Lennox International Lifts FY18 Outlook; Raises Share Buyback Guidance

(RTTNews) - While reporting its second-quarter financial results on Monday, Lennox International Inc. (LII) on Monday raised its financial outlook for fiscal 2018 and increased its stock repurchase guidance.

For fiscal 2018, Lennox raised its outlook for earnings per share from continuing operations to a range of $9.43 to $9.83 from a range of $8.79 to $9.39 earlier.

In addition, the company raised its full-year forecast for adjusted earnings per share from continuing operations to a range of $9.95 to 10.35 from the prior range of $9.75 to $10.35.

Further, Lennox updated its forecast for full-year reported revenue growth from 4 percent to 8 percent, with a 1 percent benefit from foreign exchange, to a range of 4 percent to 6 percent, to reflect the timing of Refrigeration divestitures and neutral foreign exchange.

Lennox also lifted its guidance for adjusted revenue growth from 4 percent to 8 percent, with a 1 percent benefit from foreign exchange, to 6 percent to 8 percent, with neutral foreign exchange.

On average, analysts polled by Thomson Reuters expect the company to report earnings of $10.17 per share for the year on revenues of $3.91 billion. Analysts' estimates typically exclude special items.

Lennox also raised its 2018 stock repurchase guidance from $350 million to a total of $450 million, and updated its guidance for its average diluted share count from a range of 41 million to 42 million shares to approximately 41 million shares on a full-year basis.