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4-Traders Homepage  >  Equities  >  Nyse  >  Lennox International Inc.    LII

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Lennox International Inc. : Post Earnings Coverage as Lennox's Quarterly Revenue Jumped 11%; Adjusted EPS Soared 50%

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04/27/2017 | 02:27pm CEST

Upcoming AWS Coverage on Xylem

LONDON, UK / ACCESSWIRE / April 27, 2017 / Active Wall St. announces its post-earnings coverage on Lennox International Inc. (NYSE: LII). The Company disclosed its first quarter fiscal 2017 results on April 24, 2017. The manufacturer of furnaces, air conditioners, and other products smashed pass top- and bottom-line expectations and also raised FY17 guidance for GAAP EPS. Register with us now for your free membership at:

http://www.activewallst.com/register/

One of Lennox International's competitors within the Diversified Machinery space, Xylem Inc. (NYSE: XYL), is expected to report its fiscal quarter ending March 2017 earnings results on May 02, 2017 before market open. AWS will be initiating a research report on Xylem following the release of its next earnings results.

Today, AWS is promoting its earnings coverage on LII; touching on XYL. Get our free coverage by signing up to

http://www.activewallst.com/register/

Earnings Reviewed

For the three months ended March 31, 2017, Lennox's revenue was $793.4 million, up 11% from the prior-year's same quarter revenue of $715.2 million. The Company's revenue numbers easily surpassed analysts' consensus of $747.1 million.

Lennox's gross profit in Q1 2017 was $211 million, up 15% compared to gross profit of $183.6 million in Q1 2016. The Company's gross margin was 26.6%, up 90 basis points. Gross profit was positively impacted by higher volume and lower material costs, with a partial offset from investments in distribution expansion.

For Q1 2017, Lennox reported income from continuing operations of $43.5 million on a GAAP basis, or $1.00 per share, compared to income from continuing operations of $24.9 million, or $0.56 per share, in the prior-year's same quarter. Lennox's adjusted income from continuing operations in the reported quarter was $38.9 million, or $0.90 per share, compared to $27.0 million, or $0.60 per share, in the prior-year comparable quarter. Lennox's adjusted earnings from continuing operations for Q1 2017 excludes a benefit of $4.6 million, net of special after-tax charges: a $7.4 million benefit for excess tax benefits from share-based compensation, a charge of $1.1 million for asbestos-related litigation, $0.9 million for special legal contingency charges, and $0.8 million in charges for other items. The Company's earnings exceeded Wall Street's estimates of $0.77 per share.

Segment Performance

For Q1 2017, Lennox's Residential Heating & Cooling business segment generated a first-quarter record revenue of $420 million, up 11% compared to revenue of $377.3 million. The segment's profit was a first-quarter record $43 million, up 11% on a y-o-y basis. The segment's profit margin was 10.1% for the reported quarter compared to 10.2% in the prior-year's same quarter.

Revenue from Lennox's Commercial Heating & Cooling business segment was a first-quarter record $195.5 million, up 15% compared to revenue of $170.3 million. The segment's profit surged 35% on a y-o-y basis to a first-quarter record $19 million. The segment's profit margin was a first-quarter record 9.8%, up 150 basis points.

For Q1 2017, Lennox's revenue in the Refrigeration business segment was $178.1 million, up 6% compared to Q1 2016 revenue of $167.6 million. At constant currency, revenue was up 5%. The segment's profit was $14 million in the reported quarter, up 57% on a y-o-y basis. The segment's profit margin was 7.9%, up 250 basis points as compared to the year ago comparable period.

Cash Flow

Lennox's net cash from operations in Q1 2017 was $108 million compared to $102 million in Q1 2016. The Company recorded capital expenditures of $25 million in the reported quarter compared to $24 million in the year ago same period. Lennox's free cash flow was approximately $133 million in Q1 2017 compared to $126 million in the prior year's corresponding quarter. As of March 31, 2017, Lennox's total cash and cash equivalents were $49 million. The Company's total debt at the end of the reported quarter was $1.10 billion. Lennox paid $19 million in dividends and $75 million for stock repurchases in Q1 2017.

Outlook

For Fiscal 2017, Lennox is expecting revenue growth in the range of 3% to 7%. Lennox is expecting FY17 GAAP EPS from continuing operations of $7.65-$8.25 compared to earlier forecast of $7.55-$8.15. Lennox reiterated 2017 guidance for adjusted EPS from continuing operations of $7.55-$8.15. The Company also reaffirmed FY17 capital expenditures of approximately $100 million.

Stock Performance

At the closing bell, on Wednesday, April 26, 2017, Lennox International's stock slightly slipped 0.83%, ending the trading session at $167.47. A total volume of 498.10 thousand shares were traded at the end of the day, which was higher than the 3-month average volume of 340.84 thousand shares. In the last three months and previous twelve months, shares of the Company have rallied 6.26% and 23.28%, respectively. Moreover, the stock gained 9.61% since the start of the year. The Company's shares are trading at a PE ratio of 26.40 and have a dividend yield of 1.03%. At Wednesday's closing price, the stock's net capitalization stands at $7.04 billion.

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© Accesswire 2017
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Financials ($)
Sales 2017 3 824 M
EBIT 2017 528 M
Net income 2017 340 M
Debt 2017 838 M
Yield 2017 1,10%
P/E ratio 2017 21,15
P/E ratio 2018 18,88
EV / Sales 2017 2,10x
EV / Sales 2018 1,99x
Capitalization 7 181 M
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Lennox International Inc. Technical Analysis Chart | LII | US5261071071 | 4-Traders
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Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 15
Average target price 170 $
Spread / Average Target 1,2%
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Managers
NameTitle
Todd M. Bluedorn Chairman & Chief Executive Officer
David W. Moon Co-President, Co-COO-Refrigeration & Executive VP
Douglas L. Young Co-President, Co-Chief Operating Officer & EVP
Terry L. Johnston Co-President, Co-Chief Operating Officer & EVP
Joseph William Reitmeier Chief Financial Officer & Executive Vice President
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