Climate control solutions provider Lennox International Inc. (LII), Thursday reported a drop in fourth quarter profit, hurt by higher expenses and lower revenues. However, both earnings and revenues came in above estimates. Lennox also expressed confidence with its full year 2010 forecast provided in December 2009.
Fourth-quarter net income dropped to $6.5 million or $0.11 per share from $10.4 million or $0.18 per share in the same quarter a year ago.
Income from continuing operations was $9.9 million or $0.17 per share, compared to $11.9 million or $0.21 per share in the prior-year quarter. Loss from continued operations for the quarter was $3.4 million or $0.06 per share. Adjusted income from continuing operations, net after-tax charges of $23.2 million, increased to $33.1 million or $0.58 per share from $29.4 million or $0.52 per share in the year-earlier quarter. .
On average, 6 analysts polled by Thomson Reuters expected earnings of $0.49 per share for the quarter. Analysts' estimates typically exclude one-time items.
Net sales decreased to $733.5 million from $738.3 million in the comparable quarter a year ago, beating Street estimates of $678.10 million for the quarter.
Gross profit in the fourth quarter was $205 million, up 3%, and gross margin was 28.0%, up 100 basis points.
Selling, general and administrative expenses increased to $172.4 million from $151.8 million in the year-ago quarter. Operational income from continuing operations was $18.3 million, compared to $26.9 million in the same quarter last year.
For full year 2009. net income plunged to $51.1 million or $0.90 per share from $122.8 million or $2.11 per share a year ago. Non-GAAP net income from continuing operations for the year was $100.3 million or $0.08 per share. Net sales were down at $2.85 billion, compared to $3.44 billion in the prior year. Street expected earnings of $1.67 per share on revenues of $2.83 billion for the year.
Looking ahead to full year 2010, the company said it continues to see earnings from continuing operations in a range of $1.75 to $2.15 per share and adjusted earnings from continuing operations in a range of $1.85 to $2.25 per share. The Street expects earnings of $2.11 per share for the year.
LII is currently trading at $39.32, down $0.80 or 1.99%, on a volume of 0.27 million shares.
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