Lennox Int'l Boosts FY23 Outlook As Q3 Results Top Estimates

(RTTNews) - While reporting financial results for the third quarter on Thursday, Lennox International Inc. (LII) raised its earnings and revenue growth guidance for the full-year 2023.

For fiscal 2023, the company now projects earnings and adjusted in a range of $17.25 to $17.75 per share on revenue growth of about 5 percent.

Previously, the company expected earnings and adjusted in a range of $15.50 to $16.00 per share on revenue growth of 2 to 4 percent.

On average, analysts polled by Thomson Reuters expect the company to report earnings of $16.90 per share on a revenue growth of 2 percent to $4.81 billion for the year. Analysts' estimates typically exclude special items.

For the third quarter, net income increased to $130.4 million or $3.65 per share from $141.9 million or $3.99 per share in the prior-year quarter.

Excluding items, adjusted earnings for the quarter was $5.37 per share, compared to $4.13 per share in the year-ago quarter.

Net sales for the quarter grew 10 percent to $1.37 billion from $1.24 billion in the same quarter last year.

The street was looking for earnings of $4.75 per share on net sales of $1.28 billion for the quarter.

The company announced CFO Joseph Reitmeier has elected to retire and is being succeeded by Michael Quenzer, effective January 1, 2024.

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