Lennox International Inc.'s third quarter 2013 revenue was up 8% at constant currency, led by 13% growth in its Residential HVAC business. Revenue in 3Q 2012 was $868 million, up 8% at constant currency from 3Q 2012 and up 7% when including the negative impact of foreign exchange.
"In our Residential business, revenue was up 13% at constant currency, led by strong double-digit growth in replacement business with favorable price and mix," said Chairman and CEO Todd Bluedorn. "Residential margin expanded 330 basis points to 13.1%. Residential profit grew 51%."
Bluedorn added, "In our Commercial business, revenue was up 8% at constant currency, led by strong growth in national account equipment and services, as well as continued momentum in the emergency replacement market. Commercial profit grew 21% as segment margin expanded 160 basis points to a record 16.4%."
In Refrigeration, Bluedorn said, "Global market conditions remained choppy. Revenue was down 2% at constant currency on soft market conditions in Australia and Europe. North America was up slightly, and China and South America saw strong growth. Refrigeration profit was down 5%. Refrigeration margin was flat at 12.3%."
The company reiterated its revenue growth guidance of 6-8% and raised the low end of adjusted EPS from continuing operations guidance to $3.50-$3.75."
Back to Breaking News