LENNOX INTERNATIONAL INC. DALLAS, July 18, 2016 /PRNewswire/ -- Lennox International Inc. (NYSE: LII) today reported financial results for the second quarter of 2016.
Revenue for the second quarter was $1.019 billion, up 3% from the prior-year quarter. Foreign exchange was neutral to revenue in the quarter. GAAP operating income increased 23% to a record $161 million. GAAP earnings per share from continuing operations was a record $2.52, up 41% from the second quarter a year ago. Adjusted earnings per share from continuing operations was a record $2.53, up 38% from the prior-year quarter.
"Lennox International set a new high for total segment profit margin at 15.8% in the second quarter, up 230 basis points from the prior-year quarter," said Chairman and CEO Todd Bluedorn. "Total segment profit rose 20% to a record $161 million on 3% revenue growth, which was negatively impacted by the cooler start to the summer than a year ago.
"In our Residential business, we set new records for sales, margin and profit in the quarter. Residential profit was up 16% on 4% revenue growth, with segment margin up 220 basis points to 20.2%. Our Commercial business hit new records for margin and profit, with revenue flat compared to the second quarter last year. Commercial profit rose 10%, and segment margin expanded 170 basis points to 18.7%. In Refrigeration, segment profit was up 60% as margin expanded 390 basis points to 11.1%. Refrigeration revenue was up 6% at constant currency, with growth across North America, Europe, and Asia Pacific.
"Looking ahead for the company overall, we are raising EPS guidance for 2016 based on the company's strong operational performance and outlook, as well as further improvement in our effective tax rate to approximately 31% for 2016 from the prior guidance of 32%. The company raised its dividend 19% in May and completed a $200 million accelerated share repurchase program in June. With our strong balance sheet and cash generation, today we are announcing an additional $100 million stock repurchase program for the second half of the year. The third quarter is off to a good start for all three of our businesses, and we continue to expect another record year with strong margin expansion and profit growth."
FINANCIAL HIGHLIGHTS
Revenue: Revenue for the second quarter was $1.019 billion, up 3% from the prior-year quarter. Foreign exchange was neutral to revenue. Volume and price/mix were up on a revenue basis from the prior-year quarter.
Gross Profit: Gross profit in the second quarter was $315 million, up 11% from the prior-year quarter. Gross margin was 30.9%, up 230 basis points from the prior-year quarter. Gross profit was positively impacted by higher volume and lower material costs, with partial offsets from unfavorable foreign exchange and investments in distribution expansion.
Income from Continuing Operations: On a GAAP basis, income from continuing operations for the second quarter was $111.2 million, or $2.52 per share, compared to $81.6 million, or $1.79 per share, in the prior-year quarter.
Adjusted income from continuing operations in the second quarter was $111.5 million, or $2.53 per share, compared to $83.9 million, or $1.84 per share, in the prior-year quarter. Adjusted earnings from continuing operations for the second quarter of 2016 excludes $0.3 million in after-tax charges: $1.4 million for restructuring and other items, net, and a $1.1 million special legal contingency gain.
Free Cash Flow and Total Debt: In the second quarter, net cash from operations was $72 million, capital expenditures totaled $18 million, and free cash flow was $54 million. In the prior-year quarter, net cash from operations was $70 million, capital expenditures totaled $15 million, and free cash flow was $55 million. Total debt at the end of the second quarter was $1.075 billion. Total cash and cash equivalents were $55 million at the end of the quarter. The company paid $16 million in dividends in the second quarter.
BUSINESS SEGMENT HIGHLIGHTS
Residential Heating & Cooling
Revenue in the Residential Heating & Cooling business segment was a record $575 million, up 4% from the prior-year quarter. Foreign exchange was neutral to revenue. Segment profit was a record $116 million, up 16% from the prior-year quarter. Segment profit margin was a record 20.2%, up 220 basis points from the prior-year quarter. Results were impacted by higher volume and lower material costs, with partial offsets from unfavorable foreign exchange and investments in SG&A and distribution expansion.
