Lennox International has reported record revenue of $US1.24 billion in the second quarter, up 32 per cent compared to the previous year.
The results for the second quarter of 2021 were announced yesterday and showed strong growth across all three business segments.
Operating income was a record $216 million, up 59 per cent while profit was a record $222 million, up 45 per cent.
Lennox International chair and CEO Todd Bluedorn, said the residential business set new highs for revenue, margin and profit.
He said revenue rose 30 per cent on strong growth in both replacement and new construction business. Segment margin expanded 290 basis points to 22.6 per cent and profit rose 49 per cent.
Revenue in the residential heating and cooling business was a record $838 million.
In the commercial segment revenue was $253 million up 34 per cent while profit rose 27 per cent.
Bluedorn said refrigeration revenue was $148 million, up 37 per cent on strong growth in both North America and Europe.
Looking ahead for the company overall, he said the company has raised 2021 guidance for revenue, earnings and free cash flow on strong market growth and company performance. Bluedorn expects momentum to continue into the second half of the year for residential business.
“As we look to 2022 and beyond, we see the residential replacement cycle spinning faster and continue to position our business to capitalise on strong market growth and share gains,” he said.