DALLAS, April 21, 2014 /PRNewswire/ -- Lennox
International Inc. (NYSE: LII) today reported financial results for
the first quarter of 2014. Financial results in prior periods have
been revised to reflect sold businesses in discontinued
operations.
Revenue for the first quarter was $695
million, up 4% from the prior-year quarter. At constant
currency, revenue was up 6%. Adjusted earnings per share from
continuing operations was $0.42, up
27% from $0.33 in the prior-year
quarter. On a GAAP basis, earnings per share from continuing
operations was $0.40, up 29% from
$0.31 in the prior-year quarter.
"First quarter performance was led by our Residential business,
with revenue up 10% at constant currency and segment profit up
19%," said Chairman and CEO Todd
Bluedorn. "In Residential, as well as in Commercial,
replacement business was strong, while new construction business
was notably impacted by severe weather in the quarter. Commercial
revenue grew 6% at constant currency, led by high single digit
growth in North America equipment
and service. Segment profit was down 8% on softness in Europe and from investments in the growth of
our North American business, including distribution expansion and
start-up costs for entrance in the VRF market in the second half of
the year. In Refrigeration, revenue was down 2% at constant
currency. Including the negative impact of foreign exchange,
revenue was down 6% and profit was down 28% as the Australian
market and supermarket business in North
America remained soft as expected. Corporate expense in the
first quarter was down $8 million on
lower incentive compensation as expected, and we maintain our
guidance for corporate expense to be down $18 million for the full year. Overall for Lennox
International in the quarter, revenue was up 6% at constant
currency and total segment profit margin expanded 70 basis
points to a first-quarter record of 5.1%. Adjusted EPS from
continuing operations was up 27% to a first-quarter record of
$0.42.
"Looking ahead at the full year, we continue to expect adjusted
EPS from continuing operations in the range of $4.20-$4.60. With a strong balance sheet, we will
continue to invest in the business for growth as well as maintain a
competitive dividend, and we plan to repurchase $150 million of stock in 2014. The company
remains competitively well-positioned for continued market
outperformance with our leading product portfolio and expanding
distribution network, and we look forward to the seasonally
strongest quarters of the year."
FINANCIAL HIGHLIGHTS
Revenue: Revenue for the first quarter was $695 million, up 4% from the prior-year quarter.
Foreign exchange had a negative 2 point impact on revenue growth.
Volume and price/mix were up from the prior-year quarter.
Gross Profit: Gross profit for the first quarter was
$168 million, up 4% from the
prior-year quarter. Gross margin was 24.2%, flat with the
prior-year quarter. Gross profit was primarily impacted by higher
volume, favorable price/mix and lower material costs, partially
offset by negative foreign exchange and investments in
distribution.
Income from Continuing Operations: Adjusted income from
continuing operations in the first quarter was $20.8 million, or $0.42 per share, compared to $17.0 million, or $0.33 per share, in the prior-year quarter.
Adjusted earnings from continuing operations for the first quarter
of 2014 excludes $0.4 million
after-tax for the net change in unrealized losses on unsettled
future contracts, a $0.2 million
after-tax special legal contingency charge, and $0.3 million in after-tax charges for other
items, net.
On a GAAP basis, income from continuing operations for the first
quarter was $19.9 million, or
$0.40 per share, compared to
$15.8 million, or $0.31 per share, in the prior-year quarter.
Free Cash Flow and Total Debt: Net cash used in
operations in the first quarter was $125
million compared to $137
million in the prior-year quarter. The company invested
$17 million in capital assets in the
first quarter, up from $12 million in
the first quarter a year ago. Free cash flow was ($142) million, compared to ($149) million in the prior-year quarter. Total
debt at the end of the first quarter was $564 million. Total cash and cash equivalents
were $39 million at the end of the
quarter.
BUSINESS SEGMENT HIGHLIGHTS
Residential Heating & Cooling
First quarter 2014
revenue in the Residential Heating & Cooling business segment
was $342 million, up 9% from the
prior-year quarter. Foreign exchange had a negative 1 point impact
on revenue growth. Segment profit was $24
million, up 19% from the prior-year quarter. Segment profit
margin was 7.1%, up 60 basis points. Results were primarily
impacted by higher volume, favorable price/mix, and lower material
costs, with partial offsets from higher SG&A, investments in
distribution expansion, and negative foreign exchange.
