Lennox reports ‘solid’ fourth quarter
Global HVAC manufacturer Lennox International reported what it called a “solid” fourth quarter, with earnings down slightly to $38.8 million from $41.1 million in the same period last year, a 5.5 percent drop. Sales were up 1 percent to $887 million from $873.7 million in the same period last year.
For the full year, earnings were $169 million, up 1.8 percent from $166 million in 2006. Sales totaled $3.75 billion, up 1 percent over the prior year’s total of $3.71 billion, with foreign exchange contributing 2 percent to growth, the company said.
"Lennox International had a solid fourth quarter and strong results for the year," said Todd Bluedorn, CEO of Lennox International. "Three of our four businesses -- Commercial, Service Experts and Refrigeration -- had outstanding performance, with profit growth in the double digits and margin expansion.”
Those areas of growth offset a “tough market” in residential sales, a segment in which the company took “aggressive cost reduction actions” this year, Bluedorn said.
The HVAC giant reaffirmed its 2008 outlook, with revenue growth expected at 2 percent to 5 percent.