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Lennox International Q2 net income increased to $110.7 million

Staff Writer |
Lennox International reported that its second-quarter net income increased to $110.7 million from last year's $81.2 million.

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Earnings per share were $2.51, higher than $1.78 last year. Income from continuing operations was $111.2 million, compared to $81.6 million in the prior-year quarter.

Earnings per share from continuing operations were $2.52, up 41 percent from $1.79 a year ago. Adjusted earnings per share from continuing operations were $2.53

Adjusted income from continuing operations was $111.5 million, or $2.53 per share, compared to $83.9 million or $1.84 per share last year.

On average, 15 analysts polled by Thomson Reuters expected earnings of $2.35 per share for the quarter. Analysts' estimates typically exclude special items.

Revenue for the second quarter was $1.019 billion, 3 percent higher than the prior year's $992.5 million. Analysts were looking for revenues of $1.04 billion.

Volume and price/mix were up on a revenue basis from the prior-year quarter.

Looking ahead for the year, Lennox raised its earnings per share guidance for 2016 based on the company's strong operational performance and outlook.

The company now expects earnings per share from continuing operations in a range of $6.45-$6.85, higher than previous estimate of $6.26-$6.76. Adjusted earnings per share from continuing operations are now expected in a range of $6.50-$6.90, higher than previous estimate of $6.30-$6.80.

Further, Lennox reiterated guidance for reported revenue growth of 3 percent-7 percent. At constant currency, the company trimmed revenue growth guidance to 3 percent-7 percent from 4 percent-8 percent.

Further, the company announced an additional $100 million stock repurchase program for the second half of the year.

The third quarter is off to a good start for all three of businesses, and the company continues to expect another record year with strong margin expansion and profit growth.


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