Q2 Highlights
(All comparisons are year-over-year,
unless otherwise noted)
(Prior-year adjusted results and core revenue exclude European
operations that were divested in the 4Q 2023)
- Revenue $1.45 billion – Core
revenue up 8%, including 2% growth from acquisitions
- GAAP Operating Income $320
million – Adjusted segment profit up 13% to $319 million
- GAAP diluted EPS $6.87 – Adjusted
diluted EPS up 11% to $6.83
- Raising 2024 EPS guidance range to $19.50-$20.25 from
prior range of $19.00-$20.00
DALLAS, July 24,
2024 /PRNewswire/ -- Lennox (NYSE: LII), a
leader in energy-efficient climate-control solutions, today
reported second quarter financial results with $1.45 billion of revenue, a record
$320 million of operating income and
$6.87 GAAP diluted earnings per
share.
Core revenue grew 8% to $1.45
billion. Adjusted segment profit rose 13% to $319 million. Adjusted segment margin was up 100
basis points to a record 21.9%. Adjusted diluted earnings per share
rose 11% to $6.83.
"Our growth strategy and disciplined execution continues to
yield impressive results," said Chief Executive Officer,
Alok Maskara. "By leveraging our
direct distribution network, industry-leading product portfolio,
and heightened focus on customer experience, our team has
successfully expanded share and margins. This strong performance
gives us the confidence to raise our full-year EPS guidance."
"The smooth integration of AES, expanding heat pump penetration
from our joint venture with Samsung, and opening our new commercial
factory will continue to present long-term growth opportunities for
Lennox," Maskara continued. "These investments underscore our
commitment to growth acceleration and sustained value creation for
our shareholders, customers, and employees."
The Home Comfort Solutions segment achieved revenue growth of
5%, primarily driven by continued pricing excellence. Sales volume
also improved as industry destocking concluded midway through the
quarter. The segment demonstrated strong margin expansion, which
has been instrumental in offsetting the effects of inflation and
the costs associated with ongoing investments. The team's focus on
strategic pricing, resilient margins, and targeted investments has
enabled the Home Comfort Solutions segment to deliver profitable
growth despite relatively neutral end markets.
In the second quarter, the Business Climate Solutions segment
extended its track record of segment profit growth with revenue
growth of 15%, including 6% growth from acquisitions. Segment
profit margins deteriorated slightly as we make the necessary
investments to ramp up our new factory in Saltillo, Mexico. Progress on the new factory
remains on track and we built our first complete pilot units in
early July.
SECOND QUARTER 2024 FINANCIAL HIGHLIGHTS
(All
comparisons are year-over-year, unless otherwise noted)
Revenue: $1.45 billion was
up 3% and up 8% for core operations, with organic revenue up 6%
driven by price and favorable sales volume.
Operating Income: $320
million, up 15%, with operating profit margin of 22.1%, up
230 basis points.
Adjusted Segment Profit: $319 million, up 13%, and adjusted
segment profit margin of 21.9%, up 100 basis points. Profit growth
was driven by $44 million of
price/mix benefits, and $19 million
in organic and inorganic sales volume. This was partially offset by
inflation and new factory expenses, SG&A, and distribution
investments.
Net Income: $246 million,
or $6.87 per share, compared to
$217 million, or $6.10 per share, in the prior-year quarter.
Adjusted Net Income: $244 million,
or $6.83 per share, compared to
$219 million, or $6.15 per share, in the prior-year quarter.
Cash: Operating cash flow was $184
million compared to $196
million in the prior-year quarter. Capital expenditures were
$33 million compared to $50 million in the prior-year quarter. Total debt
at the end of the second quarter was approximately $1.3 billion. Total cash, cash equivalents, and
short-term investments were $58
million at the end of the quarter.
Home Comfort Solutions: Business segment revenue was
$982 million, up 5%. Segment profit
was $229 million, up 13%, and segment
margin was 23.3%, up 170 basis points. Segment profit increased
$26 million compared to the
prior-year quarter. The increase was attributed to $42 million in price/mix benefits and an increase
of $2 million in sales volume. This
was partially offset by an $18
million impact from inflation and investments in
distribution and selling.
