LENNOX INTERNATIONAL INC
For the period ended Sep 30, 2024. Filed Oct 23, 2024.
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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.
Sep 30, 2024 · Filed Oct 23, 2024
LII$349.47+2.2%Stored close · as of Nov 9, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 1. Financial Statements
CONSOLIDATED BALANCE SHEETS
| (Amounts in millions, except shares and par values) | As of September 30, 2024 | As of December 31, 2023 |
|---|---|---|
| (Unaudited) | ||
| ASSETS | ||
| Current Assets: | ||
| Cash and cash equivalents | $243.1 | $60.7 |
| Short-term investments | 12.6 | 8.4 |
| Accounts and notes receivable, net of allowances of $16.2 and $14.4 in 2024 and 2023, respectively | 816.5 | 594.6 |
| Inventories, net | 689.2 | 699.1 |
| Other assets | 69.6 | 70.7 |
| Total current assets | 1,831.0 | 1,433.5 |
| Property, plant and equipment, net of accumulated depreciation of $952.6 and $910.8 in 2024 and 2023, respectively | 754.8 | 720.4 |
| Right-of-use assets from operating leases | 270.5 | 213.6 |
| Goodwill | 219.9 | 222.1 |
| Deferred income taxes | 71.2 | 51.8 |
| Other assets, net | 165.8 | 156.9 |
| Total assets | $3,313.2 | $2,798.3 |
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||
| Current Liabilities: | ||
| Accounts payable | $477.5 | $374.7 |
| Accrued expenses | 444.7 | 416.1 |
| Income taxes payable | 13.3 | 4.2 |
| Commercial paper | — | 150.0 |
| Current maturities of long-term debt | 312.7 | 12.1 |
| Current operating lease liabilities | 67.8 | 57.5 |
| Total current liabilities | 1,316.0 | 1,014.6 |
| Long-term debt | 827.6 | 1,143.1 |
| Long-term operating lease liabilities | 214.9 | 164.6 |
| Pensions | 16.3 | 22.5 |
| Other liabilities | 184.4 | 168.2 |
| Total liabilities | 2,559.2 | 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 | 1,204.9 | 1,184.6 |
| Retained earnings | 3,994.0 | 3,506.2 |
| Accumulated other comprehensive loss | (70.7) | (56.9) |
| Treasury stock, at cost, 51,537,964 shares and 51,588,103 shares for 2024 and 2023, respectively | (4,375.1) | (4,349.5) |
| Total stockholders' equity | 754.0 | 285.3 |
| Total liabilities and stockholders' equity | $3,313.2 | $2,798.3 |
CONSOLIDATED STATEMENTS OF OPERATIONS
| (Amounts in millions, except per share data) | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||
|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |
| Net sales | $1,498.1 | $1,366.3 | $3,996.3 | $3,827.1 |
| Cost of goods sold | 1,009.7 | 937.8 | 2,679.7 | 2,634.1 |
| Gross profit | 488.4 | 428.5 | 1,316.6 | 1,193.0 |
| Operating Expenses: | ||||
| Selling, general and administrative expenses | 184.4 | 178.9 | 523.6 | 527.6 |
| Losses and other expenses, net | 3.1 | 3.5 | 10.5 | 5.2 |
| Restructuring charges | — | 0.3 | — | 0.2 |
| Gain on sale from previous dispositions | — | — | (1.6) | — |
| Impairment on assets held for sale | — | 63.2 | — | 63.2 |
| Income from equity method investments | (2.4) | (4.2) | (6.1) | (8.0) |
| Operating income | 303.3 | 186.8 | 790.2 | 604.8 |
| Pension settlements | 0.1 | 0.3 | 0.4 | 0.4 |
| Interest expense, net | 8.9 | 11.2 | 33.2 | 40.4 |
| Other expense (income), net | 0.4 | 0.1 | 1.5 | (0.1) |
| Net income before income taxes | 293.9 | 175.2 | 755.1 | 564.1 |
| Provision for income taxes | 54.9 | 44.8 | 145.9 | 118.5 |
| Net income | $239.0 | $130.4 | $609.2 | $445.6 |
| Earnings per share – Basic: | $6.71 | $3.67 | $17.11 | $12.55 |
| Earnings per share – Diluted: | $6.68 | $3.65 | $17.02 | $12.51 |
| Weighted Average Number of Shares Outstanding - Basic | 35.6 | 35.5 | 35.6 | 35.5 |
| Weighted Average Number of Shares Outstanding - Diluted | 35.8 | 35.7 | 35.8 | 35.6 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
| (Amounts in millions) | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||
|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |
| Net income | $239.0 | $130.4 | $609.2 | $445.6 |
