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Lennox International Inc. (NYSE: LII) is a global leader in energy-efficient climate control solutions, offering a wide range of products for heating, ventilation, air conditioning, and refrigeration (HVACR). Headquartered in Texas, Lennox operates primarily in North America, having divested its European businesses in late 2023.
Lennox's operations are divided into three segments: Residential Heating & Cooling, Commercial Heating & Cooling, and Refrigeration. The residential segment provides furnaces, air conditioners, heat pumps, indoor air quality equipment, and comfort control products, primarily for the replacement and new construction markets. The commercial segment offers unitary heating and air conditioning equipment, applied systems, controls, and service for light commercial markets. The refrigeration segment delivers innovative products for retail food chains and other industrial applications.
In 2023, Lennox reported a revenue of $5 billion, with residential HVAC contributing 68% and commercial HVAC and Heatcraft refrigeration making up the remaining 32%. The company achieved significant financial successes, including a 20% increase in operating income and notable advancements in supply chain resiliency and factory production efficiency.
Lennox's commitment to innovation and sustainability is evident in its recent initiatives. The company has introduced the Lennox Ultimate Comfort System™ and the S40 Smart Thermostat, both recognized with industry awards for their advanced technology and design. Additionally, the transition to low global warming potential (GWP) refrigerants is a strategic move towards reducing environmental impact, with new products set to meet the 2025 refrigerant regulations.
In 2024, Lennox formed a joint venture with Samsung to offer ductless AC and heat pump products in the United States and Canada. This partnership capitalizes on the strengths of both companies, aiming to provide comprehensive HVAC solutions to a broader customer base.
Financially robust, Lennox reported record fourth-quarter revenue of $1.2 billion in 2023, with operating income up 41% to $185 million. The company projects continued growth in 2024, with anticipated revenue increases driven by price and favorable product mix.
For more information, visit www.lennox.com or contact Investor Relations at investor@lennox.com.
Lennox Residential HVAC has launched the SL25KCV Air Conditioner, the most efficient air conditioner in the industry with up to 26.00 SEER2 rating. The new unit features Precise Comfort® technology for fine-tuned cooling and uses low GWP refrigerants, complying with upcoming EPA regulations effective January 1, 2025. A recent survey showed 81% of homeowners prioritize high-efficiency HVAC equipment, with 91% citing lower monthly bills as the main advantage. The SL25KCV operates at just 58 dB and includes features like SilentComfort™ technology, Quantum™ Coil technology, and digital communication capabilities when paired with the S40 Smart Thermostat.
Lennox (NYSE: LII) reported strong Q3 2024 results with revenue of $1.5 billion, up 15% in core revenue. The company achieved record operating income of $303 million and GAAP diluted EPS of $6.68, up 24%. Home Comfort Solutions segment revenue grew 15% to $1.0 billion, while Building Climate Solutions revenue increased 15% to $465 million. Net cash from operations reached $452 million, with free cash flow up 50% to $412 million. Based on strong performance, Lennox raised its full-year 2024 guidance, projecting 10% revenue growth and EPS of $20.75-$21.00.
Lennox (NYSE: LII) announced the retirement of Executive Vice President, Chief Legal Officer and Secretary John Torres, effective February 28, 2025, after 16 years with the company. Monica Brown, current Vice President and Deputy General Counsel, will succeed Torres as Executive Vice President, Chief Legal Officer and Secretary starting January 1, 2025. During his tenure, Torres led multiple strategic acquisitions and divestitures to strengthen Lennox's North American growth. Brown brings 12 years of experience at Lennox and previously spent 13 years in complex commercial litigation at a law firm.
Lennox's Feel The Love program, sponsored by the LII Lennox Foundation, marked its 15th anniversary by donating 413 HVAC units to deserving homeowners during Installation Week from October 5-12, 2024. Dealers across 45 U.S. states and several Canadian provinces installed the units free of cost for nominated recipients and local heroes facing financial challenges, illness, or other difficult circumstances.
The program aims to provide comfort through extreme weather conditions with energy-efficient HVAC solutions. Since its inception in 2009, Feel The Love has benefited over 2,750 families in need. The LII Lennox Foundation, established in 2023, supports this initiative as part of its commitment to improving communities where Lennox employees work and live.