Building Climate Solutions: Business segment revenue was
$469 million, up 15%. Organic revenue
was $446 million, up 10%. Segment
profit was $114 million, up
$11 million or 11%, and segment
margin decreased 100 basis points to 24.3%. This profit improvement
was driven by a $17 million increase
in organic and inorganic sales volume, partially offset by
$6 million in ramp-up costs at the
new factory and inflationary wage impacts.
Corporate and Other: Corporate expenses were $24 million, an improvement of $1 million versus the prior-year quarter adjusted
amount.
FULL YEAR 2024 GUIDANCE
For full year 2024, we
reaffirm revenue guidance of approximately 7%, with 2% of benefit
from the AES acquisition.
Earnings per share revised range is $19.50 to $20.25
versus the prior range of $19.00 to
$20.00.
Free Cash Flow is estimated to be within the range of
$500 million to $600 million.
CONFERENCE CALL INFORMATION
A conference call to
discuss the company's second quarter results and 2024 outlook will
be held this morning at 8:30 a.m. Central
Time. To participate in the earnings conference, please call
800-225-9448 (U.S.) or +1 203-518-9708 (international) at least 10
minutes prior to the scheduled start time and use conference ID
LIIQ224. The conference call also will be webcast live on the
company's investor relations web site at investor.lennox.com. A
replay of the conference call will be available until July 31, 2024, by calling toll-free 800-839-5495
(U.S.) or +1 402-220-2553 (international). The call will also be
archived on the company's investor relations website at
investor.lennox.com.
ABOUT LENNOX
Lennox (NYSE: LII) is a leader
in energy-efficient climate-control solutions. Dedicated to
sustainability and creating comfortable and healthier environments
for our residential and commercial customers while reducing their
carbon footprint, we lead the field in innovation with our cooling,
heating, indoor air quality, and refrigeration systems. Additional
information on Lennox is available at Lennox.com or by contacting
investor@lennox.com.
FORWARD-LOOKING STATEMENTS & NON-GAAP FINANCIAL
MEASURES
The statements in this document that are not
historical statements, including statements regarding the 2024
full-year outlook and expected consolidated and segment financial
results, as well as financial targets for future years, are
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. These forward-looking
statements are based on information currently available as well as
management's assumptions and beliefs today. 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, and investors should not place undue reliance on
them. Risks and uncertainties that could cause actual results to
differ materially from such statements include risks that the North
American unitary HVAC and refrigeration markets perform worse than
current assumptions. Additional risks include but are not limited
to competition in the HVACR business; our ability to successfully
develop and market new products or execute our business strategy;
our ability to meet and anticipate customer demands; our ability to
continue to license or enforce our intellectual property rights;
our ability to attract, motivate, develop, and retain our
employees, as well as labor relations problems; a decline in new
construction activity and related demand for our products and
services; the impact of weather on our business; the impact of
higher raw material prices and significant supply interruptions;
changes in environmental and climate-related legislation or
government regulations or policies; changes in tax legislation; the
impact of new or increased trade tariffs; warranty, intellectual
property infringement, product liability and other claims;
litigation risks; general economic conditions in the United States and abroad; extraordinary
events beyond our control; foreign currency fluctuations and
changes in local government regulation associated with our
international operations; cyber attacks and other disruptions or
misuse of information systems; our ability to successfully realize,
complete and integrate acquisitions; and impairment of the value of
our goodwill.
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,
except as required by law.
A reconciliation of non-GAAP financial measures appearing in
this document to financial measures prepared in accordance with
U.S. Generally Accepted Accounting Principles (GAAP) are included
in the Annex to this document.
