LENNOX INTERNATIONAL INC Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>LENNOX INTERNATIONAL INC filed its Q1 2024 10-Q report detailing financial performance and operational segments.</b>

AI Summary

LENNOX INTERNATIONAL INC (LII) filed a Quarterly Report (10-Q) with the SEC on April 24, 2024. LENNOX INTERNATIONAL INC reported financial results for the first quarter of 2024, ending March 31, 2024. The filing covers the period from January 1, 2024, to March 31, 2024. Key financial data points for the period and comparative periods are included. The company's business address is 2140 LAKE PARK BLVD, RICHARDSON, TX 75080. The filing is a 10-Q form, indicating a quarterly report.

Why It Matters

For investors and stakeholders tracking LENNOX INTERNATIONAL INC, this filing contains several important signals. This 10-Q filing provides investors with the latest quarterly financial performance data for Lennox International, crucial for assessing the company's current health and trajectory. Understanding the segment-specific data (Residential Heating and Cooling, Commercial Heating and Cooling, Corporate and Other) allows for a deeper analysis of where the company is generating revenue and potential growth areas or challenges.

Risk Assessment

Risk Level: low — LENNOX INTERNATIONAL INC shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain immediate red flags or significant negative disclosures, indicating a low level of immediate risk from this specific filing.

Analyst Insight

Review the detailed segment revenues and year-over-year changes to identify growth drivers or areas of concern within Lennox International's business operations.

Revenue Breakdown

Key Numbers

• 2024-03-31 — Period of Report (Quarterly report date)
• 2024-01-01 — Quarter Start Date (Q1 2024)
• 2023-03-31 — Prior Year Q1 End Date (Comparative period)
• 2023-01-01 — Prior Year Q1 Start Date (Comparative period)

Key Players & Entities

• LENNOX INTERNATIONAL INC (company) — Filer name
• 2024-03-31 (date) — Period of report
• 2024-04-24 (date) — Filed as of date
• 2140 LAKE PARK BLVD (address) — Business address street 1
• RICHARDSON (city) — Business address city
• TX (state) — Business address state
• 75080 (zip_code) — Business address zip
• 972-497-5000 (phone_number) — Business phone

FAQ

Key Dates

• 2024-03-31: Quarter End Date — End of the reporting period for the 10-Q filing.

Key Financial Figures

• $0.01 — ange on which registered Common stock, $0.01 par value per share LII New York Stock

Filing Documents

• lii-20240331.htm (10-Q) — 860KB
• lii-ex311_2024331x10q.htm (EX-31.1) — 9KB
• lii-ex312_2024331x10q.htm (EX-31.2) — 9KB
• lii-ex321_2024331x10q.htm (EX-32.1) — 7KB
• 0001628280-24-017634.txt (&nbsp;) — 5771KB
• lii-20240331.xsd (EX-101.SCH) — 41KB
• lii-20240331_cal.xml (EX-101.CAL) — 80KB
• lii-20240331_def.xml (EX-101.DEF) — 188KB
• lii-20240331_lab.xml (EX-101.LAB) — 556KB
• lii-20240331_pre.xml (EX-101.PRE) — 408KB
• lii-20240331_htm.xml (XML) — 718KB

Financial Information

Part I Financial Information

Financial Statements

Item 1. Financial Statements Consolidated Balance Sheets - March 31, 2024 (Unaudited) and December 31, 2023 1 Consolidated Statements of Operations (Unaudited) - Three Months Ended March 31, 2024 and 2023 2 Consolidated Statements of Comprehensive Income (Unaudited) - Three Months Ended March 31, 2024 and 2023 3 Consolidated Statements of Stockholders' Equity (Deficit) (Unaudited) - Three Months Ended March 31, 2024 and 2023 4 Consolidated Statements of Cash Flows (Unaudited) - Three Months Ended March 31, 2024 and 2023 5

Notes to Consolidated Financial Statements (Unaudited)

