KFDA - NewsChannel 10 / Amarillo, TX: newschannel10.comLennox 3Q profit drops but beats Street
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DALLAS (AP) - Heating and refrigeration company Lennox International Inc. on Wednesday reported a 39 percent drop in third-quarter profit on lower revenue, but its adjusted earnings came in just ahead of Wall Street expectations.
The Texas-based company said it earned $31 million, or 54 cents per share, compared with $54.9 million, or 96 cents per share.
Earnings from continuing operations were $33.7 million, or 59 cents per share, during the third quarter of 2009 compared to $54.8 million, or 96 cents per share, during the third quarter of 2008.
Lennox said that when excluding certain one-time charges, it earned 72 cents a share, beating the expectations of analysts polled by Thomson Reuters by a penny.
Revenue fell 22 percent to $749.5 million during the quarter from $959.9 million in the year-ago period. Analysts were looking for $781.1 million.
Lennox shares lost 2 cents to $36.43 in morning trading.
Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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