Commercial Heating & Cooling
Revenue in the Commercial Heating & Cooling business segment was $253 million in the second quarter, flat with the prior-year quarter. Foreign exchange was neutral to revenue. Segment profit was a record $47 million, up 10% from the prior-year quarter. Segment profit margin was a record 18.7%, up 170 basis points from the prior-year quarter. Results were impacted by lower material costs and favorable price/mix, with partial offsets from lower volume, unfavorable foreign exchange, and investments to support growth in the commercial services business.
Refrigeration
Revenue in the Refrigeration business segment was $192 million in the second quarter, up 4%. At constant currency, revenue was up 6%. Segment profit was $21 million, up 60% from the prior-year quarter. Segment profit margin was 11.1%, up 390 basis points from the prior-year quarter. Results were impacted by higher volume, lower material costs, lower factory costs and higher productivity, with partial offsets from unfavorable price/mix and foreign exchange.
FULL-YEAR OUTLOOK
For 2016, the company is reiterating guidance for reported revenue growth and raising guidance for EPS from continuing operations.
-- Reiterating guidance for revenue growth of 3-7%. At constant currency,
updating revenue growth guidance from 4-8% to 3-7%.
-- Raising guidance for GAAP EPS from continuing operations from
$6.26-$6.76 to a range of $6.45-$6.85.
-- Raising guidance for adjusted EPS from continuing operations from
$6.30-$6.80 to a range of $6.50-$6.90.
-- Updating effective tax rate guidance from approximately 32% to
approximately 31% on a full-year basis.
-- Reiterating fully diluted share count guidance of approximately 44
million shares on a full-year basis.
-- Reiterating capital expenditure guidance of approximately $95 million.
CONFERENCE CALL INFORMATION
A conference call to discuss the company's second quarter results will be held this morning at 8:30 a.m. Central time. To listen, call the conference call line at 612-234-9960 at least 10 minutes prior to the scheduled start time and use reservation number 397031. The conference call also will be webcast on Lennox International's web site at www.lennoxinternational.com. A replay will be available from 11:00 a.m. Central time on July 18 through midnight August 1, 2016 by dialing 800-475-6701 (U.S.) or 320-365-3844 (international) and using access code 397031. The call also will be archived on the company's web site.
About Lennox International
Lennox International Inc. is a global leader in the heating, air conditioning, and refrigeration markets. Lennox International is listed on the New York Stock Exchange and traded under the symbol "LII". Additional information is available at: www.lennoxinternational.com or by contacting Steve Harrison, Vice President, Investor Relations, at 972-497-6670.
Forward-Looking Statements
The statements in this news release that are not historical statements, including statements regarding the 2016 full-year outlook and expected financial results for 2016, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on information currently available as well as management's assumptions and beliefs today. These statements are subject to numerous risks and uncertainties that could cause actual results to differ materially from the results expressed or implied by these statements, and investors should not place undue reliance on them. Risks and uncertainties that could cause actual results to differ materially from such statements include, but are not limited to: the impact of higher raw material prices, LII's ability to implement price increases for its products and services, economic conditions in our markets, regulatory changes, the impact of unfavorable weather, and a decline in new construction activity and related demand for products and services. For information concerning these and other risks and uncertainties, see LII's publicly available filings with the Securities and Exchange Commission. LII disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