| Other comprehensive (loss) income: | ||||
| Foreign currency translation adjustments | (9.9) | (5.7) | (19.4) | 8.7 |
| Net change in pension and post-retirement liabilities | (0.1) | — | (1.2) | (0.8) |
| Reclassification of pension and post-retirement benefit losses into earnings | 0.3 | — | 0.7 | 0.6 |
| Pension settlements | 0.1 | 0.3 | 0.4 | 0.4 |
| Share of equity method investments other comprehensive income | (0.2) | 1.1 | (0.2) | 1.1 |
| Net change in fair value of cash flow hedges | (0.6) | 3.1 | 5.3 | 3.6 |
| Reclassification of cash flow hedge losses into earnings | 0.8 | 0.8 | 1.2 | 1.2 |
| Other comprehensive (loss) income before taxes | (9.6) | (0.4) | (13.2) | 14.8 |
| Tax benefit (expense) | (0.3) | (0.8) | (0.6) | (1.2) |
| Other comprehensive (loss) income, net of tax | (9.9) | (1.2) | (13.8) | 13.6 |
| Comprehensive income | $229.1 | $129.2 | $595.4 | $459.2 |
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
For the three and nine months ended September 30, 2024 and 2023
(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 September 30, 2024) · Shares · Amount | |||||||
| Balance as of June 30, 2024 | $0.9 | $1,197.9 | $3,796.0 | $(60.8) | 51.5 | $(4,356.6) | $577.4 |
| Net income | — | — | 239.0 | — | — | — | 239.0 |
| Dividends, $1.15 per share | — | — | (41.0) | — | — | — | (41.0) |
| Foreign currency translation adjustments | — | — | — | (9.9) | — | — | (9.9) |
| Pension and post-retirement liability changes | — | — | — | 0.2 | — | — | 0.2 |
| Share of equity method investments other comprehensive income | — | — | — | (0.2) | — | — | (0.2) |
| Stock-based compensation expense | — | 6.8 | — | — | — | — | 6.8 |
| Treasury shares reissued for common stock | — | 0.2 | — | — | — | 0.9 | 1.1 |
| Treasury stock purchases | — | — | — | — | — | (19.4) | (19.4) |
| Balance as of September 30, 2024 | $0.9 | $1,204.9 | $3,994.0 | $(70.7) | 51.5 | $(4,375.1) | $754.0 |
| 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 September 30, 2023) · Shares · Amount | |||||||
| Balance as of June 30, 2023 | $0.9 | $1,169.3 | $3,309.0 | $(75.8) | 51.7 | $(4,340.8) | $62.6 |
| Net income | — | — | 130.4 | — | — | — | 130.4 |
| Dividends, $1.10 per share | — | — | (39.1) | — | — | — | (39.1) |
| Foreign currency translation adjustments | — | — | — | (5.7) | — | — | (5.7) |
| Pension and post-retirement liability changes | — | — | — | 0.3 | — | — | 0.3 |
| Share of equity method investments other comprehensive income | — | — | — | 1.1 | — | — | 1.1 |
| Stock-based compensation expense | — | 9.7 | — | — | — | — | 9.7 |
| Change in cash flow hedges | — | — | — | 3.1 | — | — | 3.1 |
| Treasury shares reissued for common stock | — | (0.1) | — | — | (0.1) | 1.2 | 1.1 |
| Treasury stock purchases | — | — | — | — | — | (4.0) | (4.0) |
| Balance as of September 30, 2023 | $0.9 | $1,178.9 | $3,400.3 | $(77.0) | 51.6 | $(4,343.6) | $159.5 |
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
For the three and nine months ended September 30, 2024 and 2023 (Unaudited)
(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 nine months ended September 30, 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 | — | — | 609.2 | — | — | — | 609.2 |
| Dividends, $3.4 per share | — | — | (121.4) | — | — | — | (121.4) |
| Foreign currency translation adjustments | — | — | — | (19.4) | — | — | (19.4) |
| Pension and post-retirement liability changes | — | — | — | (0.4) | — | — | (0.4) |
| Share of equity method investments other comprehensive income | — | — | — | (0.2) | — | — | (0.2) |
| Stock-based compensation expense | — | 20.1 | — | — | — | — | 20.1 |
| Change in cash flow hedges | — | — | — | 6.2 | — | — | 6.2 |
| Treasury shares reissued for common stock | — | 0.2 | — | — | (0.1) | 3.0 | 3.2 |
| Treasury stock purchases | — | — | — | — | — | (28.6) | (28.6) |
| Balance as of September 30, 2024 | $0.9 | $1,204.9 | $3,994.0 | $(70.7) | 51.5 | $(4,375.1) | $754.0 |
