Lennox International Files Q2 2024 10-Q

TL;DR

Lennox Intl (LII) dropped its Q2 10-Q. Financials are in.

AI Summary

Lennox International Inc. filed its 10-Q for the period ending June 30, 2024. The filing details financial performance and operational updates for the second quarter of 2024. Key financial figures and business segment information are presented, reflecting the company's ongoing activities in the HVAC and refrigeration equipment market.

Why It Matters

This filing provides investors and analysts with the latest financial results and disclosures for Lennox International, crucial for understanding the company's performance and outlook in the current market.

Risk Assessment

Risk Level: low — This is a standard quarterly financial filing with no immediate red flags or significant new risks disclosed.

Key Players & Entities

• LENNOX INTERNATIONAL INC (company) — Filer of the 10-Q
• 20240630 (date) — End of the reporting period
• 20240724 (date) — Filing date

FAQ

Key Financial Figures

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

Filing Documents

• lii-20240630.htm (10-Q) — 1183KB
• lii-ex311_2024630x10q.htm (EX-31.1) — 9KB
• lii-ex312_2024630x10q.htm (EX-31.2) — 9KB
• lii-ex321_2024630x10q.htm (EX-32.1) — 7KB
• 0001628280-24-032782.txt ( ) — 6429KB
• lii-20240630.xsd (EX-101.SCH) — 41KB
• lii-20240630_cal.xml (EX-101.CAL) — 82KB
• lii-20240630_def.xml (EX-101.DEF) — 180KB
• lii-20240630_lab.xml (EX-101.LAB) — 548KB
• lii-20240630_pre.xml (EX-101.PRE) — 402KB
• lii-20240630_htm.xml (XML) — 922KB

Financial Information

Part I Financial Information

Financial Statements

Item 1. Financial Statements Consolidated Balance Sheets - June 30, 2024 (Unaudited) and December 31, 2023 1 Consolidated Statements of Operations (Unaudited) - Three and Six Months Ended June 30, 2024 and 2023 2 Consolidated Statements of Comprehensive Income (Unaudited) - Three and Six Months Ended June 30, 2024 and 2023 3 Consolidated Statements of Stockholders' Equity (Deficit) (Unaudited) - Three and Six Months Ended June 30, 2024 and 2023 4 Consolidated Statements of Cash Flows (Unaudited) - Six Months Ended June 30, 2024 and 2023 6

Notes to Consolidated Financial Statements (Unaudited)

Notes to Consolidated Financial Statements (Unaudited) 7

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 19

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 27

Controls and Procedures

Item 4. Controls and Procedures 28

Other Information

Part II Other Information

Legal Proceedings

Item 1. Legal Proceedings 28

Risk Factors

Item 1A. Risk Factors 28

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 28

Other Information

Item 5. Other Information 28

Exhibits

Item 6. Exhibits 29 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 June 30, 2024 As of December 31, 2023 (Unaudited) ASSETS Current Assets: Cash and cash equivalents $ 47.6 $ 60.7 Short-term investments 10.2 8.4 Accounts and notes receivable, net of allowances of $ 16.1 and $ 14.4 in 2024 and 2023, respectively 858.6 594.6 Inventories, net 776.3 699.1 Other assets 72.6 70.7 Total current assets 1,765.3 1,433.5 Property, plant and equipment, net of accumulated depreciation of $ 936.5 and $ 910.8 in 2024 and 2023, respectively 740.8 720.4 Right-of-use assets from operating leases 271.6 213.6 Goodwill 219.9 222.1 Deferred income taxes 63.0 51.8 Other assets, net 161.3 156.9 Total assets $ 3,221.9 $ 2,798.3 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Accounts payable $ 450.8 $ 374.7 Accrued expenses 393.0 416.1 Income taxes payable 33.1 4.2 Commercial paper 147.0 150.0 Current maturities of long-term debt 14.0 12.1 Current operating lease liabilities 66.6 57.5 Total current liabilities 1,104.5 1,014.6 Long-term debt 1,126.8 1,143.1 Long-term operating lease liabilities 215.2 164.6 Pensions 18.1 22.5 Other liabilities 179.9 168.2 Total liabilities 2,644.5 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 1,197.9 1,184.6 Retained earnings 3,796.0 3,506.2 Accumulated other comprehensive loss ( 60.8 ) ( 56.9 ) Treasury stock, at cost, 51,538,343 shares and 51,588,103 shares for 2024 and 2023, respectively ( 4,356.6 ) ( 4,349.5 ) Total stockholders' equity 577.4 285.3 Total liabilities and stockholders' equity $ 3,221.9 $ 2,798.3 The accompanying notes are an integral part of these consoli

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 June 30, 2024, the accompanying unaudited Consolidated Statements of Operations for the three and six months ended June 30, 2024 and 2023, the accompanying unaudited Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2024 and 2023, the accompanying unaudited Consolidated Statements of Stockholders' Equity (Deficit) for the three and six months ended June 30, 2024 and 2023, and the accompanying unaudited Consolidated Statements of Cash Flows for the six months ended June 30, 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 fis

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View this 10-Q filing on SEC EDGAR