Lennox International (LII) FY2019 results: revenue $3.8 billion, down 2.0% on the year
Lennox International Inc. (LII) reported revenue of $3.8 billion for fiscal 2019, the year ended 31 December 2019, down 2.0% on the year before. Net income was $409 million, up 13.8%, and diluted earnings per share $10.38. The figures are the company's own, from the 10-K it filed with the SEC on 18 February 2020.
Revenue
$3.8 billion
-2.0% on the year
FY2012FY2019
Operating margin
17.3%
13.1% a year earlier
FY2012FY2019
Net income
$409 million
+13.8% on the year
FY2012FY2019
Diluted EPS
$10.38
+18.8% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
3,807
3,884
3,840
-2.0%
Cost of revenue
2,727
2,773
2,714
-1.6%
Gross profit
1,080
1,111
1,125
-2.8%
Gross margin
28.4%
28.6%
29.3%
Research and development
69.9
72.2
73.6
-3.2%
Selling, general and administrative
586
608
638
-3.7%
Operating income
657
510
494
+28.9%
Operating margin
17.3%
13.1%
12.9%
Interest expense
47.5
38.3
30.6
+24.0%
Pre-tax income
508
468
464
+8.5%
Income tax
99.1
108
157
-7.9%
Effective tax rate
19.5%
23.0%
33.8%
Net income
409
359
306
+13.8%
Net margin
10.7%
9.2%
8.0%
Diluted EPS
$10.38
$8.74
$7.14
+18.8%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
396
496
325
-20.1%
Capital expenditure
106
95.2
98.3
+10.9%
Free cash flow
290
400
227
-27.4%
Free cash flow margin
7.6%
10.3%
5.9%
Cash from investing
15.9
30.5
-98.1
-47.9%
Cash from financing
-423
-538
-218
Depreciation and amortisation
71.1
66.0
64.6
+7.7%
Share-based compensation
21.3
26.3
24.9
-19.0%
Buybacks
400
450
250
-11.2%
Dividends paid
110
93.9
79.7
+17.7%
Dividend per share
$2.95
$2.43
$1.96
+21.4%
Diluted shares, weighted
39m
41m
43m
-4.1%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
-170
-150
50.1
Non-controlling interest
n/a
n/a
0.0
Debt
1,171
1,041
1,004
+12.5%
Operating lease liabilities
131
0.0
n/a
Finance lease liabilities
25.9
n/a
n/a
Other liabilities
877
926
837
-5.2%
Total liabilities and equity
2,035
1,817
1,892
+12.0%
Fixed assets
445
408
398
+9.1%
Goodwill
186
187
200
-0.1%
Intangible assets
n/a
n/a
8.6
Investments
2.9
0.0
n/a
Cash and equivalents
37.3
46.3
68.2
-19.4%
Receivables
478
473
506
+1.1%
Inventory
544
510
484
+6.7%
Other assets
341
194
226
+76.2%
Total assets
2,035
1,817
1,892
+12.0%
10-K for the year ended 31 December 2019, filed 18 February 2020: the filing.