Lennox's 3Q Results Hampered by Tornado-Damaged Manufacturing Facility; Maintain $172 FVE
Narrow-moat Lennox International's third-quarter revenue and adjusted EPS both fell short of Wall Street's estimates. However, we think most of Lennox's top and bottom line miss can be attributed to lost production from its tornado-damaged Marshalltown, Iowa residential heating and cooling manufacturing plant. Previously, Lennox had estimated the damaged facility would result in $100 million and $55 million of lost revenue and profits during the second half of 2018, respectively. The company now...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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