Notes to Consolidated Financial Statements (Unaudited) 6

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 17

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 23

Controls and Procedures

Item 4. Controls and Procedures 23

Other Information

Part II Other Information

Legal Proceedings

Item 1. Legal Proceedings 24

Risk Factors

Item 1A. Risk Factors 24

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 24

Other Information

Item 5. Other Information 24

Exhibits

Item 6. Exhibits 25 i

- Financial Information

Part I - Financial Information

Financial Statements

Item 1. Financial Statements LENNOX INTERNATIONAL INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (Amounts in millions, except shares and par values) As of March 31, 2024 As of December 31, 2023 (Unaudited) ASSETS Current Assets: Cash and cash equivalents $ 45.7 $ 60.7 Short-term investments 11.9 8.4 Accounts and notes receivable, net of allowances of $ 15.4 and $ 14.4 in 2024 and 2023, respectively 616.0 594.6 Inventories, net 823.4 699.1 Other assets 67.5 70.7 Total current assets 1,564.5 1,433.5 Property, plant and equipment, net of accumulated depreciation of $ 928.1 and $ 910.8 in 2024 and 2023, respectively 759.1 720.4 Right-of-use assets from operating leases 223.7 213.6 Goodwill 219.9 222.1 Deferred income taxes 60.3 51.8 Other assets, net 157.9 156.9 Total assets $ 2,985.4 $ 2,798.3 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Accounts payable $ 437.8 $ 374.7 Accrued expenses 302.3 416.1 Income taxes payable 28.1 4.2 Commercial paper 250.0 150.0 Current maturities of long-term debt 22.5 12.1 Current operating lease liabilities 56.7 57.5 Total current liabilities 1,097.4 1,014.6 Long-term debt 1,153.7 1,143.1 Long-term operating lease liabilities 174.3 164.6 Pensions 17.5 22.5 Other liabilities 173.7 168.2 Total liabilities 2,616.6 2,513.0 Commitments and contingencies Stockholders' equity: Preferred stock, $ 0.01 par value, 25,000,000 shares authorized, no shares issued or outstanding — — Common stock, $ 0.01 par value, 200,000,000 shares authorized, 87,170,197 shares issued 0.9 0.9 Additional paid-in capital 1,190.6 1,184.6 Retained earnings 3,591.1 3,506.2 Accumulated other comprehensive loss ( 57.9 ) ( 56.9 ) Treasury stock, at cost, 51,548,073 shares and 51,588,103 shares for 2024 and 2023, respectively ( 4,355.9 ) ( 4,349.5 ) Total stockholders' equity 368.8 285.3 Total liabilities and stockholders' equity $ 2,985.4 $ 2,798.3 The accompanying notes are an integral part of these consol

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) 1. General: References in this Quarterly Report on Form 10-Q to "we","our","us","LII" or the "Company" refer to Lennox International Inc. and its subsidiaries, unless the context requires otherwise. Basis of Presentation The accompanying unaudited Consolidated Balance Sheet as of March 31, 2024, the accompanying unaudited Consolidated Statements of Operations for the three months ended March 31, 2024 and 2023, the accompanying unaudited Consolidated Statements of Comprehensive Income for the three months ended March 31, 2024 and 2023, the accompanying unaudited Consolidated Statements of Stockholders' Equity (Deficit) for the three months ended March 31, 2024 and 2023, and the accompanying unaudited Consolidated Statements of Cash Flows for the three months ended March 31, 2024 and 2023 should be read in conjunction with our audited consolidated financial statements and footnotes included in our Annual Report on Form 10-K for the year ended December 31, 2023. The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles ("GAAP") for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. The accompanying consolidated financial statements contain all material adjustments, consisting principally of normal recurring adjustments, necessary for a fair presentation of our financial position, results of operations and cash flows. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to applicable rules and regulations, although we believe that the disclosures herein are adequate to make the information presented not misleading. The operating results for the interim periods are not necessarily indicative of the results that may be expected for a full year. Our fiscal quarterly per

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View this 10-Q filing on SEC EDGAR