Lennox Reports Record Third Quarter Results and Raises 2023 Guidance
DALLAS, Oct. 26, 2023 /PRNewswire/ -- Lennox (NYSE: LII), a leader in energy-efficient climate-control solutions, today reported record third quarter revenue of $1.37 billion. Operating income was $187 million for the third quarter, including a $63M non-cash impairment related to the planned European divestiture. Operating margin was 13.7% and GAAP diluted earnings per share was $3.65.
- Operating income was $187 million for the third quarter, including a $63M non-cash impairment related to the planned European divestiture.
- "The record results Lennox achieved this quarter are a testament to our consistent leadership performance, the dedication and teamwork of our employees, and the focus on our transformational self-help initiatives," said Chief Executive Officer, Alok Maskara.
- Unit sales volumes through independent distribution channels declined mid-teens, primarily due to continued industry destocking, which decelerated during the quarter.
- A conference call to discuss the company's third quarter results and 2023 full year outlook will be held this morning at 8:30 a.m. Central Time.