Lennox International (LII) FY2021 results: revenue $4.2 billion, up 15.4% on the year

Lennox International Inc. (LII) reported revenue of $4.2 billion for fiscal 2021, the year ended 31 December 2021, up 15.4% on the year before. Net income was $464 million, up 30.2%, and diluted earnings per share $12.39. The figures are the company's own, from the 10-K it filed with the SEC on 15 February 2022.

Revenue

$4.2 billion

+15.4% on the year

FY2014FY2021

Operating margin

14.1%

13.2% a year earlier

FY2014FY2021

Net income

$464 million

+30.2% on the year

FY2014FY2021

Diluted EPS

$12.39

+34.1% on the year

FY2014FY2021

this yearthe year beforeHover a bar for its figure.

The year in brief

The quarters: Q4 FY2021

Income statement (profit and loss)

$ million	FY2021	FY2020	FY2019	On the year
Revenue	4,194	3,634	3,807	+15.4%
Cost of revenue	3,006	2,594	2,727	+15.9%
Gross profit	1,188	1,040	1,080	+14.3%
Gross margin	28.3%	28.6%	28.4%
Research and development	76.1	66.8	69.9	+13.9%
Selling, general and administrative	599	556	586	+7.7%
Operating income	590	478	657	+23.4%
Operating margin	14.1%	13.2%	17.3%
Interest expense	25.0	28.3	47.5	-11.7%
Pre-tax income	560	445	508	+25.8%
Income tax	96.1	88.1	99.1	+9.1%
Effective tax rate	17.2%	19.8%	19.5%
Net income	464	356	409	+30.2%
Net margin	11.1%	9.8%	10.7%
Diluted EPS	$12.39	$9.24	$10.38	+34.1%

$ million except per share.

Free 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	FY2021	FY2020	FY2019	On the year
Operating cash flow	516	612	396	-15.8%
Capital expenditure	107	78.5	106	+36.1%
Free cash flow	409	534	290	-23.5%
Free cash flow margin	9.7%	14.7%	7.6%
Cash from investing	-106	-79.7	15.9
Cash from financing	-499	-442	-423
Depreciation and amortisation	72.4	72.6	71.1	-0.3%
Share-based compensation	24.3	24.3	21.3	0.0%
Buybacks	600	100	400	+500.0%
Dividends paid	126	118	110	+7.1%
Dividend per share	$3.53	$3.08	$2.95	+14.6%
Diluted shares, weighted	38m	39m	39m	-2.8%

Balance sheet

$ million	FY2021	FY2020	FY2019	On the year
Shareholders' equity	-269	-17.1	-170
Debt	1,238	981	1,171	+26.2%
Operating lease liabilities	145	143	131	+1.5%
Finance lease liabilities	29.0	29.3	25.9	-1.0%
Other liabilities	1,029	897	877	+14.7%
Total liabilities and equity	2,172	2,032	2,035	+6.9%
Fixed assets	515	464	445	+10.9%
Goodwill	187	187	186	-0.2%
Investments	5.5	5.1	2.9	+7.8%
Cash and equivalents	31.0	124	37.3	-75.0%
Receivables	508	448	478	+13.4%
Inventory	511	439	544	+16.3%
Other assets	414	365	341	+13.7%
Total assets	2,172	2,032	2,035	+6.9%

10-K for the year ended 31 December 2021, filed 15 February 2022: the filing.