By RTT News,
February 05, 2014, 08:24:00 AM EDT
(RTTNews.com) - Lennox International Inc. ( LII ), a maker of climate control products, Wednesday said fourth-quarter net income increased to $35.2 million from $21.9 million in the previous year. Earnings per share rose to $0.70 from $0.43.
Income from continuing operations was $34 million or $0.68 per share, compared to $27 million or $0.52 per share in the prior year.
Adjusted income from continuing operations was $38 million or $0.77 per share, while it totaled $29 million or $0.56 per share in the prior-year quarter.
On average, 11 analysts polled by Thomson Reuters expected earnings of $0.74 per share for the quarter. Analysts' estimates typically exclude special items.
Net sales increased 9 percent to $749.5 million from $684.9 million in the prior year. Wall Street expected revenues of $727.49 million.
At constant currency, revenue was up 10 percent. Volume was up and price/mix was flat on a revenue basis from last year.
CEO Todd Bluedorn said, "Looking ahead at 2014 overall, Lennox International is competitively well-positioned for continued market outperformance with our strong product portfolio and expanding distribution network. With a solid balance sheet and strong cash generation, we will continue to invest in the business for growth.''
Bluedorn added that the company would maintain a competitive dividend and plans to repurchase $150 million of stock in 2014.
Further, the company reiterated its guidance for 2014, originally provided on December 18, 2013.
Earnings per share from continuing operations are expected in the range of $4.20-$4.60. Wall Street looks for earnings of $4.48 per share.
Revenue growth is estimated to be 3 to 7 percent, with a neutral impact from foreign exchange.
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