Commercial Heating & Cooling
Revenue in the
Commercial Heating & Cooling business segment was $173 million, up 6% from the prior-year quarter.
Foreign exchange was neutral to revenue. Segment profit was
$10 million, down 8% from the
prior-year quarter. Segment profit margin was 5.9%, down 90 basis
points. Results were negatively impacted by investments in the
business for growth, including North American distribution and
service expansion as well as start-up costs to enter the VRF market
in the second half of 2014. Partial offsets included higher volume
and lower material costs.
Refrigeration
Revenue in the Refrigeration business
segment was $180 million in the first
quarter, down 6% from the prior-year quarter. Foreign exchange had
a negative 4 point impact on revenue. Segment profit was
$12 million, down 28%. Segment profit
margin was 6.7%, down 200 basis points. Results were negatively
impacted by foreign exchange, SG&A, lower volume, and factory
investments for future growth, with partial offsets from favorable
price/mix and lower material costs.
FULL-YEAR OUTLOOK
For 2014, the company reiterates its revenue guidance at
constant currency and adjusted EPS from continuing operations.
- Reiterating revenue growth guidance of 3-7% at constant
currency; now expecting 1 point of negative impact from foreign
exchange on a full-year basis for revenue growth of 2-6% at actual
currency for 2014.
- Reiterating adjusted EPS from continuing operations guidance of
$4.20-$4.60.
- Adjusting guidance for GAAP EPS from continuing operations from
$4.20-$4.60 to a range of
$4.18-$4.58, incorporating charges in
the first quarter.
- Reiterating corporate expense guidance of approximately
$70 million in 2014.
- Reiterating effective tax rate guidance of 34-35% on a
full-year basis.
- Reiterating capital expenditure guidance of approximately
$90 million in 2014.
- Reiterating plans for $150
million of stock repurchases in 2014.
CONFERENCE CALL INFORMATION
A conference call to discuss the company's first quarter results
will be held this morning at 8:30 a.m.
Central time. To listen, please call the conference call
line at 612-234-9959 at least 10 minutes prior to the scheduled
start time and use reservation number 323757. The conference call
will also be webcast on Lennox International's web site at
www.lennoxinternational.com.
A replay will be available from 11:00
a.m. Central time on April 21 through
April 28, 2014 by dialing 800-475-6701 (U.S.) or
320-365-3844 (international) and using access code 323757. The call
will also be archived on the company's web site.
Lennox International Inc. is a global leader in the heating, air
conditioning, and refrigeration markets. Lennox International stock
is traded on the New York Stock Exchange under the symbol "LII".
Additional information is available at: www.lennoxinternational.com
or by contacting Steve Harrison,
Vice President, Investor Relations, at 972-497-6670.
The statements in this news release that are not historical
statements, including statements regarding the 2014 full-year
outlook and expected financial results for 2014, are
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. These statements are
subject to numerous risks and uncertainties that could cause actual
results to differ materially from the results expressed or implied
by the statements. Risks and uncertainties that could cause
actual results to differ materially from such statements include,
but are not limited to: the impact of higher raw material prices,
LII's ability to implement price increases for its products and
services, economic conditions in our markets, the impact of
unfavorable weather, and a decline in new construction activity and
related demand for products and services. For information
concerning these and other risks and uncertainties, see LII's
publicly available filings with the Securities and Exchange
Commission. LII disclaims any intention or obligation to update or
revise any forward-looking statements, whether as a result of new
information, future events or otherwise.
