Lennox posts record Q3 results

USA: Lennox has reported record results in the third quarter, with revenue up 10% to $1.37bn. 

Operating income was $187m, including a $63m non-cash impairment related to the planned European divestiture. Operating margin was 13.7%.

Core revenue, excluding European operations, grew 10% to $1.30bn. Adjusted segment profit rose 33% to $251m. Adjusted segment margin was 19.3%.

The US manufacturer Lennox entered into an agreement, last month, to sell its European commercial HVAC and refrigeration businesses to funds managed by Syntagma Capital.