of U.S. $1.75 to $1.80 per diluted share.
"We are focused on continuing our momentum," Schjerven said. "For 2006 we anticipate full-year diluted earnings per share will be in the range of $2.00 to $2.10."
As earlier announced, LII expects to incur after-tax restructuring charges of approximately $13 million related to the planned closure of its facility in Bellevue, Ohio, U.S. The company stated its full-year guidance assumes this charge will be offset through gains and other positive non-operating items.
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