Lennox points to strong residential business
Heating and air conditioning giant Lennox International reported fourth-quarter revenue of $685 million, up 6% from the prior-year quarter.
For the full year, revenue was $2.9 billion, up 4% from the prior year. At constant currency, revenue was up 5%.
"The company's performance in 2012 was led by our residential business, which significantly outperformed the market on gains in replacement business and strong growth in new construction," said chairman and CEO Todd Bluedorn. "Residential revenue was up 9% with profit up 17% for the year. In the face of flat commercial markets in 2012, our refrigeration and commercial businesses had strong operational performance. Refrigeration revenue was flat at constant currency with profit up 6%."
For the fourth quarter, adjusted income from continuing operations was $29 million, the same as the prior year quarter.