Lennox International Inc. - LII STOCK NEWS

Lennox International reported a record third-quarter revenue of $1.06 billion, up 2% year-over-year, with a GAAP operating income of $167 million, up 7%. Earnings per share surged 16% to $3.42, while adjusted EPS increased 6% to $3.53.

Residential revenue achieved a record $722 million, up 13% with a segment profit rising 21%. However, Commercial and Refrigeration segments faced declines of 18% and 14%, respectively. The company raised its full-year revenue guidance from a decline of 10-15% to 5-9%.

Lennox International installed 210 HVAC units at no cost across the U.S. and Canada as part of its Feel The Love program, benefiting medical professionals and frontline workers amid the COVID-19 pandemic. Since 2009, this initiative has provided over 1,500 installations to those facing challenges. The company aims to improve comfort and health as families spend more time at home. The program is set to continue expanding through the end of the year, allowing more community members to receive support.

Lennox International Inc. (NYSE: LII) announced plans to report its third quarter 2020 financial results on October 19, 2020, before market opening. A conference call will follow at 8:30 a.m. Central time, featuring commentary from Chairman and CEO Todd Bluedorn and CFO Joe Reitmeier. Participants can join by calling 877-336-4440 (U.S.) or 409-207-6984 (international). The call will also be accessible via webcast on Lennox's website. A replay will be available from 11:00 a.m. Central time on the same day until November 2, 2020.

Lennox International (LII) has introduced the Building Better Air initiative aimed at enhancing indoor air quality (IAQ) in commercial spaces. This effort addresses increasing awareness about the significance of HVAC systems in maintaining healthy environments, especially post-COVID-19. The initiative includes a three-step process: evaluating current HVAC systems, proposing tailored IAQ solutions, and establishing a preventative maintenance plan. This program underscores Lennox's commitment to providing comprehensive IAQ solutions for various commercial applications.

Lennox International Inc. (NYSE: LII) announced a quarterly cash dividend of $0.77 per share, payable on October 15, 2020, to stockholders of record by October 1, 2020. This dividend declaration reflects the company's commitment to returning value to its shareholders. Lennox International is a leader in the heating, air conditioning, and refrigeration sectors, underscoring its stability and market positioning.

Lennox International (NYSE: LII) will have Chairman and CEO Todd Bluedorn present at the Morgan Stanley 8th Annual Laguna Conference on September 15, 2020. The event will be virtual, with a live webcast starting at 11:15 a.m. Eastern time. Presentation materials will be available on the company's website. Lennox is recognized as a global leader in heating, air conditioning, and refrigeration markets. For more details, visit www.lennoxinternational.com.

Lennox International has announced the pricing of a $600 million senior notes offering, comprising of $300 million in 1.350% notes due 2025 and $300 million in 1.700% notes due 2027. The proceeds will be utilized to repay existing debt under its credit facility and for general corporate purposes. The offering is set to close on July 30, 2020, pending customary conditions. J.P. Morgan, Wells Fargo Securities, BofA Securities, and MUFG are the joint book-running managers. This offering is under an automatic shelf registration statement filed with the SEC.

Lennox International reported second-quarter 2020 revenue of $941 million, a 14% decline year-over-year. GAAP operating income fell to $136 million from $214 million in 2019. Adjusted earnings per share dropped to $2.97 from $3.74.

The COVID-19 pandemic affected all sectors, with Residential revenue down 6% but showing a 7% increase in June. Commercial revenue dropped 28%, and Refrigeration revenue declined 26%. The company raised its 2020 guidance, expecting adjusted revenue to decline 10-15% and adjusted EPS between $7.90-$8.70.

Lennox International has appointed Shane D. Wall to its board of directors, effective July 10, 2020. Wall, former Chief Technology Officer at HP Inc., brings extensive technology expertise and diverse management experience to the role. His background includes significant positions at Hewlett-Packard and Intel Corporation. The company's chairman, Todd Bluedorn, expressed enthusiasm about Wall’s appointment, emphasizing the valuable perspective he will provide as Lennox continues to lead in the heating, air conditioning, and refrigeration markets.