This document includes forward-looking statements regarding core
revenue, segment profit, adjusted segment profit, adjusted net
income, adjusted diluted earnings per share, free cash flow, and
Debt to EBITDA, which are non-GAAP financial measures. These
non-GAAP financial measures are derived by excluding certain
amounts from the corresponding financial measures determined in
accordance with GAAP. The determination of the amounts excluded is
a matter of management judgment and depends upon, among other
factors, the nature of the underlying expense or income amounts
recognized in a given period and the high variability of certain
amounts, such as unusual gains and losses, the ultimate outcome of
pending litigation, fluctuations in foreign currency exchange
rates, changes in environmental liabilities, the impact and timing
of potential acquisitions and divestitures, future restructuring
costs, and other structural changes or their probable significance.
Core revenue, adjusted segment profit, and adjusted diluted
earnings per share exclude net sales and profit/(loss) from our
European portfolio, which was sold in 4Q 2023. We are unable to
present a quantitative reconciliation of the aforementioned
forward-looking non-GAAP financial measures to their most directly
comparable forward-looking GAAP financial measures because such
information is not available, and management cannot reliably
predict the necessary components of such GAAP measures without
unreasonable effort or expense. The unavailable information could
have a significant impact on LII's full year GAAP financial
results.
|
LENNOX INTERNATIONAL
INC. AND SUBSIDIARIES
Consolidated
Statements of Operations
(Unaudited)
|
|
|
(Amounts in
millions, except per share data)
|
For the Three Months
Ended
June
30,
|
|
For the Six Months
Ended
June 30,
|
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
Net
sales
|
$
1,451.1
|
|
$
1,411.4
|
|
$
2,498.2
|
|
$
2,460.7
|
|
Cost of goods
sold
|
962.9
|
|
953.6
|
|
1,670.0
|
|
1,696.2
|
|
Gross
profit
|
488.2
|
|
457.8
|
|
828.2
|
|
764.5
|
|
Operating
Expenses:
|
|
|
|
|
|
|
|
|
Selling, general and
administrative expenses
|
168.5
|
|
181.3
|
|
339.2
|
|
348.8
|
|
Losses and other
expenses, net
|
3.7
|
|
0.8
|
|
7.4
|
|
1.1
|
|
Gain on sale from
previous dispositions
|
(1.6)
|
|
—
|
|
(1.6)
|
|
—
|
|
Income from equity
method investments
|
(2.5)
|
|
(3.1)
|
|
(3.7)
|
|
(3.8)
|
|
Operating
income
|
320.1
|
|
278.8
|
|
486.9
|
|
418.4
|
|
Pension
settlements
|
0.3
|
|
0.1
|
|
0.3
|
|
0.3
|
|
Interest expense,
net
|
12.5
|
|
15.0
|
|
24.3
|
|
29.2
|
|
Other expense,
net
|
0.3
|
|
—
|
|
1.1
|
|
—
|
|
Income before income
taxes
|
307.0
|
|
263.7
|
|
461.2
|
|
388.9
|
|
Provision for income
taxes
|
61.1
|
|
46.5
|
|
91.0
|
|
73.7
|
|
Net
income
|
$
245.9
|
|
$
217.2
|
|
$
370.2
|
|
$
315.2
|
|
|
|
|
|
|
|
|
|
Earnings per
share – Basic:
|
$
6.91
|
|
$
6.12
|
|
$
10.40
|
|
$
8.88
|
|
|
|
|
|
|
|
|
|
Earnings per
share – Diluted:
|
$
6.87
|
|
$
6.10
|
|
$
10.34
|
|
$
8.85
|
|
|
|
|
|
|
|
|
|
Weighted Average
Number of Shares Outstanding - Basic
