Lennox International, Inc. (LII) on April 18, 2016 reported financial results for the first quarter of 2016.
Revenue for the first quarter was $715 million, up 4% from the prior-year quarter including the negative impact from foreign exchange. At constant currency, revenue was up 6%. Adjusted earnings per share from continuing operations were a first-quarter record $0.60, up 62% from the prior-year quarter. On a GAAP basis, earnings per share from continuing operations were a first-quarter record $0.56, up 81% from the prior-year quarter.
“Lennox International realized strong revenue growth and margin expansion across all three of our businesses in the first quarter,” said Chairman and CEO Todd Bluedorn. “For the company overall, total segment profit rose 50% from the prior-year quarter to a new first-quarter high, and profit margin expanded 200 basis points to a first-quarter record of 6.5%. In our Residential business, segment profit was up 23% on 5% revenue growth at constant currency. Residential margin rose 160 basis points to a first-quarter record of 10.2%. In our Commercial business, segment profit rose 84% to a new first-quarter high. Commercial revenue was up 8% at constant currency, and segment margin expanded 350 basis points to a new first-quarter high of 8.3%. In Refrigeration, revenue was up 6% at constant currency, led by double-digit growth in North America. Refrigeration profit rose 125% as segment margin expanded 300 basis points to 5.4%.
FINANCIAL HIGHLIGHTS
Revenue: Revenue for the first quarter was $715 million, up 4% from the prior-year quarter. At constant currency, revenue was up 6%. Volume was up, and price/mix was flat on a revenue basis from the prior-year quarter.
Gross Profit: Gross profit in the first quarter was $184 million, up 13% from $163 million in the prior-year quarter. Gross margin was 25.7%, up 190 basis points from 23.8% in the prior-year quarter. Gross profit was positively impacted by higher volume, lower material costs, and higher productivity, with partial offsets from negative price/mix and unfavorable foreign exchange.
Income from Continuing Operations: Adjusted income from continuing operations in the first quarter was $27.0 million, or $0.60 per share, compared to $16.8 million, or $0.37 per share, in the prior-year quarter. Adjusted earnings from continuing operations for the first quarter of 2016 excludes $2.1 million in after-tax charges: $1.2 million for special legal contingency charges and $0.9 million, net, for other items.
On a GAAP basis, income from continuing operations for the first quarter was $24.9 million, or $0.56 per share, compared to $14.0 million, or $0.31 per share, in the prior-year quarter.
Lennox International, Inc. earnings per share showed a decreasing trend of -4.1% for the current fiscal year. The company’s expected EPS growth rate for next fiscal year is 753%.Analysts project EPS growth over the next 5 years at 17.64%. It has EPS annual growth over the past 5 fiscal years of 15.6% when sales grew 6. It reported 4.3% sales growth, and 81% EPS growth in the last quarter.
The stock is trading at $137.35, up 30.36% from 52-week low of $105.65. The stock trades down -4.08% from its peak of $143.19 and 5.04% above the consensus price target of $144.27. Its volume clocked up at 0.51 million shares which is higher than the average volume of 0.39 million shares. Its market capitalization currently stands at $5.97B.
0 yorum:
Yorum Gönder