Lennox Intl misses by $0.09, misses on revs; reaffirms FY15 EPS guidance; co says some Commercial segment equipment sales got pushed from Q1 into Q2-Q4
Reports Q1 (Mar) earnings of $0.37 per share, excluding non-recurring items, $0.09 worse than the Capital IQ Consensus Estimate of $0.46; revenues fell 1.4% year/year to $685.8 mln vs the $714.8 mln consensus. Co reaffirms guidance for FY15, sees EPS of $5.20-5.60, excluding non-recurring items, vs. $5.39 Capital IQ Consensus Estimate.
- "We continued to see strong momentum in our Residential business in [Q1], and our Refrigeration business was as expected...However, our Commercial business saw the timing of specific national account equipment business shift beyond the first quarter into the second through fourth quarters of this year. While Commercial national account business was down in the first quarter, our backlog is up double digits from a year ago, and we continue to expect solid growth for 2015 overall."