|
35.6
|
|
35.5
|
|
35.6
|
|
35.5
|
|
Weighted Average
Number of Shares Outstanding - Diluted
|
35.8
|
|
35.6
|
|
35.8
|
|
35.6
|
|
LENNOX INTERNATIONAL
INC. AND SUBSIDIARIES
Segment Net Sales and Profit (Loss)
(Unaudited)
|
|
|
(Amounts in
millions)
|
For the Three
Months
Ended June 30,
|
|
For the Six
Months
Ended June 30,
|
|
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
Net
Sales
|
|
|
|
|
|
|
|
|
Home Comfort
Solutions
|
$
982.3
|
|
$
936.2
|
|
$
1,656.9
|
|
$
1,617.2
|
|
Building Climate
Solutions
|
468.8
|
|
407.5
|
|
841.3
|
|
716.1
|
|
Corporate and other
(1)
|
—
|
|
67.7
|
|
—
|
|
127.4
|
|
$
1,451.1
|
|
$
1,411.4
|
|
$
2,498.2
|
|
$
2,460.7
|
|
Segment Profit
(Loss) (2)
|
|
|
|
|
|
|
|
|
Home Comfort
Solutions
|
$
228.5
|
|
$
202.6
|
|
$
340.6
|
|
$
313.7
|
|
Building Climate
Solutions
|
114.0
|
|
103.0
|
|
192.2
|
|
153.0
|
|
Corporate and
other
|
(24.0)
|
|
(22.5)
|
|
(47.5)
|
|
(41.9)
|
|
Total segment
profit
|
318.5
|
|
283.1
|
|
485.3
|
|
424.8
|
|
Reconciliation to
Operating income:
|
|
|
|
|
|
|
|
|
Gain on sale from
previous dispositions
|
(1.6)
|
|
—
|
|
(1.6)
|
|
—
|
|
Items in Losses and
other expenses, net which are excluded from
segment profit (loss) (2)
|
—
|
|
4.3
|
|
|
|
6.4
|
|
Operating
income
|
$
320.1
|
|
$
278.8
|
|
$
486.9
|
|
$
418.4
|
|
|
|
(1)
|
The Corporate and Other
segment included our European portfolio. In the fourth quarter of
2023 we completed the divestiture of our European
operations.
|
|
(2)
|
We define segment
profit (loss) as a segment's operating income (loss) included in
the accompanying Consolidated Statements of Operations,
excluding:
|
|
• The following
items in Losses and other expenses, net:
|
|
|
◦ Net change in
unrealized losses (gains) on unsettled futures
contracts,
|
|
|
◦ Environmental
liabilities and special litigation charges, and;
|
|
|
◦ Other items,
net
|
|
• Gain on sale
from previous disposition of European entities
|
|
LENNOX INTERNATIONAL
INC. AND SUBSIDIARIES
Consolidated Balance
Sheets
|
|
|
|
|
(Amounts in
millions, except shares and par values)
|
As of June 30,
2024
|
|
As of December 31,
2023
|
|
ASSETS
|
(Unaudited)
|
|
|
|
Current
Assets:
|
|
|
|
|
Cash and cash
equivalents
|
$
47.6
|
|
$
60.7
|
|
Short-term
investments
|
10.2
|
|
8.4
|
|
Accounts and notes
receivable, net of allowances of $16.1 and $14.4 in
2024 and 2023, respectively
|
858.6
|
|
594.6
|
|
Inventories,
net
|
776.3
|
|
699.1
|
|
Other
assets
|
72.6
|
|
70.7
|
|
Total current
assets
|
1,765.3
|
|
1,433.5
|
|
Property, plant and
equipment, net of accumulated depreciation of $936.5
and $910.8 in 2024 and 2023, respectively
|
740.8
|
|
720.4
|
|
Right-of-use assets
from operating leases
|
271.6
|
|
213.6
|
|
Goodwill
|
219.9
|
|
222.1
|
|
Deferred income
taxes
|
63.0
|
|
51.8
|
|
Other assets,
net
|
161.3
|
|
156.9
|
|
Total
assets
|
$
3,221.9
|
|
$
2,798.3
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
Current
Liabilities:
|
|
|
|
|
Accounts
payable
|
$
450.8
|
|
$
374.7
|
|
Accrued
expenses
|
393.0
|
|
416.1
|
|
Income taxes
payable
|
33.1
|
|
4.2
|
|
Commercial
