LENNOX INTERNATIONAL INC

For the period ended Mar 31, 2025. Filed Apr 23, 2025.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Mar 31, 2025 · Filed Apr 23, 2025

LII$349.47+2.2%Stored close · as of Nov 9, 2026

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Contents

Financial

Item 1. Financial Statements

CONSOLIDATED BALANCE SHEETS

(Amounts in millions, except shares and par values)	As of March 31, 2025	As of December 31, 2024
(Unaudited)
ASSETS
Current Assets:
Cash and cash equivalents	$217.2	$415.1
Short-term investments	5.7	7.2
Accounts and notes receivable, net of allowances of $16.2 and $17.8 in 2025 and 2024, respectively	651.7	661.1
Inventories, net	902.3	704.8
Other current assets	78.1	96.0
Total current assets	1,855.0	1,884.2
Property, plant and equipment, net of accumulated depreciation of $978.3 and $956.8 in 2025 and 2024, respectively	810.3	800.1
Right-of-use assets from operating leases	323.1	327.2
Goodwill	220.0	220.0
Deferred income taxes	76.6	75.1
Other assets, net	170.4	165.2
Total assets	$3,455.4	$3,471.8
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities:
Accounts payable	$576.6	$490.0
Accrued expenses	326.3	435.4
Current maturities of long-term debt	315.2	314.5
Current operating lease liabilities	76.5	73.4
Total current liabilities	1,294.6	1,313.3
Long-term debt	834.2	833.1
Long-term operating lease liabilities	263.9	267.6
Pensions	19.7	18.9
Other liabilities	190.5	188.7
Total liabilities	2,602.9	2,621.6
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	1,219.0	1,213.3
Retained earnings	4,230.3	4,150.8
Accumulated other comprehensive loss	(80.6)	(93.7)
Treasury stock, at cost, 51,678,069 shares and 51,573,986 shares for 2025 and 2024, respectively	(4,517.1)	(4,421.1)
Total stockholders' equity	852.5	850.2
Total liabilities and stockholders' equity	$3,455.4	$3,471.8

CONSOLIDATED STATEMENTS OF OPERATIONS

(Amounts in millions, except per share data)	For the Three Months Ended March 31,
	2025	2024
Net sales	$1,072.6	$1,047.1
Cost of goods sold	744.1	707.1
Gross profit	328.5	340.0
Operating Expenses:
Selling, general and administrative expenses	171.3	170.7
Losses and other expenses, net	2.8	3.7
Income from equity method investments	(1.2)	(1.2)
Operating income	155.6	166.8
Pension settlements	0.1	—
Interest expense, net	6.2	11.8
Other expense, net	0.9	0.8
Net income before income taxes	148.4	154.2
Provision for income taxes	28.1	29.9
Net income	$120.3	$124.3
Earnings per share – Basic:	$3.39	$3.49
Earnings per share – Diluted:	$3.37	$3.47
Weighted Average Number of Shares Outstanding - Basic	35.5	35.6
Weighted Average Number of Shares Outstanding - Diluted	35.7	35.8

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Amounts in millions)	For the Three Months Ended March 31,
	2025	2024
Net income	$120.3	$124.3
Other comprehensive income (loss):
Foreign currency translation adjustments	4.2	(3.3)
Net change in pension and post-retirement liabilities	(0.2)	(0.1)
Reclassification of pension and post-retirement benefit losses into earnings	0.4	0.3
Pension settlements	0.1	—
Net change in fair value of cash flow hedges	10.7	0.7
Reclassification of cash flow hedge (gains) losses into earnings	(2.6)	2.0
Other comprehensive income (loss) before taxes	12.6	(0.4)
Tax benefit (expense)	0.5	(0.6)
Other comprehensive income (loss), net of tax	13.1	(1.0)
Comprehensive income	$133.4	$123.3

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY

For the three months ended March 31, 2025 and 2024

(In millions, except per share data)

