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Lennox International GAAP and adjusted revenue $844 million

Staff Writer | February 5, 2019
Lennox International reported fourth-quarter and full-year 2018 results.
Lennox International
Lennox International   GAAP revenue was down 5%
All comparisons are to the prior-year period. The company's tornado references relate to the July 2018 tornado damage at a Residential manufacturing facility in Iowa.

Adjusted revenue and profit exclude the non-core Refrigeration businesses divested in 2018 Australia, Asia and South America.

In 2019, the company plans to divest its Kysor Warren business within its Refrigeration segment and is currently targeting to close the sale in the first quarter.

For the fourth quarter, GAAP and adjusted revenue was $844 million.

GAAP revenue was down 5%, including the impact from divestitures and the tornado.

At constant currency, GAAP revenue was down 4%.

GAAP operating income was a fourth-quarter record $116 million, up 12%.

GAAP earnings per share from continuing operations was a fourth-quarter record $1.86, up 82%.

Adjusted revenue, excluding the impact from divestitures, was up slightly in the fourth quarter.

At constant currency, adjusted revenue was up 1%.

The tornado had a negative 8% impact on revenue growth in the quarter.

Total segment profit increased 7% to a fourth-quarter record $110 million, and total segment margin expanded 70 basis points to a fourth-quarter record 13.0%.

Adjusted earnings per share from continuing operations rose 18% to a fourth-quarter record $1.93.

For the full year, revenue was a record $3.88 billion on a GAAP basis, up 1% including the impact from divestitures and the tornado.

Foreign exchange was neutral to revenue.

GAAP operating income was a record $510 million, up 3%.

GAAP earnings per share from continuing operations was a record $8.77, up 22%.

Adjusted revenue for the full year, excluding the impact from divestitures, was $3.81 billion, up 4%.

The tornado had a negative 3% impact on revenue growth for the full year.

Foreign exchange was neutral to revenue.

Total segment profit increased 6% to a record $540 million, and total segment margin expanded 30 basis points to a record 14.2%.

Adjusted earnings per share from continuing operations rose 20% to a record $9.42 for the full year.


 

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