Welcome to our dedicated page for Lennox International news (Ticker: LII), a resource for investors and traders seeking the latest updates and insights on Lennox International stock.
Lennox International Inc. reports developments in energy-efficient climate-control and building comfort solutions for residential and commercial customers. Company news centers on heating, cooling, indoor air quality, refrigeration, water heating, HVAC parts, supplies and services, including updates tied to the Lennox dealer network and connected home comfort offerings.
Recurring announcements include quarterly results, full-year guidance, segment trends in Home Comfort Solutions and Building Climate Solutions, dividends, investor presentations, product portfolio expansion and community programs such as Feel The Love. Coverage also reflects demand conditions in replacement, new construction, distribution, services and emergency replacement markets.
Lennox International has announced the pricing of a $600 million senior notes offering, comprising of $300 million in 1.350% notes due 2025 and $300 million in 1.700% notes due 2027. The proceeds will be utilized to repay existing debt under its credit facility and for general corporate purposes. The offering is set to close on July 30, 2020, pending customary conditions. J.P. Morgan, Wells Fargo Securities, BofA Securities, and MUFG are the joint book-running managers. This offering is under an automatic shelf registration statement filed with the SEC.
Lennox International reported second-quarter 2020 revenue of $941 million, a 14% decline year-over-year. GAAP operating income fell to $136 million from $214 million in 2019. Adjusted earnings per share dropped to $2.97 from $3.74.
The COVID-19 pandemic affected all sectors, with Residential revenue down 6% but showing a 7% increase in June. Commercial revenue dropped 28%, and Refrigeration revenue declined 26%. The company raised its 2020 guidance, expecting adjusted revenue to decline 10-15% and adjusted EPS between $7.90-$8.70.
Lennox International has appointed Shane D. Wall to its board of directors, effective July 10, 2020. Wall, former Chief Technology Officer at HP Inc., brings extensive technology expertise and diverse management experience to the role. His background includes significant positions at Hewlett-Packard and Intel Corporation. The company's chairman, Todd Bluedorn, expressed enthusiasm about Wall’s appointment, emphasizing the valuable perspective he will provide as Lennox continues to lead in the heating, air conditioning, and refrigeration markets.
Lennox Industries has launched its new SLP99V gas furnace, boasting a remarkable 99% Annual Fuel Utilization Efficiency (AFUE), enhancing home heating while minimizing energy waste. This furnace integrates with Lennox' iComfort smart thermostats, offering advanced features like diagnostic capabilities and remote access for contractors. The product's SilenceComfort technology makes it the quietest on the market. These innovations aim to improve comfort, energy savings, and customer service, positioning Lennox as a leader in HVAC technology.