LENNOX INTERNATIONAL INC. AND SUBSIDIARIES
Consolidated Statements of Operations
(Unaudited)
(Amounts in millions,
except per share data) For the Three Months Ended For the Six Months Ended
June 30, June 30,
-------- --------
2016 2015 2016 2015
---- ---- ---- ----
Net sales $1,019.2 $992.5 $1,734.4 $1,678.3
Cost of goods sold 704.2 709.1 1,235.8 1,231.9
----- ----- ------- -------
Gross profit 315.0 283.4 498.6 446.4
Operating Expenses:
Selling, general and
administrative expenses 159.4 152.9 299.7 286.2
Losses and other
expenses, net 0.4 3.3 4.7 8.9
Restructuring charges 0.8 1.8 0.6 2.1
Income from equity
method investments (6.3) (5.5) (10.8) (8.8)
---- ---- ----- ----
Operating income 160.7 130.9 204.4 158.0
Interest expense, net 6.8 6.4 12.7 12.2
Other income, net (0.2) - (0.3) -
---- --- ---- ---
Income from continuing
operations before
income taxes 154.1 124.5 192.0 145.8
Provision for income
taxes 42.9 42.9 55.9 50.2
---- ---- ---- ----
Income from continuing
operations 111.2 81.6 136.1 95.6
Discontinued Operations:
Loss from discontinued
operations before
income taxes (0.8) (0.7) (0.8) (0.8)
Benefit from income
taxes (0.3) (0.3) (0.3) (0.3)
---- ---- ---- ----
Loss from discontinued
operations (0.5) (0.4) (0.5) (0.5)
---- ---- ---- ----
Net income $110.7 $81.2 $135.6 $95.1
====== ===== ====== =====
Earnings per share - Basic:
Income from continuing
operations $2.55 $1.81 $3.11 $2.13
Loss from discontinued
operations (0.01) (0.01) (0.01) (0.01)
----- ----- ----- -----
Net income $2.54 $1.80 $3.10 $2.12
===== ===== ===== =====
Earnings per share - Diluted:
Income from continuing
operations $2.52 $1.79 $3.07 $2.10
Loss from discontinued
operations (0.01) (0.01) (0.01) (0.01)
----- ----- ----- -----
Net income $2.51 $1.78 $3.06 $2.09
===== ===== ===== =====
Weighted Average Number
of Shares Outstanding -
Basic 43.6 45.0 43.8 44.9
Weighted Average Number
of Shares Outstanding -
Diluted 44.1 45.6 44.4 45.6
Cash dividends declared
per share $0.43 $0.36 $0.79 $0.66
LENNOX INTERNATIONAL INC. AND SUBSIDIARIES
Segment Net Sales and Profit (Loss)
(Unaudited)
(Amounts in millions) For the Three Months Ended For the Six Months Ended
June 30, June 30,
-------- --------
2016 2015 2016 2015
---- ---- ---- ----
Net sales
Residential Heating &
Cooling $574.5 $555.1 $951.8 $917.7
Commercial Heating &
Cooling 252.9 253.6 423.3 413.5
Refrigeration 191.8 183.8 359.3 347.1
$1,019.2 $992.5 $1,734.4 $1,678.3
======== ====== ======== ========
Segment Profit (Loss) (1)
Residential Heating &
Cooling $115.9 $99.9 $154.1 $131.2
Commercial Heating &
Cooling 47.4 43.0 61.7 50.7
Refrigeration 21.3 13.3 30.3 17.2
Corporate and other (23.5) (22.0) (38.4) (33.7)
----- ----- ----- -----
Total segment profit 161.1 134.2 207.7 165.4
Reconciliation to Income from continuing
operations before income taxes:
Special product quality
adjustments - (1.1) (0.4) (1.4)
Items in Losses (gains)
and other expenses,
net that are excluded
from segment profit
(loss) (1) (0.4) 2.6 3.1 6.7
Restructuring charges 0.8 1.8 0.6 2.1
Operating income $160.7 $130.9 $204.4 $158.0
====== ====== ====== ======
((1) ) The Company defines segment profit and loss as a segment's operating income included in the accompanying Consolidated Statements of Operations, excluding:
-- Special product quality adjustments;
-- The following items in Losses (gains) and other expenses, net:
-- Net change in unrealized gains and/or losses on unsettled futures
contracts,
-- Special legal contingency charges,
-- Asbestos-related litigation,
-- Contractor tax payments,
-- Environmental liabilities, and
-- Other items, net;
-- Restructuring charges; and
-- Goodwill, long-lived asset, and equity method investment impairments;
LENNOX INTERNATIONAL INC. AND SUBSIDIARIES
Consolidated Balance Sheets
(Amounts in millions, except
shares and par values) As of June 30, As of December 31,
2016 2015
---- ----
(unaudited)
ASSETS
Current Assets:
Cash and cash equivalents $54.7 $38.9
Accounts and notes
receivable, net of
allowances of $7.4 and $6.3
in 2016 and 2015,
