Lennox International Beats Earnings, Revenue Expectations
2022.04.25 21:26
By Sam Boughedda
Investing.com — Lennox International Inc (NYSE:LII) stock fell 4.4% on Monday even though its reported first-quarter earnings beat analyst estimates.
The provider of climate control products revealed revenue increased by 9% to $1.01 billion compared to the prior-year quarter. Analysts polled by Investing.com expected earnings of $970.78 million.
In addition, adjusted earnings per share came in at $2.36, 29 cents above analyst forecasts of $2.07.
“Lennox International posted record first-quarter revenue and EPS, led by strong growth in our Residential and Refrigeration businesses,” said Chairman and Interim CEO Todd Teske. “Both Residential and Refrigeration set new first-quarter highs for revenue and profit.”
The company raised its 2022 revenue guidance and reiterated EPS guidance. Lennox increased revenue growth forecasts for 2022 to between 7% and 11%, from 5% to 10%.
Meanwhile, GAAP and adjusted earnings per share for 2022 are expected to be between $13.50 and $14.50. The company also reiterated stock repurchase guidance of $400 million for the full year.
