Lennox International Inc. (LII), a global leader in the heating, air conditioning, and refrigeration markets, today reported that revenue for the second quarter was up 8% to a record $1.102 billion
FINANCIAL HIGHLIGHTS
Revenue: UP 8% to $1.102 billion
Gross Profit: UP 8% to $341 million, up 8%
Gross margin: Flat at 30.9%
Income from Continuing Operations: UP 7.5% to $116.4 million, or $2.71 per share
Adjusted Income from Continuing Operations: UP 11.85% to $121.0 million, or $2.83
Net Cash from Operations: DOWN 22% to $59 million
Free cash flow: DOWN 29% to $41 million
Total debt: $1.189 billion.
Total cash and cash equivalents: $61 million
The company paid $18 million in dividends and $100 million for stock repurchases.
FULL-YEAR OUTLOOK
For 2017, the company is:
Chairman and CEO Todd Bluedorn said in the company’s press release that:
“We continue to expect strong growth for a year of record revenue and profit, led by the strength in our Residential business.
Given the company’s first-half performance and outlook for the second half, we are raising the low end of our 2017 guidance for
revenue and adjusted EPS from continuing operations, and we plan $75 million more of stock repurchases in the second half of the year.”
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