respectively 643.5 422.8
Inventories, net 505.7 418.8
Other assets 66.3 57.7
---- ----
Total current assets 1,270.2 938.2
Property, plant and
equipment, net of
accumulated depreciation of
$707.5 and $706.2 in 2016
and 2015, respectively 345.2 339.6
Goodwill 198.5 195.1
Deferred income taxes 145.0 145.7
Other assets, net 65.3 58.8
---- ----
Total assets $2,024.2 $1,677.4
======== ========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Short-term debt $225.4 $204.1
Current maturities of long-
term debt 230.8 31.0
Accounts payable 399.8 320.1
Accrued expenses 256.5 242.6
Income taxes payable 10.2 26.0
---- ----
Total current liabilities 1,122.7 823.8
Long-term debt 619.0 506.0
Post-retirement benefits,
other than pensions 2.9 4.1
Pensions 122.2 120.8
Other liabilities 126.0 121.1
----- -----
Total liabilities 1,992.8 1,575.8
Commitments and contingencies
Stockholders' equity:
Preferred stock, $.01 par
value, 25,000,000 shares
authorized, no shares
issued or outstanding - -
Common stock, $.01 par
value, 200,000,000 shares
authorized, 87,170,197
shares issued 0.9 0.9
Additional paid-in capital 979.1 1,002.4
Retained earnings 1,247.9 1,146.7
Accumulated other
comprehensive loss (186.6) (204.7)
Treasury stock, at cost,
43,508,910 shares and
42,491,910 shares as of
June 30, 2016 and December
31, 2015, respectively (2,010.3) (1,844.1)
Noncontrolling interests 0.4 0.4
--- ---
Total stockholders' equity 31.4 101.6
---- -----
Total liabilities and
stockholders' equity $2,024.2 $1,677.4
======== ========
LENNOX INTERNATIONAL INC. AND SUBSIDIARIES
Consolidated Statements of Cash Flows
(Unaudited)
(Amounts in
millions) For the Six Months Ended
June 30,
--------
2016 2015
---- ----
Cash flows from operating
activities:
Net income $135.6 $95.1
Adjustments to reconcile net
income to net cash used in
operating activities:
Income from
equity method
investments (10.8) (8.8)
Dividends from
affiliates 3.9 3.4
Restructuring
(gains)
expenses, net of
cash paid (1.0) 1.2
Provision for bad
debts 2.7 1.6
Unrealized
(gains) losses
on derivative
contracts (1.9) 0.3
Stock-based
compensation
expense 14.8 10.8
Depreciation and
amortization 28.5 30.6
Deferred income
taxes (1.9) (0.9)
Other items, net 0.3 0.2
Changes in assets and
liabilities, net of effects of
divestitures:
Accounts and
notes receivable (216.2) (199.2)
Inventories (80.6) (85.3)
Other current
assets (6.7) (0.1)
Accounts payable 82.6 87.3
Accrued expenses 20.1 6.7
Income taxes
payable and
receivable (14.2) (1.4)
Other 3.8 6.2
Net cash used in
operating
activities (41.0) (52.3)
Cash flows from investing
activities:
Purchases of
property, plant
and equipment (41.7) (33.0)
----- -----
Net cash used in
investing
activities (41.7) (33.0)
Cash flows from financing
activities:
Short-term
borrowings, net 0.5 0.4
Asset
securitization
borrowings 40.0 40.0
Asset
securitization
payments (20.0) (40.0)
Long-term debt
payments (8.2) (23.0)
Borrowings from
credit facility 1,184.5 999.0
Payments on
credit facility (864.0) (845.5)
Proceeds from
employee stock
purchases 1.3 1.1
Repurchases of
common stock (200.0) -
Repurchases of
common stock to
satisfy employee
withholding tax
obligations (21.4) (21.8)
Excess tax
benefits related
to share-based
payments 15.7 17.3
Cash dividends
paid (31.8) (26.9)
----- -----
Net cash provided
by financing
activities 96.6 100.6
Increase in cash
and cash
equivalents 13.9 15.3
Effect of
exchange rates
on cash and cash
equivalents 1.9 (5.3)
Cash and cash
equivalents,
beginning of
period 38.9 37.5
---- ----
Cash and cash
equivalents, end
of period $54.7 $47.5
===== =====
Supplemental disclosures of cash
flow information:
Interest paid $12.4 $12.3
===== =====
Income taxes paid
(net of refunds) $55.8 $34.4
===== =====
LENNOX INTERNATIONAL INC. AND SUBSIDIARIES
Reconciliation to U.S. GAAP (Generally Accepted Accounting
Principles) Measures
(Unaudited, in millions, except per share and ratio data)
Use of Non-GAAP Financial Measures
To supplement the Company's consolidated financial statements and
segment net sales and profit presented in accordance with U.S.