paper
|
147.0
|
|
150.0
|
|
Current maturities of
long-term debt
|
14.0
|
|
12.1
|
|
Current operating
lease liabilities
|
66.6
|
|
57.5
|
|
Total current
liabilities
|
1,104.5
|
|
1,014.6
|
|
Long-term
debt
|
1,126.8
|
|
1,143.1
|
|
Long-term operating
lease liabilities
|
215.2
|
|
164.6
|
|
Pensions
|
18.1
|
|
22.5
|
|
Other
liabilities
|
179.9
|
|
168.2
|
|
Total
liabilities
|
2,644.5
|
|
2,513.0
|
|
Commitments and
contingencies
|
|
|
|
|
Stockholders'
equity:
|
|
|
|
|
Preferred stock, $0.01
par value, 25,000,000 shares authorized, no shares
issued or outstanding
|
—
|
|
—
|
|
Common stock, $0.01
par value, 200,000,000 shares authorized,
87,170,197 shares issued
|
0.9
|
|
0.9
|
|
Additional paid-in
capital
|
1,197.9
|
|
1,184.6
|
|
Retained
earnings
|
3,796.0
|
|
3,506.2
|
|
Accumulated other
comprehensive loss
|
(60.8)
|
|
(56.9)
|
|
Treasury stock, at
cost, 51,538,343 shares and 51,588,103 shares for
2024 and 2023, respectively
|
(4,356.6)
|
|
(4,349.5)
|
|
Total stockholders'
equity
|
577.4
|
|
285.3
|
|
Total liabilities
and stockholders' equity
|
$
3,221.9
|
|
$
2,798.3
|
|
LENNOX INTERNATIONAL
INC. AND SUBSIDIARIES
Consolidated
Statements of Cash Flows
(Unaudited)
|
|
|
(Amounts in
millions)
|
For the Six Months
Ended June 30,
|
|
2024
|
|
2023
|
|
Cash flows from
operating activities:
|
|
|
|
|
Net income
|
$
370.2
|
|
$
315.2
|
|
Adjustments to
reconcile net income to net cash provided by operating
|
|
|
|
|
Gain on sale from
previous dispositions
|
(1.6)
|
|
—
|
|
Income from equity
method investments
|
(3.7)
|
|
(3.8)
|
|
Provision for credit
losses
|
3.4
|
|
3.8
|
|
Unrealized losses, net
on derivative contracts
|
0.5
|
|
3.9
|
|
Stock-based
compensation expense
|
13.3
|
|
13.8
|
|
Depreciation and
amortization
|
49.2
|
|
40.5
|
|
Deferred income
taxes
|
(13.4)
|
|
(18.9)
|
|
Pension
expense
|
2.0
|
|
1.4
|
|
Pension
contributions
|
(5.1)
|
|
(2.0)
|
|
Other items,
net
|
(0.1)
|
|
(1.2)
|
|
Changes in assets and
liabilities, net of effects of acquisitions and
divestitures:
|
|
|
|
|
Accounts and notes
receivable
|
(270.8)
|
|
(236.5)
|
|
Inventories
|
(78.9)
|
|
(100.4)
|
|
Other current
assets
|
(2.5)
|
|
8.7
|
|
Accounts
payable
|
76.2
|
|
45.4
|
|
Accrued
expenses
|
(22.1)
|
|
45.6
|
|
Income taxes payable
and receivable, net
|
40.1
|
|
4.1
|
|
Leases,
net
|
1.8
|
|
3.3
|
|
Other, net
|
2.7
|
|
(6.2)
|
|
Net cash provided by
operating activities
|
161.2
|
|
116.7
|
|
Cash flows from
investing activities:
|
|
|
|
|
Proceeds from the
disposal of property, plant and equipment
|
1.1
|
|
1.5
|
|
Purchases of property,
plant and equipment
|
(62.2)
|
|
(85.3)
|
|
Net proceeds from
previous disposition
|
4.1
|
|
—
|
|
Acquisitions, net of
cash
|
1.8
|
|
—
|
|
(Purchases of)
proceeds from short-term investments
|
(2.0)
|
|
1.5
|
|
Net cash used in
investing activities
|
(57.2)
|
|
(82.3)
|
|
Cash flows from
financing activities:
|
|
|
|
|
Commercial paper
borrowings
|
374.0
|
|
—
|
|
Commercial paper
payments
|
(377.0)
|
|
—
|
|
Asset securitization
borrowings
|
—
|
|
140.0
|
|
Asset securitization
payments
|
—
|
|
