Lennox 3Q profit drops but beats Street

Heating and refrigeration company Lennox International sees 3Q profit drop but beats Street

• On 11:57 am EDT, Wednesday October 21, 2009

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.