Lennox Cuts Guidance as Slow Home Construction Dents Demand

Dow Jones07-29 19:19

Lennox lowered its earnings outlook after the sluggish homebuilding market weighed on its results in the second quarter.

The HVAC and refrigeration company on Wednesday cut its annual outlook for earnings per share to a range of $23 to $24, down from $23.50 to $25.

Shares fell 8% to $500 in premarket trading.

Lennox said it faced continued softness in its residential end market, Chief Executive Alok Maskara said. Revenue fell 7% within the company's residential business, reflecting lower sales volumes.

Total revenue rose 3% to $1.55 billion. Analysts surveyed by FactSet forecast revenue of $1.56 billion.

Profit fell to $269.0 million, or $7.72 a share, from $273.9 million, or $7.71 a share, a year earlier.

Stripping out certain one-time items, adjusted per-share earnings were also $7.72, ahead of the $7.67 anticipated by analysts, according to FactSet.

Slower construction of new residential homes, due to high building costs and stagnant housing demand, has weighed on the company and continued to be a headwind. Margins also shrank in the residential business.

Lennox's commercial segment did better, with revenue jumping 24% thanks to strong demand.

Lennox reaffirmed its full-year sales growth guidance.

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