| Common Stock Issued · Additional Paid-In Capital · Retained Earnings · Accumulated Other Comprehensive Loss · Treasury Stock at Cost · Total Stockholders' Equity (Deficit) | |||||||
|---|---|---|---|---|---|---|---|
| (For the nine months ended September 30, 2023) · Shares · Amount | |||||||
| Balance as of December 31, 2022 | $0.9 | $1,155.2 | $3,070.6 | $(90.6) | 51.7 | $(4,339.2) | $(203.1) |
| Net income | — | — | 445.6 | — | — | — | 445.6 |
| Dividends, $3.26 per share | — | — | (115.9) | — | — | — | (115.9) |
| Foreign currency translation adjustments | — | — | — | 8.7 | — | — | 8.7 |
| Pension and post-retirement liability changes | — | — | — | 0.2 | — | — | 0.2 |
| Share of equity method investments other comprehensive income | — | — | — | 1.1 | — | — | 1.1 |
| Stock-based compensation expense | — | 23.5 | — | — | — | — | 23.5 |
| Change in cash flow hedges | — | — | — | 3.6 | — | — | 3.6 |
| Treasury shares reissued for common stock | — | 0.2 | — | — | (0.1) | 2.7 | 2.9 |
| Treasury stock purchases | — | — | — | — | — | (7.1) | (7.1) |
| Balance as of September 30, 2023 | $0.9 | $1,178.9 | $3,400.3 | $(77.0) | 51.6 | $(4,343.6) | $159.5 |
CONSOLIDATED STATEMENTS OF CASH FLOWS
| (Amounts in millions) | For the Nine Months Ended September 30, | |
|---|---|---|
| 2024 | 2023 | |
| Cash flows from operating activities: | ||
| Net income | $609.2 | $445.6 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||
| Gain on sale from previous dispositions | (1.6) | — |
| Income from equity method investments | (6.1) | (8.0) |
| Dividends from affiliates | 2.5 | — |
| Impairment on assets held for sale | — | 63.2 |
| Provision for credit losses | 4.6 | 4.7 |
| Unrealized (gains) losses, net on derivative contracts | (6.7) | 5.6 |
| Stock-based compensation expense | 20.1 | 23.5 |
| Depreciation and amortization | 69.6 | 62.0 |
| Deferred income taxes | (21.5) | (24.9) |
| Pension expense | 3.5 | 2.4 |
| Pension contributions | (9.1) | (2.8) |
| Other items, net | — | (1.4) |
| Changes in assets and liabilities, net of effects of acquisitions and divestitures: | ||
| Accounts and notes receivable | (229.1) | (142.5) |
| Inventories | 9.1 | (44.9) |
| Accounts payable | 104.6 | (10.9) |
| Accrued expenses | 31.3 | 69.4 |
| Income taxes payable and receivable, net | 20.4 | (6.7) |
| Leases, net | 3.8 | 3.4 |
| Other, net | 8.7 | (7.8) |
| Net cash provided by operating activities | 613.3 | 429.9 |
| Cash flows from investing activities: | ||
| Proceeds from the disposal of property, plant and equipment | 1.9 | 1.6 |
| Purchases of property, plant and equipment | (103.4) | (125.0) |
| Net proceeds from previous disposition | 4.1 | — |
| Acquisitions, net of cash | 1.8 | — |
| Purchases of investments | (12.5) | (1.1) |
| Net cash used in investing activities | (108.1) | (124.5) |
| Cash flows from financing activities: | ||
| Commercial paper borrowings | 424.1 | — |
| Commercial paper payments | (574.1) | — |
| Borrowings from debt arrangements | 156.7 | 1,737.5 |
| Payments on debt arrangements | (190.2) | (2,290.1) |
| Issuance of senior unsecured notes | — | 500.0 |
| Payments of deferred financing costs | — | (5.4) |
| Proceeds from employee stock purchases | 3.3 | 2.9 |
| Repurchases of common stock | (12.9) | — |
| Repurchases of common stock to satisfy employee withholding tax obligations | (15.0) | (7.1) |
| Cash dividends paid | (119.3) | (153.4) |
| Net cash used in financing activities | (327.4) | (215.6) |
| Increase in cash and cash equivalents | 177.8 | 89.8 |
| Cash balances classified as assets held for sale | — | (7.6) |
| Effect of exchange rates on cash and cash equivalents | 4.6 | (2.8) |
| Cash and cash equivalents, beginning of period | 60.7 | 52.6 |
| Cash and cash equivalents, end of period | $243.1 | $132.0 |
| Supplemental disclosures of cash flow information: | ||
| Interest paid | $44.7 | $42.0 |
| Income taxes paid (net of refunds) | $145.5 | $151.3 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.