Lennox Raises Midpoint Guidance on Record 2Q Sales and EPS, but Shares Look Rich; Maintain $155 FVE
Lennox International had a knockout second quarter as the company achieved record sales and earnings, easily beating consensus estimates. The narrow-moat HVAC manufacturer posted an 8% year-over-year increase in sales to $1.10 billion (versus $1.09 billion consensus) and a 12% increase in adjusted EPS to $2.83 (versus $2.76 consensus). Management narrowed its full-year 2017 sales growth and EPS guidance range. The company now sees 2017 sales growing 4% to 7% year over year (versus prior guidance...Lennox International provides climate control solutions. The company designs, manufactures and markets products for the heating, ventilation, air conditioning and refrigeration markets. The company's segments are: Residential Heating and Cooling, which manufactures and markets furnaces, air conditioners, heat pumps, packaged heating and cooling systems, equipment and accessories, comfort control products, and replacement parts and supplies; Commercial Heating and Cooling, which manufactures and sells unitary heating and cooling equipment; and Refrigeration, which manufactures and markets equipment for the global commercial refrigeration markets under the Heatcraft Worldwide Refrigeration name.
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