Lennox (NYSE: LII), a leader in energy-efficient climate control solutions, has announced it will report its third quarter 2024 financial results before the market opens on Wednesday, October 23, 2024. The company will host an earnings conference call and webcast at 8:30 a.m. Central Time on the same day.
CEO Alok Maskara and CFO Michael Quenzer will provide a summary of the company's financial results and outlook, followed by a question-and-answer session. Interested parties can participate by calling 800-245-3047 (U.S.) or +1 203-518-9765 (international) using conference ID LIIQ324. The call will also be webcast live on Lennox's investor relations website.
A replay of the conference call will be available until October 30, 2024, and the call will be archived on the company's investor relations website.
Lennox (NYSE: LII) has announced a quarterly cash dividend of $1.15 per share of common stock. The dividend is set to be paid on October 15, 2024, to stockholders of record as of September 30, 2024. This decision was approved by the Lennox board of directors, demonstrating the company's commitment to returning value to its shareholders. The announcement, made on September 20, 2024, in Dallas, reflects Lennox's ongoing dividend policy and financial stability.
Lennox (NYSE: LII), a leader in innovative climate solutions, is set to celebrate its 25th anniversary of going public by ringing the closing bell at the New York Stock Exchange on July 29, 2024. Since its 1999 IPO, Lennox has transformed from a regional HVAC manufacturer to a global market leader in heating, cooling, and commercial refrigeration technologies.
Over the past quarter-century, Lennox has achieved significant growth, both financially and operationally. The company has received numerous accolades for product excellence and has positioned itself as a pioneer in sustainability through high-efficiency products. Financially, Lennox has reported six consecutive quarters of double-digit ROS expansion and EPS growth.
CEO Alok Maskara emphasized the company's commitment to innovation, excellence, and delivering value to shareholders and customers as the HVACR industry evolves.
Lennox (NYSE: LII) has won gold in three categories at the 2024 Dealer Design Awards, presented by The Air Conditioning, Heating, & Refrigeration News magazine. The awards recognize companies that enhance product performance and efficiency, as chosen by contractors. Lennox Commercial HVAC won gold for its Enlight High-Efficiency Dual Fuel Heat Pump, Advanced Distributor Products for the FlexCoil Evaporator Coil, and Heatcraft Refrigeration Products for the intelliGen Field Mount Kit.
The Enlight heat pump offers high efficiency ratings and intelligent operation. The FlexCoil is designed for all refrigerants, including low GWP R454B. The intelliGen kit allows for easy retrofitting of existing unit coolers with electronic control technology. Prakash Bedapudi, Lennox's Chief Technology Officer, emphasized the company's commitment to innovation and customer satisfaction.
Lennox (NYSE: LII) reported strong Q2 2024 results, with core revenue up 8% to $1.45 billion and adjusted diluted EPS rising 11% to $6.83. The company's performance was driven by pricing excellence, sales volume improvement, and strategic acquisitions. Notably, Lennox raised its full-year 2024 EPS guidance to $19.50-$20.25 from $19.00-$20.00.
The Home Comfort Solutions segment saw 5% revenue growth and significant margin expansion, while the Business Climate Solutions segment achieved 15% revenue growth. Lennox's focus on direct distribution, product innovation, and customer experience has contributed to market share expansion and margin improvements. The company's ongoing investments in new facilities and joint ventures are expected to drive long-term growth opportunities.
Lennox (NYSE: LII) has been named to the 2024 U.S. News & World Report's Best Companies to Work For list, with a special distinction for excellence in manufacturing. Additionally, the Lennox India Technology Centre has achieved its third consecutive Great Place to Work certification. This recognition highlights Lennox's commitment to fostering an inclusive and empowering workplace culture. Executive VP and Chief HR Officer Dan Sessa stated that these accolades underscore the company's dedication to employee development through various career resources and learning opportunities. Lennox offers comprehensive benefits, including paid volunteer time, wellness days, and extensive training programs. The LII Lennox Foundation also supports employee volunteerism and non-profit grants. For more information on career opportunities, visit lennox.com/careers.
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