Wed, Jul 24, 6:47 PM (45 days ago)
Lennox International Inc. reported a strong financial performance for Q2 2024, with net sales increasing by 3% year-over-year to $1,451 million, driven by favorable pricing and higher sales volumes. Gross profit margins improved by 120 basis points to 33.6%, primarily due to favorable pricing and higher sales volumes. Operating income rose by 14.8% to $320 million, and net income reached $246 million, translating to diluted earnings per share of $6.87, up from $6.10 in the prior year. The Home Comfort Solutions segment saw a 5% increase in net sales and a 13% rise in segment profit. The Building Climate Solutions segment experienced a 15% increase in net sales and an 11% rise in segment profit. The divestiture of European operations in Q4 2023 impacted the Corporate and Other segment, reducing net sales by $68 million. For the first half of 2024, net cash provided by operating activities was $161 million, and capital expenditures were $62 million. The company returned $78 million to shareholders through dividends. With a solid balance sheet and strong cash flow, Lennox is well-positioned for future growth.