LENNOX
INTERNATIONAL INC. AND SUBSIDIARIES
Consolidated
Statements of Operations
(Unaudited)
|
|
|
(Amounts in
millions, except per share data)
|
For the Three
Months
Ended March 31,
|
|
2014
|
|
2013
|
Net
sales
|
$
|
695.4
|
|
$
|
668.4
|
Cost of goods
sold
|
527.3
|
|
506.4
|
Gross
profit
|
168.1
|
|
162.0
|
Operating
Expenses:
|
|
|
|
Selling, general and
administrative expenses
|
135.6
|
|
135.6
|
Losses and other
expenses, net
|
2.4
|
|
1.1
|
Restructuring
charges
|
0.1
|
|
0.5
|
Income from equity
method investments
|
(3.9)
|
|
(3.1)
|
Operational income
from continuing operations
|
33.9
|
|
27.9
|
Interest expense,
net
|
3.3
|
|
3.4
|
Other expense,
net
|
—
|
|
0.1
|
Income from
continuing operations before income taxes
|
30.6
|
|
24.4
|
Provision for income
taxes
|
10.7
|
|
8.6
|
Income from
continuing operations
|
19.9
|
|
15.8
|
Discontinued
Operations:
|
|
|
|
Loss from
discontinued operations before income taxes
|
—
|
|
(13.4)
|
Benefit from income
taxes
|
—
|
|
(5.6)
|
Loss from
discontinued operations
|
—
|
|
(7.8)
|
Net
income
|
$
|
19.9
|
|
$
|
8.0
|
|
|
|
|
Earnings per
share – Basic:
|
|
|
|
Income from
continuing operations
|
$
|
0.41
|
|
$
|
0.32
|
Loss from
discontinued operations
|
—
|
|
(0.16)
|
Net income
|
$
|
0.41
|
|
$
|
0.16
|
Earnings per
share – Diluted:
|
|
|
|
Income from
continuing operations
|
$
|
0.40
|
|
$
|
0.31
|
Loss from
discontinued operations
|
—
|
|
(0.15)
|
Net income
|
$
|
0.40
|
|
$
|
0.16
|
|
|
|
|
Weighted Average
Number of Shares Outstanding - Basic
|
49.0
|
|
50.3
|
Weighted Average
Number of Shares Outstanding - Diluted
|
49.9
|
|
51.0
|
|
|
|
|
Cash dividends
declared per share
|
$
|
0.24
|
|
$
|
0.20
|
LENNOX
INTERNATIONAL INC. AND SUBSIDIARIES
Segment Net Sales
and Profit (Loss)
(Unaudited)
|
|
|
|
|
(Amounts in
millions)
|
For the Three
Months
Ended March 31,
|
|
2014
|
|
2013
|
Net
Sales
|
|
|
|
Residential Heating
& Cooling
|
$
|
342.1
|
|
$
|
314.5
|
Commercial Heating
& Cooling
|
173.0
|
|
163.0
|
Refrigeration
|
180.3
|
|
190.9
|
|
$
|
695.4
|
|
$
|
668.4
|
|
|
|
|
Segment Profit
(Loss) (1)
|
|
|
|
Residential Heating
& Cooling
|
$
|
24.4
|
|
$
|
20.5
|
Commercial Heating
& Cooling
|
10.2
|
|
11.1
|
Refrigeration
|
12.1
|
|
16.7
|
Corporate and
other
|
(11.4)
|
|
(18.9)
|
Subtotal that
includes segment profit and eliminations
|
35.3
|
|
29.4
|
Reconciliation to
Income from continuing operations before income
taxes:
|
|
|
|
Special product
quality adjustments
|
—
|
|
(0.2)
|
Items in Losses and
other expenses, net that are excluded from segment profit (loss)
(1)
|
1.3
|
|
1.3
|
Restructuring
charges
|
0.1
|
|
0.5
|
Interest expense,
net
|
3.3
|
|
3.4
|
Income from
continuing operations before income taxes
|
$
|
30.6
|
|
$
|
24.4
|
|
|
(1)
|
The Company defines
segment profit and loss as a segment's income or loss from
continuing operations before income taxes included in the
accompanying Consolidated Statements of Operations,
excluding:
|
|
•
Special product quality
adjustments;
|
|
•
The following items in Losses and other
expenses, net:
|
|
◦
Net change in unrealized gains and/or
losses on unsettled futures contracts,
|
|
◦
Special legal contingency
charges,
|
|
◦
Asbestos-related litigation,
and
|
|
◦
Other items, net;
|
|
•
Restructuring charges;
|
|
•
Goodwill, long-lived asset, and equity
method investment impairments;
|
|
•
Interest expense, net; and
|
|
•
Other expense, net.
