Lennox strong in the third quarter
HVAC company Lennox International posted a strong third quarter, with earnings up 72 percent to $61.2 million from $35.6 million in the same period last year.
Sales rose 1 percent to $1.03 billion from $1.02 billion last year.
Residential heating and cooling sales decreased 9 percent to $456 million, with results offset by a 12 percent gain in commercial heating and cooling. The company also reported a 15 percent gain in refrigeration sales and a 6 percent gain in revenue from Lennox’s “Service Experts” division.
“Led by tight operational discipline across the company, [Lennox] posted strong financial results," said Todd Bluedorn, CEO of Lennox International. Cost reduction efforts particularly were strong in Lennox’s Service Experts division, the company said in a statement.
Lennox International, based in Dallas, produces furnaces, air conditioners, air purification units, heat pumps and boilers.