Common Stock Issued · Additional Paid-In Capital · Retained Earnings · Accumulated Other Comprehensive Loss · Treasury Stock at Cost · Total Stockholders' Equity
(For the three months ended March 31, 2025) · Shares · Amount
Balance as of December 31, 2024	$0.9	$1,213.3	$4,150.8	$(93.7)	51.6	$(4,421.1)	$850.2
Net income	—	—	120.3	—	—	—	120.3
Dividends, $1.15 per share	—	—	(40.8)	—	—	—	(40.8)
Foreign currency translation adjustments	—	—	—	4.2	—	—	4.2
Pension and post-retirement liability changes	—	—	—	0.2	—	—	0.2
Stock-based compensation expense	—	6.3	—	—	—	—	6.3
Change in cash flow hedges	—	—	—	8.7	—	—	8.7
Treasury shares reissued for common stock	—	(0.6)	—	—	(0.1)	1.7	1.1
Treasury stock purchases	—	—	—	—	0.2	(97.7)	(97.7)
Balance as of March 31, 2025	$0.9	$1,219.0	$4,230.3	$(80.6)	51.7	$(4,517.1)	$852.5

Common Stock Issued · Additional Paid-In Capital · Retained Earnings · Accumulated Other Comprehensive Loss · Treasury Stock at Cost · Total Stockholders' Equity
(For the three months ended March 31, 2024) · Shares · Amount
Balance as of December 31, 2023	$0.9	$1,184.6	$3,506.2	$(56.9)	51.6	$(4,349.5)	$285.3
Net income	—	—	124.3	—	—	—	124.3
Dividends, $1.10 per share	—	—	(39.4)	—	—	—	(39.4)
Foreign currency translation adjustments	—	—	—	(3.3)	—	—	(3.3)
Pension and post-retirement liability changes	—	—	—	0.1	—	—	0.1
Stock-based compensation expense	—	6.6	—	—	—	—	6.6
Change in cash flow hedges	—	—	—	2.2	—	—	2.2
Treasury shares reissued for common stock	—	(0.6)	—	—	(0.1)	1.7	1.1
Treasury stock purchases	—	—	—	—	—	(8.1)	(8.1)
Balance as of March 31, 2024	$0.9	$1,190.6	$3,591.1	$(57.9)	51.5	$(4,355.9)	$368.8

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Amounts in millions)	For the Three Months Ended March 31,
	2025	2024
Cash flows from operating activities:
Net income	$120.3	$124.3
Adjustments to reconcile net income to net cash used in operating activities:
Income from equity method investments	(1.2)	(1.2)
Provision for credit losses	1.3	1.8
Unrealized (gains) losses, net on derivative contracts	(0.5)	4.4
Stock-based compensation expense	6.3	6.6
Depreciation and amortization	25.6	24.0
Deferred income taxes	(4.2)	(9.3)
Pension expense	1.1	0.1
Pension contributions	(0.3)	(5.1)
Other items, net	—	(0.1)
Changes in assets and liabilities, net of effects of acquisitions and divestitures:
Accounts and notes receivable	8.3	(24.9)
Inventories	(197.0)	(125.4)
Other current assets	(1.7)	(7.7)
Accounts payable	85.2	65.0
Accrued expenses	(105.1)	(113.8)
Income taxes payable and receivable, net	27.1	34.7
Leases, net	3.4	(1.1)
Other, net	(4.4)	4.9
Net cash used in operating activities	(35.8)	(22.8)
Cash flows from investing activities:
Proceeds from the disposal of property, plant and equipment	0.5	0.5
Purchases of property, plant and equipment	(25.5)	(29.5)
Acquisitions, net of cash	—	1.8
Proceeds from (purchases of) investments and other	1.5	(3.5)
Net cash used in investing activities	(23.5)	(30.7)
Cash flows from financing activities:
Borrowings from debt arrangements	—	303.6
Payments on debt arrangements	(5.0)	(215.1)
Proceeds from employee stock purchases	1.2	1.1
Repurchases of common stock	(85.2)	—
Repurchases of common stock to satisfy employee withholding tax obligations	(11.3)	(8.1)
Cash dividends paid	(40.9)	(39.1)
Net cash (used in) provided by financing activities	(141.2)	42.4
Decrease in cash and cash equivalents	(200.5)	(11.1)
Effect of exchange rates on cash and cash equivalents	2.6	(3.9)
Cash and cash equivalents, beginning of period	415.1	60.7
Cash and cash equivalents, end of period	$217.2	$45.7
Supplemental disclosures of cash flow information:
Interest paid	$19.2	$21.8
Income taxes paid (net of refunds)	$5.1	$4.0

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.