|
LENNOX
INTERNATIONAL INC. AND SUBSIDIARIES
Consolidated
Balance Sheets
|
|
|
|
|
(Amounts in
millions, except shares and par values)
|
As of March
31, 2014
|
|
As of December
31, 2013
|
|
(unaudited)
|
|
|
ASSETS
|
|
|
|
Current
Assets:
|
|
|
|
Cash and cash
equivalents
|
$
|
39.0
|
|
$
|
38.0
|
Accounts and notes
receivable, net of allowances of $9.5 and $9.8 in 2014 and 2013,
respectively
|
442.2
|
|
408.1
|
Inventories,
net
|
490.3
|
|
378.8
|
Deferred income
taxes, net
|
26.2
|
|
24.5
|
Other
assets
|
59.8
|
|
53.0
|
Total current
assets
|
1,057.5
|
|
902.4
|
Property, plant and
equipment, net of accumulated depreciation of $631.8 and $617.3 in
2014 and 2013, respectively
|
340.6
|
|
335.5
|
Goodwill
|
218.9
|
|
216.8
|
Deferred income
taxes
|
82.8
|
|
88.5
|
Other assets,
net
|
87.9
|
|
83.5
|
Total
assets
|
$
|
1,787.7
|
|
$
|
1,626.7
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
Current
Liabilities:
|
|
|
|
Short-term
debt
|
$
|
168.8
|
|
$
|
165.9
|
Current maturities of
long-term debt
|
1.4
|
|
1.3
|
Accounts
payable
|
343.1
|
|
283.1
|
Accrued
expenses
|
205.2
|
|
232.1
|
Income taxes
payable
|
1.5
|
|
31.6
|
Total current
liabilities
|
720.0
|
|
714.0
|
Long-term
debt
|
394.0
|
|
233.2
|
Post-retirement
benefits, other than pensions
|
4.3
|
|
4.6
|
Pensions
|
60.3
|
|
70.0
|
Other
liabilities
|
117.5
|
|
119.2
|
Total
liabilities
|
1,296.1
|
|
1,141.0
|
Commitments and
contingencies
|
|
|
|
Stockholders'
equity:
|
|
|
|
Preferred stock, $.01
par value, 25,000,000 shares authorized, no shares issued or
outstanding
|
—
|
|
—
|
Common stock, $.01
par value, 200,000,000 shares authorized, 87,170,197 shares
issued
|
0.9
|
|
0.9
|
Additional paid-in
capital
|
935.3
|
|
912.7
|
Retained
earnings
|
878.6
|
|
870.5
|
Accumulated other
comprehensive loss
|
(61.1)
|
|
(61.1)
|
Treasury stock, at
cost, 38,030,197 shares and 38,066,794 shares in 2014 and 2013,
respectively
|
(1,262.9)
|
|
(1,238.1)
|
Noncontrolling
interests
|
0.8
|
|
0.8
|
Total
stockholders' equity
|
491.6
|
|
485.7
|
Total liabilities
and stockholders' equity
|
$
|
1,787.7
|
|
$
|
1,626.7
|
LENNOX
INTERNATIONAL INC. AND SUBSIDIARIES
Consolidated
Statements of Cash Flows
(Unaudited)
|
|
(Amounts in
millions)
|
For the Three
Months Ended
March 31,
|
|
2014
|
|
2013
|
Cash flows from
operating activities:
|
|
|
|
Net income
|
$
|
19.9
|
|
$
|
8.0
|
Net loss from
discontinued operations
|
—
|
|
7.8
|
Adjustments to
reconcile net income to net cash used in operating
activities:
|
|
|
|
Income from equity
method investments
|
(3.9)
|
|
(3.1)
|
Restructuring
expenses, net of cash paid
|
(0.1)
|
|
(1.4)
|
Provision for bad
debts
|
(0.1)
|
|
1.2
|
Unrealized losses on
derivative contracts
|
0.6
|
|
0.5
|
Stock-based
compensation expense
|
3.8
|
|
7.7
|
Depreciation and
amortization
|
