Lennox International Loses $18.1 Million In 1Q

DALLAS (AP) — Heating and refrigeration company Lennox International Inc. posted a first-quarter loss on Wednesday, saying the weak economy compounded a quarter that is seasonally slow to begin with.

The company said it lost $18.1 million, or 33 cents per share, during the quarter that ended March 31, versus a profit of $6.3 million, or 10 cents per share, during the same period last year. Revenue fell 23.4 percent to $585.4 million, from $764.5 million a year ago.

Analysts surveyed by Thomson Reuters were expecting a loss of 2 cents per share on revenue of $638 million.

Lennox also reduced its guidance for the year and said it would reduce expenses. It plans to cut the number of salaried employees by 12 percent this year, and will slice $55 million from its selling, general, and administrative expenses.

The first-quarter results included a 25 percent revenue drop from residential heating and cooling, to $246 million. The unit lost $5 million.

Lennox shares rose $1.47, or 5.1 percent, to $30.35 in morning trading.