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Lennox Int'l Boosts FY22 Outlook; Q3 Adj. EPS Meets Estimates, Revenues Top
(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 2022.
For fiscal 2022, the company now projects earnings and adjusted in a range of $13.80 to $14.20 per share on revenue growth of 12 to 15 percent.
Previously, the company expected earnings and adjusted in a range of $13.80 to $14.50 per share on revenue growth of 10 to 15 percent.
On average, analysts polled by Thomson Reuters expect the company to report earnings of $14.22 per share on a revenue growth of 11.5 percent to $4.67 billion for the year. Analysts' estimates typically exclude special items.
"We are building turnaround momentum in our Commercial business and are going to invest in a new commercial factory to help alleviate ongoing manufacturing capacity constraints," said CEO Alok Maskara.
For the third quarter, net income increased to $141.9 million or $3.99 per share from $126.3 million or $3.41 per share in the prior-year quarter.
Excluding items, adjusted earnings for the quarter was $4.10 per share, compared to $3.40 per share in the year-ago quarter.
Net sales for the quarter grew 17 percent to $1.24 billion from $1.06 billion in the same quarter last year.
The street was looking for earnings of $4.10 per share on net sales of $1.23 million for the quarter.
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