Lennox International manufactures and distributes residential and commercial heating, ventilation, air conditioning, and refrigeration products to replacement (75% of sales) and new construction (25% of sales) markets. In fiscal 2019 (adjusted for refrigeration divestitures), residential HVAC was 61% of sales, commercial HVAC was 25%, and refrigeration accounted for the remaining 14% of sales. The company goes to market with multiple brands, but Lennox is the company’s flagship HVAC brand. The Texas-based company generated 93% of adjusted 2019 sales in North America.
Brian Bernard, CFA, CPASector Director