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Mar 31, 2023
Lennox Q1 2023 Earnings Report
Lennox reported record revenue and operating income, with adjusted EPS up 15%.
Key Takeaways
Lennox reported a record first quarter with revenue of $1.05 billion and operating income of $140 million. GAAP diluted EPS was $2.75, and adjusted diluted EPS increased by 15% to $2.83. The company is reiterating its 2023 outlook.
Revenue reached $1.05 billion; core revenue excluding European Operations increased by 3% to $990 million.
Operating Income was $140 million; adjusted segment profit rose by 20% to $142 million.
GAAP diluted EPS was $2.75; adjusted diluted EPS grew by 15% to $2.83.
2023 outlook reiterated: core revenue expected to be flat to up 4%, with EPS between $14.25 and $15.25.
Lennox
Lennox
Lennox Revenue by Segment
Revenue by Segment
Home Comfort Solutions Revenue
CapyFin.comBuilding Climate Solutions Revenue
CapyFin.com Forward Guidance
Lennox expects core revenue to be flat to up 4% and earnings per share of $14.25 to $15.25 for the full year of 2023.
Positive Outlook
- Strong start to the year
- Confident in full year outlook
- Support organic growth investments
- Smaller, bolt-on acquisitions
- Maintaining a healthy balance sheet
Challenges Ahead
- Impact of higher raw material prices
- Availability and timely delivery of raw materials and other components
- Impact of new or increased trade tariffs
- LII’s ability to implement price increases for its products and services
- Economic conditions in our markets
Revenue & Expenses
Visualization of income flow from segment revenue to net income