Lennox International Announces Third Quarter Earnings
Sales increased 2% to $839 million from last year's third quarter. Sales for the third quarter increased by 7% after adjusting for $33 million in heat transfer revenues, which are now part of Lennox's joint venture with Outokumpu, included in last year's sales.
“LII achieved solid results in the third quarter, with higher sales and improved margins in our manufacturing business offsetting soft results in our service experts segment,” Bob Schjerven, CEO, said in a statement.
Revenues for the service experts business segment were down 3%, the commercial heating and cooling segment grew by 20% and the residential heating and cooling segment was up by 7%.