(90.0)
|
|
Long-term debt
payments
|
(9.9)
|
|
(7.3)
|
|
Borrowings from credit
facility
|
156.7
|
|
1,182.0
|
|
Payments on credit
facility
|
(176.7)
|
|
(1,182.0)
|
|
Proceeds from employee
stock purchases
|
2.0
|
|
1.9
|
|
Repurchases of common
stock to satisfy employee withholding tax obligations
|
(9.1)
|
|
(3.2)
|
|
Cash dividends
paid
|
(78.3)
|
|
(75.2)
|
|
Net cash used in
financing activities
|
(118.3)
|
|
(33.8)
|
|
(Decrease) increase in
cash and cash equivalents
|
(14.3)
|
|
0.6
|
|
Effect of exchange
rates on cash and cash equivalents
|
1.2
|
|
(1.8)
|
|
Cash and cash
equivalents, beginning of period
|
60.7
|
|
52.6
|
|
Cash and cash
equivalents, end of period
|
$
47.6
|
|
$
51.4
|
|
|
|
|
|
Supplemental
disclosures of cash flow information:
|
|
|
|
|
Interest
paid
|
$
25.6
|
|
$
27.1
|
|
Income taxes paid (net
of refunds)
|
$
60.2
|
|
$
88.4
|
|
LENNOX INTERNATIONAL
INC. AND SUBSIDIARIES
|
|
Reconciliation to
U.S. GAAP (Generally Accepted Accounting Principles)
Measures
|
|
(Unaudited, 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 (loss) presented in accordance with U.S.
GAAP, additional non-GAAP financial measures are provided and
reconciled in the following tables. In addition to these
non-GAAP
measures, the Company also provides rates of revenue change at
constant currency on a consolidated and segment basis if different
than the
reported measures. 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 and enhance the
ability of
investors to analyze the Company's business trends and operating
performance.
|
|
|
Reconciliation of
Net income, a GAAP measure, to Adjusted net income, a Non-GAAP
measure
|
|
For the Three Months
Ended June 30,
|
|
For the Six Months
Ended June 30,
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
Amount
after
tax
|
Per
Diluted
Share
|
|
Amount
after tax
|
Per
Diluted
Share
|
|
Amount
after tax
|
Per
Diluted
Share
|
|
Amount
after tax
|
Per
Diluted
Share
|
|
Net income, a GAAP
measure
|
$
245.9
|
$
6.87
|
|
$
217.2
|
$
6.10
|
|
$
370.2
|
$
10.34
|
|
$
315.2
|
$
8.85
|
|
Gain on sale from
previous dispositions
|
(1.6)
|
(0.04)
|
|
—
|
—
|
|
(1.6)
|
(0.04)
|
|
—
|
—
|
|
Pension
settlements
|
—
|
—
|
|
0.1
|
—
|
|
—
|
—
|
|
0.3
|
0.01
|
|
Items in Losses and
other expenses, net which are
excluded from segment profit (loss) (a)
|
—
|
—
|
|
2.9
|
0.09
|
|
—
|
—
|
|
3.5
|
0.10
|
|
Excess tax benefit
from share-based compensation (b)
|
—
|
—
|
|
(0.1)
|
—
|
|
—
|
—
|
|
(0.1)
|
—
|
|
Other tax items, net
(b)
|
|
|
|
0.1
|
—
|
|
—
|
—
|
|
0.4
|
0.01
|
|
Non-core business
results (c)
|
—
|
—
|
|
(1.4)
|
(0.04)
|
|
—
|
—
|
|
—
|
—
|
|
Adjusted net income,
a non-GAAP measure
|
$
244.3
|
$
6.83
|
|
$
218.8
|
$ 6.15
|
|
$
368.6
|
$
10.30
|
|
$
319.3
|
$
8.97
|
|
|
(a) Recorded in Losses
and other expenses, net in the Consolidated Statements of
Operations
|
|
(b) Recorded in
Provision for income taxes in the Consolidated Statements of
Operations
|
|
(c) Non-core business
results represent activity related to our business operations in
Europe not included elsewhere in the reconciliations.
