Lennox Reports Strong Q2 Earnings

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  • Lennox International Inc LII reported second-quarter FY21 sales growth of 31.7% year-on-year, to $1.24 billion, beating the analyst consensus estimate of $1.15 billion.
  • Revenue in the Residential Heating & Cooling business segment increased 30% Y/Y to $838 million, Commercial Heating & Cooling business surged 34% to $253 million, and Refrigeration business jumped 37% to $148 million.
  • Gross profit rose 39% Y/Y to $383 million and gross margin of 30.9% expanded 160 basis points Y/Y.
  • Selling, general and administrative expenses rose 29.6% Y/Y to $167.8 million.
  • Total segment profit rose 45% to $222 million, and Total segment margin expanded 160 basis points to 17.9%.
  • The company held $44.5 million in cash and equivalents as of June 30, 2021.
  • Cash provided by operating activities totaled $192 million, up 82.8% Y/Y.
  • Adjusted EPS of $4.57 beat the analyst consensus of $4.26.
  • "As we look to 2022 and beyond, we see the residential replacement cycle spinning faster and continue to position our business to capitalize on strong market growth and share gains," said Chairman and CEO Todd Bluedorn.
  • It raised 2021 stock repurchase guidance to a total of $600 million after $400 million of buyback in the first half of the year.
  • Outlook: On July 14, 2021, Lennox raised its 2021 guidance for revenue growth from 7-11% to 11-15% at constant currency, and now 12-16% at actual currency.
  • It had raised 2021 guidance for adjusted EPS from continuing operations from $11.40-$12.00 to $12.10-$12.70, versus the consensus of $12.50.
  • Price action: LII shares traded lower by 2.80% at $311.63 on the last check Monday.
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