15.0
|
|
14.1
|
Deferred income
taxes
|
0.5
|
|
(1.6)
|
Other items,
net
|
12.8
|
|
9.0
|
Changes in assets and
liabilities, net of effects of divestitures:
|
|
|
|
Accounts and notes
receivable
|
(33.8)
|
|
(35.8)
|
Inventories
|
(122.9)
|
|
(100.9)
|
Other current
assets
|
(1.7)
|
|
(3.5)
|
Accounts
payable
|
59.5
|
|
18.8
|
Accrued
expenses
|
(33.1)
|
|
(43.0)
|
Income taxes payable
and receivable
|
(29.3)
|
|
(9.6)
|
Other
|
(12.2)
|
|
6.5
|
Net cash used in
discontinued operations
|
—
|
|
(12.0)
|
Net cash used in
operating activities
|
(125.0)
|
|
(137.3)
|
Cash flows from
investing activities:
|
|
|
|
Purchases of
property, plant and equipment
|
(17.3)
|
|
(12.1)
|
Net proceeds from
sale of business
|
—
|
|
5.3
|
Net cash used in
discontinued operations
|
—
|
|
(0.1)
|
Net cash used in
investing activities
|
(17.3)
|
|
(6.9)
|
Cash flows from
financing activities:
|
|
|
|
Short-term
borrowings, net
|
2.5
|
|
1.2
|
Asset securitization
borrowings
|
—
|
|
130.0
|
Asset securitization
payments
|
—
|
|
(140.0)
|
Long-term debt
payments
|
(0.4)
|
|
(0.2)
|
Borrowings from
revolving credit facility
|
479.0
|
|
435.5
|
Payments on revolving
credit facility
|
(319.0)
|
|
(296.5)
|
Proceeds from
employee stock purchases
|
0.5
|
|
0.5
|
Repurchases of common
stock to satisfy employee withholding tax obligations
|
(10.7)
|
|
(4.2)
|
Excess tax benefits
related to share-based payments
|
4.2
|
|
2.3
|
Cash dividends
paid
|
(11.8)
|
|
—
|
Net cash provided
by financing activities
|
144.3
|
|
128.6
|
Increase (decrease)
in cash and cash equivalents
|
2.0
|
|
(15.6)
|
Effect of exchange
rates on cash and cash equivalents
|
(1.0)
|
|
(1.3)
|
Cash and cash
equivalents, beginning of period
|
38.0
|
|
51.8
|
Cash and cash
equivalents, end of period
|
$
|
39.0
|
|
$
|
34.9
|
|
|
|
|
Supplemental
disclosures of cash flow information:
|
|
|
|
Interest
paid
|
$
|
1.2
|
|
$
|
1.2
|
Income taxes paid
(net of refunds)
|
$
|
35.4
|
|
$
|
11.9
|
LENNOX
INTERNATIONAL INC. AND SUBSIDIARIES
|
Reconciliation to
U.S. GAAP (Generally Accepted Accounting Principles)
Measures
|
(Unaudited)
|
(Amounts in
millions, except per share and ratio data)
|
|
Use of Non-GAAP
Financial Measures
|
To supplement the
Company's consolidated financial statements and segment net sales
and profit presented in accordance with U.S. GAAP, additional
non-GAAP financial measures are provided and reconciled in the
following tables. The Company believes that these non-GAAP
financial measures, when considered together with the GAAP
financial measures, provide information that is useful to investors
in understanding period-over-period operating results. The
Company believes that these non-GAAP financial measures enhance the
ability of investors to analyze the Company's business trends and
operating performance.
