Lennox International Inc. (NYSE:LII) reported quarterly earnings Monday, which sent its shares to sink in early trade.
The Dallas-based company also said its insurance references relate to the July 2018 tornado damage at a Residential manufacturing facility in Iowa. Adjusted revenue and profit exclude non-core Refrigeration businesses divested in prior periods.
Lennox reported first-quarter GAAP and adjusted revenue of $724 million. GAAP revenue was down 8%, including 4% of negative impact from divestitures in the prior year. Excluding the impact from divestitures, adjusted revenue was down 4%.
GAAP operating income was $36 million, down from $95 million in the prior-year quarter that included approximately $47 million of insurance benefit. GAAP earnings per share from continuing operations was $0.32, compared to $1.73 in the prior-year quarter that included $0.87 of insurance benefit.
Total adjusted segment profit was $38 million, compared to $99 million in the prior year quarter that included $40 million of insurance benefit.
Total adjusted segment margin was 5.2% compared to 13.1% in the prior-year quarter as reported and 7.8% excluding the insurance benefit.
Adjusted earnings per share from continuing operations were $0.56 compared to $1.68 in the prior-year quarter that included $0.75 of insurance benefit.
"Weather continued to have an adverse impact on our business in the first quarter with heating degree days down significantly from last year," said Chairman and CEO Todd Bluedorn. "In addition, we saw an increasing impact on our business in March from the COVID-19 pandemic.”
Shares tumbled $5.45, or 3%, to $178.43.
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