Lennox International Inc. (NYSE:LII) saw its shares plummet Monday as the latest quarterly figures were released.
The Dallas-based company’s prior-year insurance references relate to the July 2018 tornado damage at a Residential manufacturing facility in Iowa. Adjusted revenue and profit for the first nine months of 2019 exclude non-core Refrigeration businesses divested in the first half of that year.
Lennox International reported record third-quarter revenue of $1.06 billion , up 2%. GAAP operating income was a third-quarter record $167 million , up 7%. GAAP earnings per share from continuing operations proved a record $3.42, up 16%. The third quarter of 2019 included an insurance benefit of $2 million.
Total adjusted segment profit was a third-quarter record $177 million, up 1% from the prior-year quarter that included $16 million of insurance benefit. Total adjusted segment margin was 16.7% compared to the third-quarter record 17.0% in the prior-year quarter with the insurance benefit. Adjusted earnings per share from continuing operations totaled a third-quarter record $3.53, up 6%.
“Lennox International posted record third-quarter revenue and profit driven by the performance of our Residential business in the quarter,” said Chairman and CEO Todd Bluedorn. “Residential revenue rose 13% and set a new record for any quarter at $722 million. Revenue from replacement business was up low-double digits, and revenue from new construction was up mid-teens.”
LII shares lost $5.74, or 2%, to $282.48.