Lennox International Inc. (LII) reported first-quarter net income of $8.0 million, or $0.16 per share, as against a loss of $6.1 million, or $0.12 per share, a year earlier. On a GAAP basis, quarterly income from continuing operations was $15.8 million, or $0.31 per share, higher than $9.3 million, or $0.18 per share, in the previous year.
Adjusted income from continuing operations amounted to $17.0 million, or $0.33 per share in the recent quarter. On average, 10 analysts polled by Thomson Reuters expected earnings per share of $0.27 for the quarter. Analysts' estimates typically exclude one-time items.
Revenue for the first quarter was $668.4 million, up 9% from the prior-year quarter's $614.4 million. Analysts estimated revenues of $633.98 million for the quarter. Foreign exchange was neutral to revenue, while volume and price/mix were up from last year.
For 2013, the company raised the low end of adjusted earnings per share from continuing operations guidance to $3.25-$3.55, from its prior view of $3.15-$3.55; as well as increased the low end of revenue growth guidance from 2-6% to a range of 3-6%; while foreign exchange is still expected to have a neutral impact on revenue. Further, Lennox narrowed its GAAP earnings per share from continuing operations guidance to $3.23-$3.53, from its earlier outlook of $3.15-$3.55.
Analysts project earnings per share of $3.39 and revenue of $3.09 billion for 2013.
The company said in a statement, "With our strong balance sheet, we will continue to invest in the business and maintain a competitive dividend, and we plan to repurchase $100 million of stock in 2013."
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