2024-04-24 16:20:19 ET
Lennox International Inc. (LII)
Q1 2024 Earnings Conference Call
April 24, 2024, 09:30 AM ET
Company Participants
Chelsey Pulcheon - IR
Alok Maskara - CEO
Michael Quenzer - CFO
Conference Call Participants
Tommy Moll - Stephens
Jeff Hammond - KeyBanc
Ryan Merkel - William Blair
Joe Ritchie - Goldman Sachs
Damian Karas - UBS
Noah Kaye - Oppenheimer
Brett Linzey - Mizuho
Julian Mitchell - Barclays
Joe O'Dea - Wells Fargo
Deane Dray - RBC Capital Markets
Nicole DeBlase - Deutsche Bank
Steve Tusa - JPMorgan
Gautam Khanna - TD Cowen
Presentation
Operator
Welcome to the Lennox First Quarter 2024 Earnings Conference Call. [Operator Instructions] As a reminder, this call is being recorded.
And I would now like to turn the conference over to Chelsey Pulcheon from the Lennox Investor Relations team. Chelsey, please go ahead.
Chelsey Pulcheon
Thank you, Savanna. Good morning, and thank you for joining us today. We are excited to share our 2024 first quarter results. Joining me as CEO, Alok Maskara; and CFO, Michael Quenzer. Each will share their prepared remarks before we move into the Q&A session.
Turning to Slide 2. A reminder that during today's call, we will be making certain forward-looking statements, which are subject to numerous risks and uncertainties as outlined on this page. We may also refer to certain non-GAAP financial measures that management considers relevant indicators of underlying business performance. Please refer to our SEC filings available on our Investor Relations website for additional details, including a reconciliation of all GAAP to non-GAAP measures. The earnings release, today's presentation and the website archive link for today's call are available on our Investor Relations website at investor.lennox.com.
Now please turn to Slide 3 as I turn the call over to our CEO, Alok Maskara.
Alok Maskara
Thank you, Chelsey. Good morning.
I want to begin by expressing my gratitude to our customers and employees whose loyalty to Lennox helped us deliver strong Q1 results marked by record profit margins. Specifically, I want to extend my appreciation to our dealers, distributors and key account customers for trusting Lennox to deliver industry leading HVACR products and solutions across North America.
The success of our transformational effort to strengthen our distribution network, elevate customer experience, advance innovative platforms, execute pricing excellence and drive productivity can be entirely credited to the unwavering support from our employees and customers.
This successful quarter further demonstrates our ability to maintain our growth momentum, navigate complex end markets and effectively prepare for the upcoming low GWP regulatory changes.
Now let's dive into the details of this quarter on Slide 3 where I would like to highlight four key messages: first, Lennox's core revenue grew 6% and our adjusted segment margin expanded 157 basis points to 15.9% resulting in our adjusted earnings per share increasing 23% to $3.47....
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Lennox International Inc. (LII) Q1 2024 Earnings Call Transcript