|
|
Reconciliation of
Net Cash Provided by Operating Activities, a GAAP measure, to Free
Cash Flow, a Non-GAAP measure
|
|
For the Three
Months
Ended June 30,
|
|
For the Six
Months
Ended June 30,
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
Net cash provided by
operating activities
|
$
184.0
|
|
$
195.5
|
|
$
161.2
|
|
$
116.7
|
|
Purchases of property,
plant and equipment
|
(32.7)
|
|
(49.9)
|
|
(62.2)
|
|
(85.3)
|
|
Proceeds from the
disposal of property, plant and equipment
|
0.6
|
|
1.2
|
|
1.1
|
|
1.5
|
|
Free cash flow, a
Non-GAAP measure
|
$
151.9
|
|
$
146.8
|
|
$
100.1
|
|
$
32.9
|
|
Reconciliation of
Net sales, a GAAP measure to Core net sales, a Non-GAAP
measure
|
|
For the Three Months
Ended June 30,
|
|
Corporate and
Other
|
|
Consolidated
|
|
2023
|
|
2023
|
|
Net sales, a GAAP
measure
|
$
67.7
|
|
$
1,411.4
|
|
Net sales from non-core
businesses (a)
|
(67.7)
|
|
(67.7)
|
|
Core net sales, a
Non-GAAP measure
|
$
—
|
|
$
1,343.7
|
|
|
|
|
|
(a) Non-Core businesses
represent our business operations in Europe, which were sold in the
fourth quarter of 2023.
|
|
|
|
|
|
Reconciliation of
Net sales, a GAAP measure to Core net sales, a Non-GAAP
measure
|
|
For the Six Months
Ended June 30,
|
|
Corporate and
Other
|
|
Consolidated
|
|
2023
|
|
2023
|
|
Net sales, a GAAP
measure
|
$
127.4
|
|
$
2,460.7
|
|
Net sales from non-core
businesses (a)
|
(127.4)
|
|
(127.4)
|
|
Core net sales, a
Non-GAAP measure
|
$
—
|
|
$
2,333.3
|
|
|
|
|
|
(a) Non-Core businesses
represent our business operations in Europe
|
|
|
|
|
|
|
|
|
Reconciliation of
Segment profit (loss), a Non-GAAP measure to Adjusted Segment
profit (loss), a Non-GAAP measure
|
|
For the Three Months
Ended June 30,
|
|
Corporate and
Other
|
|
Consolidated
|
|
2023
|
|
2023
|
|
Segment profit (loss),
a Non-GAAP measure
|
$
(22.5)
|
|
$
283.1
|
|
Profit from non-core
businesses (a)
|
2.4
|
|
2.4
|
|
Adjusted Segment profit
(loss), a Non-GAAP measure
|
$
(24.9)
|
|
$
280.7
|
|
|
|
|
|
(a) Non-Core businesses
represent our business operations in Europe, which were sold in the
fourth quarter of 2023.
|
|
|
|
|
|
Reconciliation of
Segment profit, a Non-GAAP measure to Adjusted Segment profit, a
Non-GAAP measure
|
|
For the Six Months
Ended June 30,
|
|
Corporate and
Other
|
|
Consolidated
|
|
2023
|
|
2023
|
|
Segment profit (loss),
a Non-GAAP measure
|
$
(41.9)
|
|
$
424.8
|
|
Profit (loss) from
non-core businesses (a)
|
2.1
|
|
2.1
|
|
Adjusted Segment profit
(loss), a Non-GAAP measure
|
$
(44.0)
|
|
$
422.7
|
|
|
|
|
|
(a) Non-Core businesses
represent our business operations in Europe
|
|
|
|
View original content to download
multimedia:https://www.prnewswire.com/news-releases/lennox-reports-second-quarter-results-and-raises-full-year-profit-guidance-302204639.html
SOURCE Lennox International Inc.