By RTT News, October 21, 2013, 08:30:00 AM EDT
(RTTNews.com) - Lennox International Inc. ( LII ) Monday reported an increase in net income for the third-quarter, reflecting higher revenues. Adjusted earnings per share exceeded the Street estimates. The company updated its full-year guidance.
For the three-month period, including a $1.5 million loss from discontinued operation, the company reported net income of $64.3 million or $1.27 per share, compared with $29.4 million or $0.57 per share last year.
Excluding certain items, adjusted income from continuing operations was $65.5 million or $1.30 per share. On average, twelve analysts polled by Thomson Reuters expected the company to report earnings per share of $1.28 for the quarter. Analysts' estimates typically exclude one-time items.
Revenues for the period increased 7 percent to $868 million from prior year's $809.7 million. The Street expected the company to report revenues of $877.87 million.
Looking forward for the full-year, the company reiterated its revenue guidance of 6 - 8 percent growth, and raised the low end of adjusted earnings per share from continuing operations guidance to a range of $3.50 - $3.75, from prior range of $3.45-$3.75. Analysts expect the company to report earnings of $3.64 per share for the year. The company also raised the lower end of GAAP earnings from continuing operations expectations to a range of $3.43-$3.68 per share from $3.38-$3.68 per share .
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