Lennox Q2 revenue misses; shares down
(Reuters) - Lennox International's (LII.N) quarterly revenue missed analysts' estimates, and the heating and cooling systems maker trimmed the top end of its full-year revenue forecast, sending its shares down 9 percent.
Second-quarter revenue rose 2 percent to $933.8 million, missing the analysts' estimate of $956.2 million.
Revenue at its service experts segment fell 9 percent to $133 million, primarily due to lower volumes, and refrigeration segment revenue fell 5 percent to $207 million.
The Richardson, Texas-based company now expects full-year revenue to grow by 2 to 5 percent, compared with the 2 to 6 percent rise forecast earlier.
However, Lennox International raised its earnings expectations for the year and now expects adjusted earnings per share from continuing operations at $2.35 to $2.65, up from its previous estimate of $2.20 to $2.60 per share.
The company reported a second-quarter profit of $44.7 million, or 87 cents a share, compared with earnings of $45 million, or 83 cents a share, a year earlier.
On an adjusted basis, it earned 96 cents per share, in line with analysts' estimates.
The company's shares were down 9 percent at $42.14 in late morning trade on the New York Stock Exchange on Tuesday.
(Reporting by Suzannah Benjamin in Bangalore; Editing by Sreejiraj Eluvangal)
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