Lennox reports record Q3

USA: Lennox has reported record third quarter sales of $1.24bn, up 17% on 2021. 

GAAP operating income was also a Q3 record at $186m, up 14%, and GAAP earnings per share another record up 17% at $3.99.

Total segment profit rose 15% to a third-quarter record $189m. Total segment margin was 15.2%, down 30 basis points.

CEO Alok Maskara said the record performance was driven by strong price execution and increased manufacturing output. 

“We delivered strong operating performance in the face of continued supply chain constraints and manufacturing inefficiencies,” he said. “We are building turnaround momentum in our commercial business and are going to invest in a new commercial factory to help alleviate ongoing manufacturing capacity constraints.”

Revenue in the Residential Heating & Cooling business was a Q3 record, up 17% at $835m. Segment profit was a Q3 record $154m, up 7%. 

Revenue in the Commercial Heating & Cooling business was $253m, up 20%. Segment profit was $30m, up 31%.

Revenue in the Refrigeration business segment was $157m, up 14%. Foreign exchange had a negative 7% impact to revenue growth.