Lennox International Inc. posted a first-quarter loss, saying the weak economy compounded a quarter that is seasonally slow to begin with. The company said it lost US$18.1 million during the quarter that ended March 31. Revenue fell 23.4% to $585.4 million, from $764.5 million a year ago.
Lennox also reduced its guidance for the year and said it would reduce expenses. It plans to cut the number of salaried employees by 12% this year, and will cut $55 million from its selling, general, and administrative expenses.
First quarter 2009 revenue from the Residential Heating & Cooling business segment was $246 million, a decrease of 25% from $329 million in the year-ago quarter. Revenue in the Commercial Heating & Cooling business segment was $132 million, down 20% from the year-ago quarter. Revenue in the Refrigeration business segment was $114 million in the first quarter, down 27% from $155 million in the prior-year quarter.
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