Lennox points to strength in residential business
Heating and air-conditioning giant Lennox International reported second-quarter revenue of $934 million, up 2% from the same quarter last year.
Adjusted income from continuing operations in the second quarter was $49.6 million, up from $46.8 million in the same quarter last year.
The figures reflect the company’s sale of its Hearth business in April 2010.
"Continued strong execution drove 11% revenue growth and 19% profit growth in our residential business in the second quarter," said Todd Bluedorn, chairman and CEO of Dallas-based Lennox International. "Residential again realized strong growth in both new construction and replacement business, with warm weather comparable overall to the second quarter a year ago."
Despite a cautious attitude about the macroeconomic environment, Bluedorn said the company raised its guidance for 2012 and plan a minimum of $50 million of stock repurchases in the second half of the year.