GAAP, additional non-GAAP financial measures are provided and
reconciled in the following tables. In addition to these non-
GAAP measures, the Company also provides rates of revenue change
at constant currency on a consolidated and segment basis if
different than the reported measures. The Company believes that
these non-GAAP financial measures, when considered together with
the GAAP financial measures, provide information that is useful
to investors in understanding period-over-period operating
results. The Company believes that these non-GAAP financial
Reconciliation of Income from Continuing Operations, a GAAP measure, to Adjusted Income from Continuing Operations, a Non-GAAP measure
For the Three Months Ended June 30,
2016 2015
Pre-Tax Tax Impact (c) After Tax Pre-Tax Tax Impact (c) After Tax
------- ------------- --------- ------- ------------- ---------
Income from
continuing
operations, a GAAP
measure $154.1 $(42.9) $111.2 $124.5 $(42.9) $81.6
Restructuring charges 0.8 (0.3) 0.5 1.9 (0.6) 1.3
Special product
quality adjustments
(b) - - - (1.2) 0.4 (0.8)
Special legal
contingency charges
(a) (1.7) 0.6 (1.1) 0.8 (0.3) 0.5
Asbestos-related
litigation (a) 1.1 (0.4) 0.7 0.4 (0.1) 0.3
Net change in
unrealized losses
(gains) on unsettled
future contracts (b) (0.3) 0.1 (0.2) 0.1 - 0.1
Environmental
liabilities(a) 0.5 (0.1) 0.4 (0.2) - (0.2)
Contractor tax
payments (a) - - - 1.6 (0.5) 1.1
Adjusted income from
continuing
operations, a non-
GAAP measure $154.5 $(43.0) $111.5 $127.9 $(44.0) $83.9
====== ====== ====== ====== ====== =====
Income per share from continuing
operations -diluted, a GAAP
measure $2.52 $1.79
Restructuring charges 0.01 0.03
Special product quality adjustments
(b) - (0.02)
Special legal contingency charges(a) (0.03) 0.01
Asbestos-related litigation(a) 0.02 0.01
Net change in unrealized losses
(gains) on unsettled future
contracts (a) - -
Environmental liabilities (a) 0.01 -
Contractor tax payments (a) - 0.02
Adjusted earnings per share from
continuing operations - diluted, a
non-GAAP measure $2.53 $1.84
===== =====
(a) Recorded in Losses (gains) and other expenses, net in the Consolidated Statements of Operations
(b) Recorded in Cost of goods sold in the Consolidated Statements of Operations
(c) Tax impact based on the applicable tax rate relevant to the location and nature of the adjustment.
For the Six Months Ended June 30,
2016 2015
Pre-Tax Tax Impact (c) After Tax Pre-Tax Tax Impact (c) After Tax
------- ------------- --------- ------- ------------- ---------
Income from
continuing
operations, a GAAP
measure $192.0 $(55.9) $136.1 $145.8 $(50.2) $95.6
Restructuring charges 0.6 (0.2) 0.4 2.2 (0.7) 1.5
Special product
quality adjustments
(b) (0.4) 0.1 (0.3) (1.4) 0.5 (0.9)
Special legal
contingency charges
(a) - 0.1 0.1 4.2 (1.6) 2.6
Asbestos-related
litigation (a) 1.9 (0.7) 1.2 0.5 (0.2) 0.3
Net change in
unrealized losses
(gains) on unsettled
future contracts (b) (0.7) 0.2 (0.5) - - -
Environmental
liabilities (a) 1.1 (0.2) 0.9 0.4 - 0.4
Contractor tax
payments (a) 0.5 (0.2) 0.3 1.6 (0.5) 1.1
Other items (a) 0.4 (0.1) 0.3 - - -
Adjusted income from
continuing
operations, a non-
GAAP measure $195.4 $(56.9) $138.5 $153.3 $(52.7) $100.6
====== ====== ====== ====== ====== ======
Income per share from continuing
operations -diluted, a GAAP
measure $3.07 $2.10
Restructuring charges 0.01 0.03
Special product quality adjustments
(b) (0.01) (0.02)
Special legal contingency charges
(a) - 0.06
Asbestos-related litigation (a) 0.02 0.01
Net change in unrealized losses
(gains) on unsettled future
contracts (a) (0.01) -
Environmental liabilities (a) 0.02 0.01
Contractor tax payments (a) 0.01 0.02
Other items, net (a) 0.01 -
---- ---
Adjusted earnings per share from
continuing operations - diluted, a
non-GAAP measure $3.12 $2.21
===== =====
(a) Recorded in Losses (gains) and other expenses, net in the Consolidated Statements of Operations
(b) Recorded in Cost of goods sold in the Consolidated Statements of Operations
(c) Tax impact based on the applicable tax rate relevant to the location and nature of the adjustment.
