Lennox reports record Q1 sales of $931m
USA: Lennox has reported record first-quarter sales of $931m, up 29% on last year. GAAP operating income also hit a record $114m, up 213%.
Profit for the company’s commercial business rose 47%, with refrigeration revenue up 21%.
“Lennox International posted record first-quarter revenue, profit and earnings per share in the quarter with double-digit revenue growth and margin expansion in all three of our businesses,” commented chairman and CEO Todd Bluedorn.
“In Commercial, our business set new first-quarter highs for segment revenue, profit and margin. Segment revenue was up 12% led by high-teens growth in replacement business and high-single digit growth in new construction,” he added.
The company’s residential business also set new first-quarter highs for revenue and profit. Revenue was up 37% on strong growth in both replacement and new construction business. Profit rose 197%.
North America sales up more than 25%, and Europe revenue was up low-double digits.