Lennox International Reiterates FY19 Outlook; Raises Share Buyback Guidance

(RTTNews) - While reporting financial results for the first quarter, Lennox International Inc. (LII) on Monday reiterated its adjusted earnings and revenue growth outlook for the full-year 2019. It also increased its stock repurchase guidance following the sale of the Kysor Warren business in the first quarter.

For fiscal 2019, Lennox reiterated its outlook for adjusted earnings from continuing operations in the range of $12.00 to 12.60 per share and revenue growth of 3 to 7 percent.

In addition, the company slashed its full-year forecast for earnings per share from continuing operations to a range of $12.65 to $13.25 per share from the prior range of $14.30 to $14.90 per share, incorporating lower estimated factory reconstruction costs and associated gain from replacement value above book value, and a second quarter non-cash pension settlement charge.

On average, analysts polled by Thomson Reuters expect the company to report earnings of $12.31 per share on revenue growth of 2.20 percent to $3.90 billion for the year. Analysts' estimates typically exclude special items.

Lennox also raised its 2019 stock repurchase guidance to a total of $400 million from the prior forecast of $350 million.