For the Three Months For the Six Months
Ended June 30, Ended June 30,
-------------- --------------
2016 2015 2016 2015
---- ---- ---- ----
Components of Losses
and other expenses,
net (pre-tax):
Realized losses on
settled future
contracts (a) $0.4 $0.3 $0.9 $0.7
Foreign currency
exchange losses (a) 0.3 0.4 0.5 1.5
Loss on disposal of
fixed assets (a) 0.1 - 0.1 -
Net change in
unrealized (gains)
losses on unsettled
futures contracts
(b) (0.3) 0.1 (0.7) -
Special legal
contingency (gains)
charges (b) (1.7) 0.7 - 4.1
Asbestos-related
litigation (b) 1.1 0.4 1.9 0.6
Environmental
liabilities
(benefits) (b) 0.5 (0.2) 1.1 0.4
Contractor tax
payments (b) - 1.6 0.5 1.6
Acquisition costs (b) - - 0.4 -
Losses and other
expenses, net (pre-
tax) $0.4 $3.3 $4.7 $8.9
==== ==== ==== ====
(a) Included in both
segment profit (loss) and
Adjusted income from
continuing operations
(b) Excluded from both
segment profit (loss) and
Adjusted income from
continuing operations
Reconciliation of Estimated Adjusted Income per Share from Continuing Operations - Diluted, a Non-GAAP measure, to Income per Share from Continuing Operations - Diluted, a GAAP measure
For the Year
Ended
December 31,
2016
ESTIMATED
---------
Adjusted income per share from continuing operations - diluted, a Non-GAAP measure $6.50 - $6.90
Special loss contingencies and other items (0.05)
Income per share from continuing operations - diluted, a GAAP measure $6.45-$6.85
===========
Reconciliation of Net Cash Provided by Operating Activities, a GAAP measure, to Free Cash Flow, a Non-GAAP measure (dollars in millions)
For the Three Months Ended For the Six Months Ended
June 30, June 30,
2016 2015 2016 2015
---- ----
Net cash provided
by (used in)
operating
activities, a
GAAP measure $72.4 $69.9 $(41.0) $(52.3)
Purchases of
property, plant
and equipment (17.9) (15.0) (41.7) (33.0)
Free cash flow, a
Non-GAAP
measure $54.5 $54.9 $(82.7) $(85.3)
===== ===== ====== ======
Calculation of Debt to EBITDA
Ratio (dollars in millions): Trailing
Twelve
Months to
June 30, 2016
-------------
Adjusted EBIT (a) $420.0
Depreciation and amortization
expense (b) 60.7
EBITDA (a + b) $480.7
------
Total debt at June 30, 2016 (c) 1,075.1
-------
Total Debt to EBITDA ratio ((c /
(a + b)) 2.2
===
Reconciliation of Adjusted EBIT, a Non-GAAP measure, to Income From Continuing Operations Before Income Taxes, a GAAP measure (dollars in millions)
Trailing
Twelve
Months to
June 30, 2016
-------------
Adjusted EBIT per above, a Non-GAAP measure $420.0
Special product quality adjustments (1.1)
Items in Losses (gains) and other expenses, net that are excluded from segment profit 12.1
Restructuring charges 1.6
Interest expense, net 24.1
Special inventory write down 5.6
Goodwill impairment 5.5
Asset impairment 44.5
Other expenses, net (1.1)
Income from continuing operations before income taxes, a GAAP measure $328.8
======
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SOURCE Lennox International Inc.