|
|
|
Reconciliation of
Income from Continuing Operations, a GAAP measure, to Adjusted
Income from Continuing Operations, a Non-GAAP
measure
|
|
|
|
|
|
For the Three
Months Ended March 31,
|
|
2014
|
|
2013
|
Income from
continuing operations, a GAAP measure
|
$
|
19.9
|
|
$
|
15.8
|
Restructuring
charges, after tax
|
0.1
|
|
0.3
|
Special product
quality adjustments, after tax (b)
|
—
|
|
(0.1)
|
Special legal
contingency charges, after tax (a)
|
0.2
|
|
0.2
|
Asbestos-related
litigation, after tax (a)
|
0.1
|
|
—
|
Net change in
unrealized losses on unsettled future contracts, after tax
(a)
|
0.4
|
|
0.7
|
Other items, net,
after tax (a)
|
0.1
|
|
0.1
|
Adjusted income
from continuing operations, a non-GAAP measure
|
$
|
20.8
|
|
$
|
17.0
|
|
|
|
|
Income per share
from continuing operations - diluted, a GAAP measure
|
$
|
0.40
|
|
$
|
0.31
|
Restructuring
charges, after tax
|
—
|
|
0.01
|
Special legal
contingency charges, after tax (a)
|
0.01
|
|
—
|
Net change in
unrealized losses on unsettled future contracts, after tax
(a)
|
0.01
|
|
0.01
|
Adjusted earnings
per share from continuing operations - diluted, a non-GAAP
measure
|
$
|
0.42
|
|
$
|
0.33
|
|
|
|
|
(a)
Recorded in Losses and other expenses, net in the Consolidated
Statements of Operations
|
(b)
Recorded in Cost of goods sold in the Consolidated Statements of
Operations
|
|
|
|
|
|
|
For the Three
Months Ended March 31,
|
|
2014
|
|
2013
|
Components of
Losses and other expenses, net (pre-tax):
|
|
|
|
Realized losses on
settled future contracts (a)
|
$
|
0.2
|
|
$
|
—
|
Foreign currency
exchange losses (gains) (a)
|
0.8
|
|
(0.2)
|
Losses on disposal of
fixed assets (a)
|
0.1
|
|
—
|
Net change in
unrealized losses on unsettled futures contracts (b)
|
0.6
|
|
1.0
|
Special legal
contingency charges (b)
|
0.4
|
|
0.2
|
Asbestos-related
litigation (b)
|
0.2
|
|
—
|
Other items, net
(b)
|
0.1
|
|
0.1
|
Losses and other
expenses, net (pre-tax)
|
$
|
2.4
|
|
$
|
1.1
|
|
|
|
|
(a)
Included in segment profit (loss) and Adjusted income from
continuing operations
|
(b)
Excluded from segment profit (loss) and Adjusted income from
continuing operations
|
|
Reconciliation of
Estimated Adjusted Income per Share from Continuing Operations -
Diluted, a Non-GAAP measure, to Income per Share from Continuing
Operations - Diluted, a GAAP measure
|
|
|
|
|
|
|
|
For the Year
Ended December
31, 2014
ESTIMATED
|
Adjusted
income per share from continuing operations - diluted, a Non-GAAP
measure
|
|
|
$4.20 -
$4.60
|
Net change in
unrealized losses on unsettled future contracts and other
items
|
|
|
(0.02)
|
Income per
share from continuing operations - diluted, a GAAP
measure
|
|
|
$4.18 -
$4.58
|
|
|
|
|
|
|
|
|
Reconciliation of
Net Cash Provided by Operating Activities, a GAAP measure, to Free
Cash Flow, a Non-GAAP measure
|
|
|
For the Three
Months Ended March 31,
|
|
2014
|
|
2013
|
Net cash
used in operating activities, a GAAP measure
|
$
|
(125.0)
|
|
$
|
(137.3)
|
Purchases of
property, plant and equipment
|
(17.3)
|
|
(12.1)
|
Proceeds from
the disposal of property, plant and equipment
|
—
|
|
—
|
Free cash
flow, a Non-GAAP measure
|
$
|
(142.3)
|
|
$
|
(149.4)
|
|
|
|
|
|
|
|
|
|
Calculation of
Debt to EBITDA Ratio:
|
|
|
|
Trailing
Twelve Months
to March 31,
2014
|
EBIT
(a)
|
|
|
|
$
|
306.4
|
Depreciation
and amortization expense (b)
|
|
|
|
$
|
59.8
|
EBITDA (a +
b)
|
|
|
|
$
|
366.2
|
Total debt at
March 31, 2014 (c)
|
|
|
|
$
|
564.2
|
Total Debt
to EBITDA ratio ((c / (a + b))
|
|
|
|
1.5
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
EBIT, a Non-GAAP measure, to Income From Continuing Operations
Before Income Taxes, a GAAP measure
|
|
|
|
|
|
Trailing
Twelve Months
to March 31,
2014
|
EBIT per
above, a Non-GAAP measure
|
|
|
|
$
|
306.4
|
Special product
quality adjustments
|
|
|
|
(2.1)
|
Items in Losses
and other expenses, net that are excluded from segment
profit
|
|
|
|
8.8
|
Restructuring
charges
|
|
|
|
4.6
|
Interest
expense, net
|
|
|
|
14.4
|
Other expenses,
net
|
|
|
|
0.2
|
Income from
continuing operations before income taxes, a GAAP
measure
|
|
|
|
$
|
280.5
|
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SOURCE Lennox International Inc.